AorTech confident in future following fundraising

23rd Aug 2018 14:02

(Sharecast News) - Investors in medical device development company AorTech International were told of how the firm was in the process of transitioning from a company focussed on licensing to a medical device development business following its recent fundraising on Thursday, as they gathered for the annual general meeting.The AIM-traded company said that, since completing the fundraising in June, it had engaged with a number of partners to accelerate the commercialisation of its device portfolio.Each of the partners had made "good progress" in their respective areas, the board said.Chairman Bill Brown told shareholders that, on its heart valve project, technology transfer was now complete with Vascular Flow Technologies, which was now actively engaged with John Ely, who joined AorTech as a non-executive director on 11 June, on design optimisation."The textile-based products are also on track with RUA Medical, in association with our polymer manufacturing partner Biomerics, and have now identified the optimal version of Elast-Eon to provide the patches and grafts with the required properties," Brown explained."The company has also recently entered into a contract with our regulatory partner, Compliance Solutions Life Sciences, and provided them with a substantial amount of data to ensure that its product development and regulatory pathways are as efficient as possible."Brown said the polymer licensing business was performing "to plan", and continued to meet the board's expectations.He was also "delighted" to have been informed that the US Patent and Trademark Office would issue US Patent Number 10,059,807 on a new AorTech patent entitled 'GELS', further building on the company's family of biostable materials."Overall, we are delighted with how the business is progressing and look forward to the future with confidence."