WILMINGTON, Mass., Oct. 10 /PRNewswire-FirstCall/ -- CardioTech International, Inc. , a developer and manufacturer of advanced medical device materials and products for the treatment of cardiovascular and other diseases, today reported that it has received the necessary approval from the Ethics Committee of the European medical center where preparations are underway for a clinical trial of CardioPass(TM), the Company’s proprietary synthetic coronary bypass graft. Patient enrollment is scheduled to begin at the end of calendar 2006. The Company also announced today that it has purchased for $350,000 proprietary equipment designed specifically for the manufacture of grafts, as well as the development of additional medical devices.
Commenting on today’s announcements, CardioTech CEO and President Michael Adams said: “Ethics Committee approval for the clinical protocol for our CardioPass(TM) for coronary artery bypass surgery is an important milestone in the final preparation for our planned 10-patient clinical trial in the European Union. Our next step is to receive approval from the Ministry of Health so that we may begin patient enrollment.”
“Previously, we reported that the sole source supplier of the CardioPass graft had made a decision to exit that business. Accordingly, we have taken advantage of this opportunity to purchase this turnkey manufacturing operation from this supplier. Moreover, the equipment we acquired fits our strategy of leveraging our proprietary polymer technology and can be used for pilot production and development of other medical devices at our corporate headquarters in Massachusetts,” Mr. Adams concluded.
About CardioTech International:
CardioTech International, Inc. is a medical device company that designs, develops, manufactures and sells innovative products and materials for the treatment of cardiovascular, orthopedic, oncology, urology and other diseases. The Company’s strategic goal is to incorporate its proprietary polymer technology into a wide range of breakthrough medical applications. CardioPass(TM) is CardioTech’s proprietary, synthetic coronary artery bypass graft. (SynCAB) The Company generates revenues from sales of advanced medical devices and materials, as well as from contracted product design and development services. More information about CardioTech is available at its website: http://www.cardiotech-inc.com.
CardioTech International 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 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-K for the period ended March 31, 2006 and its Quarterly Report on Form 10-Q for the period ended June 30, 2006. The Company assumes no obligation to update the information contained in this press release.
For Further Information Contact: Eric Walters Vice President & Chief Financial Officer CardioTech International, Inc. 978-657-0075 general-info@cardiotech-inc.com Sylvia Dresner Senior Vice President VMW Corporate & Investor Relations 212-616-6161 info@vmwcom
CardioTech International, Inc.
CONTACT: Eric Walters, Vice President & Chief Financial Officer ofCardioTech International, Inc., +1-978-657-0075,general-info@cardiotech-inc.com; or Sylvia Dresner, Senior Vice Presidentof VMW Corporate & Investor Relations, +1-212-616-6161, info@vmwcom
Web site: http://www.cardiotech-inc.com/
