WILMINGTON, Mass., June 21 /PRNewswire-FirstCall/ -- CardioTech International, Inc. today announced that the definitive agreement (the “Asset Purchase Agreement”) to acquire substantially all of the assets and assume certain liabilities of CarTika Medical, Inc. (“CarTika”) has been terminated effective June 14, 2005.
Michael Szycher, Ph.D., CEO and chairman of CardioTech, said: “Because of the protracted time in obtaining regulatory clearance involving the acquisition, CarTika decided to terminate the proposed acquisition. CardioTech can now focus its time and concentrate its previously committed resources to its efforts in accelerating the regulatory process necessary to begin clinical trials in Europe for our CardioPass synthetic Coronary Artery Bypass Graft.”
About CardioTech
CardioTech International, Inc. maintains operations in Wilmington, Massachusetts, Plymouth, Minnesota and Rancho Santa Margarita, California. CardioTech focuses on developing, manufacturing and marketing devices to surgically treat cardiovascular disease. Current revenue sources include patented polyurethanes, medical devices, contract manufacturing, and disposables used during cardiopulmonary bypass procedures. CardioTech is currently conducting human clinical trials with a synthetic coronary artery bypass graft that addresses a $1.5 billion annual market. Additionally, CardioTech has partnered with Implant Sciences and CorNova to develop a drug- eluting stent that addresses a $1 billion international market.
CardioTech believes that this release contains forward-looking statements that 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.
For more information, please contact: Michael Szycher Ph.D. CEO 978-657-0075 or Aurelius Consulting Group: Dave Gentry, 407/644-4256 dave@aurcg.comhttp://www.runonideas.com
CardioTech International, Inc.
CONTACT: Michael Szycher Ph.D., CEO of CardioTech International, Inc.,+1-978-657-0075; or Dave Gentry of Aurelius Consulting Group,+1-407-644-4256, dave@aurcg.com
Web site: http://www.cardiotech-inc.com//