November 18, 2011 AorTech Announces Exclusive License

November 18, 2011

AorTech International plc (AIM: AOR) the biomaterials and medical device development company, is pleased to announce that it has entered into a license agreement with a large multi-national device/drug partner for the use of its patented ECSil™ polymers in the field of medical sensors. The license grants exclusivity for one particular type of sensor.
 
This license contains up front and milestone payments, a material supply agreement, royalties and minimum payments. The project is projected to move into the clinical phase within 12 months and obtain initial regulatory approvals within 24 months at which point it is expected to become a significant contributor to AorTech’s revenues.
 
Frank Maguire, AorTech CEO commented, “This agreement is the culmination of two years of co-development work with the licensee during which AorTech formulated a polymer optimized for use as a critical element of the licensee’s product. We are excited about the performance of the devices that have been produced utilizing ECSil™ and how this provides AorTech an opportunity to become a first tier supplier to a respected developer and manufacturer in the high growth medical sensor market.”