SHARES in AorTech, the former technology star which severed its links with Scotland last year, rose 5- percent on news of a deal to license its Elast-eon synthetic skin for use in artificial spinal disks.
The biotechnology firm, once one of the country's brightest technology hopes, may net around pounds -1m over the next three years by supplying the hardwearing polymer to Pearsalls Development of Somerset.
AorTech will receive the funds if milestones are passed for the development of products using Elast-eon by Pearsalls.
The English firm will pay royalties to AorTech, calculated as a single digit percentage of sales, should any disks go into commercial development, and may use its technology in other products.
Frank Maguire, chief executive, said AorTech was delighted with the deal as the global market for spinal disk replacement was projected to grow rapidly in coming years.
AorTech had material technology programmes underway with other orthopaedic product specialists.
Since giving up its ambitions to become a global leader in heart valve production AorTech has reinvented itself as an intellectual property firm and developer of bio-materials for use in products like breast implants.
The AIM-listed company, which used to employ 200 in Bellshill, closed its Lanarkshire office at the end of last year but retains a significant Scottish shareholder base.
Its 20 employees are split between development operations in Australia, a sales office in the US and a "head office" in Surbiton, Surrey, which is home only to part-time finance director David Parsons.
The shares firmed 5p at 112.5p.
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