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Aortech International Plc announces appointment of new CEO and finance director and updates on reorganization

Tuesday, 3 Dec 2013 02:00am EST 

Aortech International Plc:Says as previously announced, AorTech is currently transitioning from a medical polymer manufacturing business to a pure play Intellectual Property exploitation company.Says in future, it will no longer supply medical polymers but will derive its income from license and royalty fees from customers who have taken the rights to incorporate its polymers into medical devices or to manufacture the polymers on behalf of existing and future customers.Says within the next month AorTech will cease all operations in the US, including manufacturing, which will result in cost savings due to the significantly lower cost base in the UK.Says as this transition completes, Frank Maguire, the Chief Executive, has decided to resign with immediate effect to pursue other business opportunities.Says Eddie McDaid will become the Chief Executive Officer of the Group with immediate effect and Roy Mitchell, who remains non-executive, will take on the role previously performed by McDaid as Finance Director of the business. 

Company Quote

0.5 +1.51%
4 Jul 2014