AorTech in line for Elast-Eon milestone payment
Monday, July 28, 2008
AorTech International has announced success with chronic animal use of its proprietary biostable co-polymer Elast-Eon™ in a new mitral regurgitation device, currently being developed by Cardiosolutions, Inc. These animal trials are in support of the first human use, anticipated in the second half of 2009. Pursuant to the terms of the non-exclusive licence granted to Cardiosolutions in March of 2007, a milestone payment is due to AorTech.
The Cardiosolutions Percu-Pro System consists of a proprietary spacing implant and a catheter based delivery system that deploys the implant into left ventricle, positioning the spacer to fill the defect in the mitral valve and prevent regurgitation during left ventricular systole.
Frank Maguire, CEO of AorTech said:
'As we have seen superior biostability, blood compatibility and fatigue resistance in the trials of the AorTech polymer heart valve, the results of the work in the Cardiosolutions Percu-Pro System were expected, but nonetheless exciting. We have worked closely with the Cardiosolutions team in both the design and process development phases of this project and look forward to our continued partnership with Cardiosolutions as the Mitra-Spacer enters the clinical milestone and subsequent, royalty bearing phase of the program.
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