Commenting on today’s announcement, CardioTech’s CEO Michael Adams said: “AdvanSource Biomaterials reflects more accurately our strategic business model which focuses our advanced polymer technology and customization capabilities on a broad range of disease states and medical device sectors.” In connection with its restructuring during the past year, CardioTech has sold two subsidiaries that no longer fit its strategic focus, realizing approximately $7.5 million in cash.
About CardioTech International:
Through its newly formed AdvanSource Biomaterials Corporation subsidiary, CardioTech develops advanced polymer materials which provide critical characteristics in the design and development of medical devices. The Company’s biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. The Company’s business model leverages its proprietary materials science technology and manufacturing expertise in order to expand its product sales and royalty and license fee income. CardioTech is conducting a clinical trial for regulatory approval in Europe for its CardioPass™ synthetic coronary bypass graft. More information about CardioTech is available at its website: http://www.cardiotech-inc.com
Forward-Looking Statements:
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 risks and uncertainties. Such statements are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. For further information on such risks and uncertainties, you are encouraged to review CardioTech’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the fiscal year ended March 31, 2007 and its Quarterly Reports on Form 10-Q for the periods ended June 30, 2007, September 30, 2007 and December 31, 2007. CardioTech assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
Contact:
CardioTech International, Inc. Eric Walters, 978-657-0075 Vice President & Chief Financial Officer general-info@cardiotech-inc.com or VMW Corporate & Investor Relations Sylvia Dresner, 212-616-6161 Senior Vice President info@vmwcom.com
Source: CardioTech International, Inc.
