Healthcare Industry News: CardioTech
News Release - October 24, 2006
CardioTech Signs Exclusive Supply and Royalty Agreement, Marking Entry Into Orthopedic Market for its Polymer TechnologyWILMINGTON, Mass., Oct. 24 (HSMN NewsFeed) -- CardioTech International, Inc. (Amex: CTE ), a developer and manufacturer of advanced materials and medical devices for the treatment of cardiovascular and other diseases, today reported that it has signed a supply and royalty agreement with a leading developer and manufacturer of orthopedic devices. Under the terms of the in-perpetuity agreement, the Company provides exclusive use and supply of its proprietary ChronoFlex® polymer material that is specifically formulated for the development of orthopedic implant devices.
Commenting on the new partnership, Michael Adams, CEO and President, CardioTech said: "We are excited about this partnership. This agreement fits into our strategic goal to incorporate our proprietary polymer technology into a wide range of breakthrough medical applications."
"This agreement represents the first application of CardioTech's proprietary polymer technology for orthopedic devices. Our novel polymers have an array of mechanical properties that can be customized for a wide spectrum of applications in many medical fields," said Dr. Andrew M. Reed, CardioTech's Vice President of Science and Technology.
About CardioTech International:
CardioTech International, Inc. is a medical device company that designs, develops, manufactures and sells innovative material and products for the treatment of cardiovascular, orthopedic, oncology and other diseases. The Company's strategic goal is to incorporate its proprietary polymer technology into a wide range of breakthrough medical applications. CardioPass(TM) is CardioTech's proprietary, synthetic coronary artery bypass graft. (SynCAB) The Company generates revenues from sales of advanced medical devices and materials, as well as from contracted product design and development services. More information about CardioTech is available at its website: http://www.CardioTech-inc.com.
CardioTech International believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review CardioTech's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2006 and its Quarterly Report on Form 10-Q for the period ended June 30, 2006. The Company assumes no obligation to update the information contained in this press release.
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