Aortech International PLC
01 August 2005
For immediate release 1 August 2005
AorTech International plc
('AorTech' or the 'Company')
Spinal Disc Licence
AorTech International plc announces the signing of a non-exclusive technology
licence and material supply agreement with Pearsalls Development Limited
('Pearsalls') of Somerset, UK for its fatigue resistant, biostable polymer,
Elast-Eon(TM).
The agreement includes a nominal up-front fee and anticipates a series of
escalating pre-commercial co-development milestone payments. If these milestones
are accomplished, the agreement may generate revenue for AorTech of
approximately £1.0 million over the development period. The agreement contains a
single digit royalty for AorTech on end product sales in the commercial phase.
The specified field of development is for spinal disc products with a focus on
the lumber spine.
The agreement anticipates that AorTech will supply moulded Elast-Eon(TM)
components to Pearsalls and contains provisions for the expansion into other
orthopaedic applications, along with incremental revenue for AorTech.
Commenting on the agreement, Frank Maguire, AorTech's Chief Executive said:
'The spinal disc replacement market is multi-billion and is projected to grow at
a rapid pace throughout the next decade. AorTech has a number of active material
technology programs underway with orthopaedic product technology companies and
is delighted that this first partnership with Pearsalls can be announced today'.
For further information please contact:
AorTech International plc 00 1 801 201 4336
Frank Maguire, Chief Executive
Buchanan Communications 020 7466 5000
Ben Willey, Lisa Baderoon, Rebecca Skye Dietrich
Notes to Editors:
AorTech International plc is a public limited company formed under the laws of
Scotland, UK and is traded on the Alternative Investment Market, a market
operated by the London Stock Exchange plc, under the trading symbol AOR.
Additional material concerning AorTech International is available on the
Company's website at www.aortech.com , or may be obtained by contacting the
Company's Investor Relations firm, Buchanan Communications Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
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