WILMINGTON, Mass., Jan. 30 /PRNewswire-FirstCall/ -- CardioTech International, Inc. , a manufacturer of advanced surgical devices treating cardiovascular disease, today announced the filing of registration statements on Forms S-8 and S-3 with the Securities and Exchange Commission.
The Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 covers a total of 10,489,920 shares of the Company’s common stock which may be acquired upon the exercise of stock options issued or to be issued pursuant to our 1996 Employee, Director and Consultant Stock Option Plan and our 2003 Stock Option Plan (collectively, the “Plans”). These shares were previously registered by the Company at various times from June 1996 through July 2004. This current filing on Form S-8 represents an administrative action on the part of the Company to maintain the current registration of these shares.
The registration statement on Form S-3 covers a total of 1,880,317 shares of our common stock which were previously registered pursuant to a registration statement on Form SB-2 filed in March 2005. These shares include 1,139,586 shares of common stock and 740,731 shares of common stock issuable upon the exercise of warrants, all of which were issued in connection with a private placement completed by the Company in December 2004. This Post- Effective Amendment No. 3 to the Registration Statement on Form SB-2 is being filed to update and convert the registration statement to a Registration Statement on Form S-3 and is a result of the Company’s eligibility to use the streamlined disclosure available via such filings.
About CardioTech
CardioTech International, Inc. is a medical device company that develops, manufactures and sells advanced products to surgically treat cardiovascular disease. The company is currently developing new products that address annual worldwide markets exceeding $1 billion. CardioPass is the Company’s proprietary, synthetic coronary artery bypass graft and CardioTech has partnered to develop a drug-eluting stent.
CardioTech’s corporate headquarters are located in Wilmington, Massachusetts, with operations in California and Minnesota. CardioTech generates revenues from sales of advanced medical devices and disposables used during cardiopulmonary bypass procedures, as well as from contracted product design and development services. More information can be found about CardioTech at its website: http://www.cardiotech-inc.com.
CardioTech believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to regulatory risks and clinical 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, including its Annual Report on Form 10-KSB for the period ended March 31, 2005, and Quarterly Reports on Form 10-Q for the periods ended June 30, 2005 and September 30, 2005. The Company assumes no obligation to update the information contained in this press release.
For more information, please contact: Michael Szycher Ph.D. CEO and Chairman Eric G. Walters Vice President and CFO 978-657-0075
CardioTech International, Inc.
CONTACT: Michael Szycher Ph.D., CEO and Chairman or Eric G. Walters, VicePresident and CFO, both of CardioTech, +1-978-657-0075
Web site: http://www.cardiotech-inc.com//
