AorTech International PLC Directors' Disclosures (4731C)
June 17 2019 - 4:47AM
UK Regulatory
TIDMAOR
RNS Number : 4731C
AorTech International PLC
17 June 2019
AorTech International plc
("AorTech", the "Company" or the "Group")
Directors' Disclosures
AorTech International plc (AIM: AOR.L), the licensor of the
world's leading long-term implantable biostable polymer
(Elast-Eon(TM) ) and developer of medical devices utilising the key
properties of Elast-Eon(TM) , makes the following disclosures
pursuant to Rule 17 of the AIM Rules for Companies.
Gordon Wright, Non-Executive Director of AorTech, was a director
of Calmed UK Limited ("Calmed UK"), which entered administration on
3 March 2009 and was dissolved on 9 December 2010. The Joint
Administrators' Progress Report for the period 3 June 2009 to 2
December 2009 indicated that there were no surplus funds available
to distribute to creditors or to enable the creation of an
Unsecured Creditors Fund on dissolution. In addition, Mr Wright was
a director of Calmed Limited, which also entered administration on
3 March 2009 and was dissolved on 23 November 2011. The Joint
Administrators' Final Progress Report for the period 3 June 2011 to
23 November 2011 indicated that there was a shortfall to the
secured creditors amounting to GBP424,631 and a shortfall to
unsecured creditors.
Bill Brown, Chairman of AorTech, was a director of Landround plc
which entered administration on 28 November 2008 and was dissolved
on 27 November 2009. The Joint Administrators' Progress Report for
the period 28 May 2009 to 20 November 2009 indicated that there
would be insufficient realisations available to enable a
distribution to preferential creditors on dissolution. In addition,
Mr Brown was a director of F. and R. Cooling Limited ("F & R
Cooling") until 30 June 1999. On 12 May 2000, within 12 months of
Mr Brown ceasing to act as a director, F & R Cooling entered
administration and was dissolved on 30 November 2005. The Receivers
anticipated a shortfall to creditors.
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Stockdale Securities Limited Tel: +44 20 7601 6100
Tom Griffiths/David Coaten
About AorTech:
AorTech has developed biostable, implantable polymers, including
Elast-Eon(TM) and ECSil(TM) the world's leading long-term
implantable co-polymers, now manufactured on their behalf by
Biomerics LLC in Utah, USA. With several million implants and seven
years of successful clinical use, AorTech polymers are being
developed and used in cardiology and urological applications,
including pacing leads, cardiac cannulae, stents and neuro
stimulation devices. Devices manufactured from AorTech polymers
have numerous US FDA PMA approvals, 510ks, CE Marks, Australian TGA
and Japanese Ministry of Health approvals.
Elast-Eon(TM) and ECSil(TM)'s biostability is comparable to
silicone while exhibiting excellent mechanical, blood contacting
and flex-fatigue properties. These polymers can be processed using
conventional thermoplastic extrusion and moulding techniques. A
range of materials in a variety of application-specific
formulations for use in medical devices and components are
available.
In addition to the licensing of biostable polymers, AorTech is
now developing medical devices utilising the key properties of its
world class polymers.
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END
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