The milestone payment extends the exclusive use of Elast-Eon 2 in the field of cardiac pacing, ICD (implantable cardiac defibrillator) and cardiac monitoring leads into perpetuity. One further optional milestone payment, contingent on the issue of new AorTech polymer intellectual property, would occur sometime in the fourth quarter of 2009.
Frank Maguire, AorTech CEO said, “The partnership with St Jude Medical has been a productive one and we look to the growth of this relationship in the future. This payment forms part of management expectations for revenue in 2008.”