Business
Placing & Trading Update
Placing & Trading Update.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n Aortech International PLC\n24 July 2007\n\n\n\n24 July 2007\n\n AorTech International plc ('AorTech' or the 'Company')\n\n Placing and trading update\n\nAorTech International (AIM:AOR), the biomaterials and medical device development\ncompany, is pleased to announce an update in relation to developments in the\nCompany and a Placing of 1,000,000 new Ordinary Shares, at a price of 510p per\nshare, to raise £5.1 million (before expenses). Furthermore a circular,\ncontaining a notice of Extraordinary General Meeting, has today been sent to\nshareholders.\n\nRecent developments of the Company\n\nThe Company continues to achieve key operational milestones on the use of its\ncore product, being the Elast-Eon(TM) polymer. These include the development and\nrefinement of this material for the medical community, with the aim of providing\na wide range of high performance Elast-Eon(TM) materials in a variety of\napplication-specific formulations and densities, for use in medical devices. The\nCompany however remains at present principally focused on the use of Elast-Eon(TM)\nin breast implants and new cardiovascular and orthopaedic applications alongside\nexisting licensing and supply agreements.\n\nThe Directors continue to pursue a number of opportunities with the breast\nimplant product, following the FDA re-approval of the silicone gel-filled\nimplant in the US. Specifically the Company is exploiting the previous\nexperience and contacts of Frank Maguire, Chief Executive Officer of the\nCompany, and the Directors believe the market is becoming increasingly receptive\nto a next generation breast implant product.\n\nIn relation to one of its device development applications, the Directors are\npleased to announce today a licensing and supply agreement for the evaluation of\nElast-Eon(TM) by a global medical device company. The agreement includes an\noption for the licensee to acquire certain of AorTech's intellectual property\nrights. Under the terms of the agreement, the Company will receive an up-front\nlicense fee payment intended to compensate the Company for initial costs related\nto the agreement. Contingent upon a number of key conditions being satisfied,\nthe Company will also be eligible to receive subsequent milestone payments which\ncould total up to approximately $32 million plus potential material supplies\nrevenue and r...