Aortech International PLC
25 November 2005
For Immediate Release 25 November 2005
AorTech International plc
FDA Approval
AorTech announces today it has received notification from one of its licensees
of the first FDA approval of a long-term implantable, life sustaining device
utilizing its polymer technology, Elast-Eon(TM). This FDA approval follows the
granting of a CE Mark in Europe for the same family of devices earlier this
year.
The particular device market for this product is large and characterized by
robust growth. AorTech will receive a $150,000 milestone payment as a
consequence of this achievement and royalty revenues are anticipated to commence
with first human use in Q1 2006.
In anticipation of these developments, AorTech entered into an agreement with
the licensee for the client-funded scale up of its manufacturing operations
located in Melbourne, Australia. These activities are currently underway and are
anticipated to be completed in Q1 of 2006.
AorTech CEO Frank Maguire, commented:
'This approval is the result of considerable effort over the past three years on
the part of AorTech and its licensee partner. The approval is significant in the
sense that it validates the application of Elast-Eon in a high-demand, long-term
implant with a well respected licensee. I believe this approval will serve to
accelerate the numerous other application programs AorTech has underway in a
variety of medical device markets.'
For further information please contact:
AorTech International plc 020 7466 5000
Frank Maguire, Chief Executive
Buchanan Communications 020 7466 5000
Ben Willey, Lisa Baderoon, Rebecca Skye Dietrich
This information is provided by RNS
The company news service from the London Stock Exchange