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AorTech Signs Licensing Agree
AorTech Signs Licensing Agree.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n RNS Number : 3906M Aortech International PLC 24 May 2010 \n \n\n \n\n\n\n\nFor Immediate Release\n\n\n24 May 2010\n\n\n\n\n \n \nAorTech Enters into Technology Licence and Material Supply Agreement\n for Urologic Products\n \nAorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces a non-exclusive technology licence and material supply agreement with a multi-billion dollar NYSE listed company to use AorTech's proprietary biostable co-polymer Elast-Eon™ as an integral part of a drug delivery platform for urological catheters.\nThis agreement will generate revenues for AorTech through up front, volume related milestone and co-development payments. It also specifies terms for material supply. Initial orders have already been placed and filled. \nFrank Maguire, CEO for AorTech, said, \"This new application, which has been in the development stage for 18 months, expands Elast-Eon's™ use in the urology device market and leverages its unique and tailorable drug-eluting capabilities along with AorTech's know-how in bonding dissimilar materials such as silicone and urethanes. Elast-Eon™ has significant benefits for urologic applications as it is easily processed, has useful physical properties and does not become encrusted with ammonia salts. Because of the high volume usage of urology catheters, we expect this license to mature into one of our top revenue generating accounts within the next 24 months. Additionally, other high-volume applications are being developed by this licensee in vascular catheter products and other application areas.\"\nAorTech develops and manufactures biostable, implantable polymers, including Elast-Eon™ and ECSil™, the world's leading long-term implantable co-polymers. With more than 2 million implants and four years of successful clinical use, AorTech polymers are currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510k's, CE Marks, Australian TGA and Japanese Ministry of Health approvals.\nElast-Eon™ and ECSil's™ biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properti...