20th Mar 2006 07:01
Aortech International PLC20 March 2006 For Immediate Release 20 March 2006 AorTech International plc ("Aortech" or the "Company") Exclusive Supply and License Agreement with St Jude Medical AorTech International plc (AIM:AOR), the biomaterials intellectual property andlicensing company, today announces that it has signed an exclusive licence andsupply agreement with St. Jude Medical (NYSE: STJ) for the use of AorTech'sElast-EonTM bio-material in the field of cardiac rhythm management leads. The terms of the agreement include an initial upfront payment of $2 million toAorTech, and optional payments of scheduled licence maintenance fees are payableover the next two years. The agreement relates to material supply and the grant of exclusive rights toAorTech's proprietary technology Elast-EonTM in the fields of implantablecardiac rhythm management leads and implantable neuromodulation devices. Noadditional terms of this agreement were disclosed. Frank Maguire, AorTech CEO, commented: "The completion of this agreement with one of the world's leading medical devicecompanies represents the culmination of several years of collaborative work withSt. Jude Medical on ensuring the reliability and superior performance ofElast-EonTM through a stringent regime of rigorous testing. In addition withthis agreement our new manufacturing facility will commence operations atcommercial scale. "I remain confident that our Elast-EonTM bio-material represents a new materialtechnology platform for a wide range of implantable devices and the conclusionof our agreement with St. Jude Medical represents the first significant step inthat process." For further information please contact:AorTech International plcFrank Maguire, Chief Executive Tel: + 1 801 201 4336 Buchanan Communications Tel: + 44 20 7466 5000Ben Willey / Rebecca Skye Dietrich About AorTech AorTech International plc, is an AIM (Alternative Investment Market), Londonlisted company which wholly owns AorTech Biomaterials based in Melbourne,Australia. AorTech Biomaterials was formed in July 1997 to commercialise a range of medicalgrade polyurethanes for medical implants developed by the CommonwealthScientific and Industrial Research Organisation (CSIRO). Visit AorTech's website at: www.aortech.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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