London, UK, 27 August 2008 - AOI Medical, Inc., (AIM: AOI), the medical device company focusing on the development and commercialisation of innovative orthopaedic medial devices for the spine and trauma markets, today announces its interim results for the six months ended 30 June 2008.
Highlights
• FDA granted AOI approval in April 2008 to proceed with 60 patient confirmatory clinical study for Ascendx™ VCF Reduction System (“Ascendx™”) (treatment for vertebral compression fractures) • Clinical trial for Ascendx™ commenced in June 2008 • First three patients met acute procedural success criteria demanded by protocol • Trial progress consistent with planned regulatory filing with FDA later this year with market launch expected shortly thereafter • Intellectual Property Portfolio further expanded with three new patent applications submitted • Clinical advisory board further expanded • Shareholder approval gained for waiving of pre-emption rights in connection with a possible issue of up to 15 million new common shares to secure the future financing of the Company • Cash and money market investments at 30 June 2008 of $7.0m
Bill Christy, CEO of AOI said:
“During the first half we commenced the clinical trial for Ascendx™ and are making good progress. We believe that the product has substantial potential and we are pleased to report that we are broadly in line with where we expected to be. Meanwhile, we have worked to preserve our cash resources with actual cash spend below budgeted spend in the year to date.
“Behind this lead programme, we have continued to build on our estate of intellectual property for our other technology platforms, which leads us to look to the future with confidence.”
Enquiries:
AOI Medical Inc. Tel: +1 407 770 1800 William J. Christy, CEO Angela Johnston, CFO
Financial Dynamics Tel: +44 (0) 20 783 3113 Ben Atwell Susan Quigley
Numis Securities Ltd Tel: +44 (0)20 7260 1000 Nominated adviser: Michael Meade / Brent Nabbs Corporate broking: David Poutney
Background to AOI Medical, Inc.
AOI is a medical device company focusing on the development and commercialisation of innovative orthopaedic medical devices for the spine and trauma markets. It is progressing the development of three separate technology platforms: Ascendx™ VCF Reduction System, BAMF Trauma and Cervical Plate. Further information can be found at www.aoimedical.net
