AorTech sees net losses climb 11%

The UK's AorTech International, a developer of medical devices and biomaterials, says that its loss for the six month period ended September 30, 2006, was L1.0 million ($1.9 million), an 11% increase on its deficit for the like, year-earlier period. The company said that the loss was in line with its expectations, and added that it reflected the costs associated with the relocation of its Australian operation to new, larger premises in Melbourne.

On a positive note, the firm reported that its revenues were up 87% to L119,000, which, as chairman Jon Pither explained, was largely driven by the application of its lead product Elast-Eon as sheathing for pacemaker leads by USA-based licensee St Jude Medical. In October, the firm signed deals with Allium Medical and Harland Medical Systems, which cover the product's use in non-vascular stents and guide wire catheter coatings, respectively.

In addition, AorTech reported that it has signed an exclusive material license and supply agreement with Avalon Laboratories in the field of cardiopulmonary vascular support cannulae.