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Milestone Payment
Milestone Payment.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n Aortech International PLC\n18 March 2008\n\n\n 18 March 2008\n\n AorTech International plc\n ('AorTech' or the 'Company')\n\n Milestone payment\n\nAorTech International plc (AIM: AOR), the biomaterials and medical device\ndevelopment company, announces that it has received a material milestone payment\nfrom St. Jude Medical (NYSE:STJ). This payment relates to the licensing and\nsupply agreement announced on 20 July 2006.\n\n\nThe milestone payment extends the exclusive use of Elast-Eon 2 in the field of\ncardiac pacing, ICD (implantable cardiac defibrillator) and cardiac monitoring\nleads into perpetuity. One further optional milestone payment, contingent on the\nissue of new AorTech polymer intellectual property, would occur sometime in Q4\n2009.\n\n\nFrank Maguire, AorTech CEO said, 'The partnership with St. Jude Medical has been\na productive one and we look to the growth of this relationship in the future.\nThis payment forms part of management expectations for revenue in the current\nyear.'\n\n\n -Ends-\n\nFor further information please contact:\n\nAorTech International plc\nFrank Maguire, Chief Executive Tel: + 1 801 201 4336\n\nEvolution Securities\nBobbie Hilliam Tel: +44 20 7071 4300\nChris Clarke\n\nHogarth Partnership Limited Tel: +44 20 7357 9477\nMelanie Toyne-Sewell / Sarah Richardson\n\n\nNotes to editors:\n\n\nAbout AorTech International plc\n\n\nListed on AIM in London, AorTech International plc wholly owns AorTech\nBiomaterials based in Melbourne, Australia. AorTech Biomaterials was formed in\nJuly 1997 to commercialise a range of medical grade polyurethanes for medical\nimplants developed by the Commonwealth Scientific and Industrial Research\nOrganisation (CSIRO).\n\n\nAorTech's Elast-EonTM technology is the product of a decade of fundamental\nresearch into biologically stable materials. Elast-EonTM materials are patented,\nhigh silicone content, polyurethane copolymers which exhibit unparalleled\nbiological and mechanical performance.\n\n\nAorTech is firmly focused on the development and refinement of this material for\nthe medical community, with the aim of providing a wide range of high\nperformance Elast-EonTM materials in a variety of application specific\nformulations and densities, for use in medical devices.\n\n\nVisit AorTech's website at: www.aortech.com\n\n\n This information is provided by RNS\...