AorTech shares surge on agreement with Medibrane

Medical devices company AorTech International has entered into an intellectual property licence agreement with Medibrane, it announced on Wednesday, allowing the use of its ‘Elast-Eon’ product for the encapsulation of medical devices.

The AIM-traded firm said Medibrane is an Israel-based designer, developer, and manufacturer of customised biomaterial polymeric coverings and coatings of scaffolds-based applications intended for neurology, cardiovascular, structural heart and urology, as well as for gastroenterology, biliary and respiratory devices.

It said the licence agreement anticipated Medibrane incorporating Elast-Eon into medical devices at the design stage, and would allow Medibrane to further sub-license Elast-Eon to its customers.

“We have already trialled the Elast-Eon material for some applications and found it to have a number of benefits over other polymers with regard to manufacturing process stability as well as cohesiveness,” said Medibrane chief executive officer Elad Einav.

“This coupled with the world class biocompatible and biostable properties of Elast-Eon should allow us to help grow the number of uses for Elast-EonTM in medical devices.”

Bill Brown, chairman of AorTech, added that the company’s team had been “very impressed” with Medibrane's technical capabilities, and was looking forward to “a long and successful partnership” with them.

“We are delighted to be working with a commercially-focussed business such as Medibrane to help promote a greater number of Elast-Eon enabled medical devices.”

At 1612 GMT, shares in AorTech were up 25% at 100p.