WILMINGTON, Mass., March 22 /PRNewswire-FirstCall/ -- As previously announced on March 1, 2006, CardioTech International, Inc. , a developer and manufacturer of advanced medical device products treating cardiovascular disease, named Dr. Andrew M. Reed as Vice President of Technology. In connection with Dr. Reed's appointment, he was awarded an option to purchase 160,000 shares of the Company's common stock on March 20, 2006 at a purchase price of $2.57 per share. The option vested on the date of grant and expires on March 20, 2016.
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. It is conducting human clinical trials with CardioPass, its proprietary, synthetic coronary artery bypass graft, and has partnered to develop a drug-eluting stent.
The company's corporate headquarters are located in Wilmington, Massachusetts, with operations in California and Minnesota. The company generates revenues from sales of advanced medical devices and disposables used during cardiopulmonary bypass procedures, as well as from contract manufacturing. More information can be found about CardioTech at its website: http://www.cardiotech-inc.com.
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: CardioTech International, Inc. Michael Szycher, Ph.D. CEO and Chairman Eric G. Walters Vice President and CFO 978-657-0075 Catalyst Financial Resources, LLC Tom O'Brien 716-830-6611
CardioTech International, Inc.CONTACT: Michael Szycher, Ph.D., CEO and Chairman or Eric G. Walters, VicePresident and CFO both of CardioTech International, Inc., +1-978-657- 0075;or Tom O'Brien of Catalyst Financial Resources, LLC, +1-716-830-6611
Web site: http://www.cardiotech-inc.com//
