Surbiton, UK -- Biomaterials and medical device developer AorTech International plc said 18 May that it has signed a "non-exclusive technology licensing and material supply agreement with a leading multi-national biomedical technology company," for use of AorTech's Elast-Eon in vascular stents.
AorTech said the deal includes "upfront and milestone payments, provisions for polymer sales and a single digit royalty."
Over the next three years, AorTech projects that the deal will produce $250 000 ($381 155) a year of "high gross margin" revenue, from polymer sales and royalties, the company said, adding that additional product applications are planned in the future.
First human use is likely to occur sometime late in 2010, said AorTech.
"This license is another application where Elast-Eon's best-in-class biostability and haemocompatibility characteristics will contribute to the success of new life sustaining medical devices" commented AorTech chief executive officer Frank Maguire, in the company's announcement.
AorTech's biostable, implantable polymers include Elast-Eon, a long-term implantable copolymer of polyurethane and silicone. The material is currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents