February 20, 2012 AorTech Announces Exclusive License in New Field
February 20, 2012
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 Neograft Technologies of Taunton MA, for the use of its patented biostable polymers in the field of coronary graft reinforcement.
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 with regulatory approvals within 24 months.
Frank Maguire, AorTech’s CEO commented, “This agreement is another in the growing list of cardiovascular implant applications for AorTech polymers. We are pleased to be associated with this kind of transformational technology that Neograft is developing to improve coronary artery bypass procedures. The superior material performance of AorTech polymers together with our collaborative ability to contribute toward product optimization resulted in this partnership with Neograft.”
Neograft Technologies’ CEO, Jon McGrath, commented, “We are very enthused by this agreement enabling us to combine AorTech’s unique materials with our core technologies to create new and valuable clinical solutions. This will help us address the compelling need for more reliable coronary bypass grafts. Up to half of the nearly 500,000 vein grafts implanted annually in the US are occluded within five years and our product addresses the primary cause of these failures. The decision to partner with AorTech is based upon the outstanding history of material performance in long-term implants such as cardiac pacing leads, their reputation for reliability, and the cooperative partnership we have developed with AorTech’s technical staff in their new Rogers, MN facility.”
About AorTech: AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon™ and ECSil™, the world’s leading long-term implantable co-polymers, as well as proprietary processing methods for various devices, including small part RIM manufacturing. With more than 3 million implants and five 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.
Elast-Eon™ and ECSil’s™ biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. Our polymers can be processed using conventional thermoplastic extrusion and molding techniques. AorTech provides a range of materials in a variety of application-specific formulations for use in medical devices and components.
About Neograft: Neograft Technologies, Inc. (www.neograftinc.com) is developing advanced technologies to improve clinical outcomes for heart bypass procedures. Established in 2009, the company has offices in Taunton, MA and Pittsburgh, PA and is privately financed.