26th Aug 2008 10:00
AorTech Signs Agreement to Supply Its Biostable Polyurethane to
Vascular Connector Company
AorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces an agreement with an emerging arteriovenous (AV) fistula company to use AorTech's proprietary biostable co-polymer Elast-Eon™ in their products. This agreement marks AorTech's entry into the estimated $300 million per year U.S. AV fistula connector arena.
The deal includes a nominal upfront payment, $250K in milestone payments, provisions for polymer sales and a single digit royalty.
"The use of Elast-Eon in vascular connectors is a natural extension of the portfolio of uses in other blood-contacting products. Elast-Eon's best in class biostability, processibility and blood-contacting performance make it an excellent choice for this application," said Frank Maguire, AorTech Chief Executive Officer.
AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon, the world's leading long-term implantable copolymer. With hundreds of thousands of successful long-term human implants, Elast-Eon is currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents. Devices manufactured from Elast-Eon have multiple US FDA PMA approvals, CE Marks and Japanese Ministry of Health approval.
Elast-Eon's biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. It can be processed using conventional thermoplastic extrusion and molding techniques. AorTech provides a range of materials in a variety of application-specific formulations for use in medical devices and components.
26 August 2008
For further information please contact:
AorTech International plc
Frank Maguire, Chief Executive
Tel: + 1 801 201 4336
Evolution SecuritiesBobbie Hilliam / Chris Clarke
Tel: +44 20 7071 4300
AorTech International plc
Sarah Price, Investor Relations
Tel: + 1 801 550 4349
e-mail [email protected]
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