AGM statement - Replacement

Aortech International PLC 05 October 2004 5 October 2004 The following replaces the AGM Statement released on Friday 1 October under RNS number 5937D. Correction to Annual General Meeting Statement In the Chairman's Statement at the AGM held on 1 October 2004, it was noted that since the last (2003) AGM the Company's share price had moved from £1.00 to the current level of £1.85. This statement should have read 'since the end of the Company's 2002/3 financial year'. The full amended text appears below. Immediate Release 1 October 2004 AorTech International plc ('AorTech' or 'the Company') Annual General Meeting AorTech International plc, the biomaterials intellectual property and material manufacturing Company gave the following update at its AGM today. Since the end of the Company's 2002/3 financial year our share price has moved from £1.00 to the current level of £1.85 which, is an increase of 85%. This is modest from this low level, however the Board believes that it reflects our relatively minimal news flow, which in turn, is a result of the very nature of our business. In most cases we have to sign strict confidentiality agreements with our Partners as our materials and developments are usually used in their new product development programmes, which restricts us from issuing press releases relating to these events. Key current events: * Four major projects are being discussed or negotiated relating to: + Breast Implants + Heart Valves + Stents + Spinal Discs * We have up to 20 projects of varying complexity in the pipeline * We have succeeded in developing our Melbourne manufacturing and technology centre into a key strategic asset Whilst I accept that we have not yet turned these projects into significant revenues the Board is delighted with the progress to date. Additionally, as I said last year, we have started to move up the value chain by developing new products using Elast-Eon and it is our intention to license these products to major medical device companies. AorTech has completed its first year as an early stage biomaterials and medical device development company. The Board continues to believe that there are considerable opportunities in this large specialist and high growth market, particularly for implants where material specifications are challenging and added value can be high. The company is a small, but capable organisation and expenses have been predictable and very closely managed. The Board remains encouraged by the positive response from most of the large global medical device companies and their significant interest in the Company's material technology and its product development and manufacturing capabilities. Commenting on the progress of AorTech, Laurie Rostron, Non-Executive Chairman said: 'AorTech has completed its first year as an early stage biomaterials and medical device development company. The strategic plan has been agreed, the technology is in place and the market appears to be receptive. Coupled with our reduced cost base and strengthened board, the immediate challenge is to create a solid, sustainable business from this opportunity.' For further information please contact: AorTech International plc Tel: 01698 746699 (thereafter) Laurie Rostron, Non-Executive Chairman Frank Maguire, Chief Executive Ian Cameron, Finance Director Buchanan Communications Tel:020 7466 5000 Lisa Baderoon, Rebecca Skye Dietrich Visit AorTech's new website at: www.aortech.com This information is provided by RNS The company news service from the London Stock Exchange