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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Date of Report: February 4, 1997
CARDIOTECH INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
000-28034
(Commission
File Number)
Massachusetts 04-3186647
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(State or other (IRS Employer
jurisdiction of Identification No.)
incorporation)
11 State Street
Woburn, MA 01801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 933-4772
N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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The Company issued a press release on January 23, 1997 announcing the
appointment of Ms. Stephanie Dorren as national sales representative for its CT
Biomaterials division. A copy of the press release is attached and filed as
Exhibit 99.1 to this Form 8-K and is incorporated herein by reference as though
fully set forth herein.
Item 7. Exhibits
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The following exhibits are filed as part of this report of Form 8-K
pursuant to Item 601 of Regulation S-K.
Exhibit 99.1 - Press Release dated January 23, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
CardioTech International, Inc. has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Date: February 4, 1997 CARDIOTECH INTERNATIONAL, INC.
By: /s/John E. Mattern
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Chief Operating Officer and
Chief Financial Officer
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Exhibit 99.1
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Press Release dated January 23, 1997
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CardioTech
International, Inc.
FOR IMMEDIATE RELEASE
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CARDIOTECH INTERNATIONAL, INC. APPOINTS NATIONAL SALES
REPRESENTATIVE FOR ITS CT BIOMATERIALS DIVISION
Woburn, MA, January 23, 1997 - CardioTech International, Inc. (AMEX: CTE) today
announced the appointment of Ms. Stephanie Dorren as national sales
representative for its CT Biomaterials division. Through its CT Biomaterials
division, CardioTech develops, manufactures and sells polymer-based biomaterials
to medical device manufacturers for use in the development of artificial hearts,
pacemaker lead insulation, and diagnostic and therapeutic cardiovascular
catheters.
"CT Biomaterials is an integral part of CardioTech, and the addition of
Stephanie Dorren will fortify our position in the business," said Dr. Michael
Szycher, Chairman and CEO of Cardio Tech. "Stephanie has a strong reputation
and a proven track record in this field and we are fortunate to have her with us
as the company attempts to expand its sales of biomaterials to medical device
manufacturers."
Ms. Dorren, age 44, has eight years of sales experience marketing medical-grade
polyurethanes to medical device manufacturers. From 1983 to 1991, Ms. Dorren
was with Thermedics Inc. From 1986 to 1991 she served as sales engineer for
medical-grade polyurethanes. From 1983 to 1986 she served as customer service
representative. In her new position with the company, Ms. Dorren will be
responsible for maintaining contact with CardioTech's current customers, as well
as pursuing and establishing new customer relationships.
Previously, Ms. Dorren was part of a team that included Dr. Szycher and Mr.
Donald Dempsey, product manager for biomaterials at CardioTech. Mr. Dempsey,
who is co-inventor with Dr. Szycher on several of CardioTech's existing patents,
has led the biomaterials business at the company since August 1996.
(more)
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Dr. Szycher commented on the team's reunion, "I am very excited to have
Stephanie back on my team. Her experience working with polyurethanes combined
with Donald's expertise will better position CardioTech to pursue its
biomaterials-related goals that have been set for fiscal 1998."
CardioTech also synthesizes, designs and manufacturers medical-grade
polyurethanes for use in the development of its vascular graft technology. The
company's vascular access graft, which is presently in human clinical trials, in
Holland, is being developed to treat patients with end-stage renal disease
undergoing hemodialysis treatment.
CardioTech International, Inc. is headquartered in Woburn, MA and has operations
in Tarvin, UK. The company focuses on the research, development and manufacture
of devices for the treatment of late stage cardiovascular disease.
To the extent that any of the statements contained in this release are forward-
looking, such statements are based on current expectations that involve a number
of uncertainties and risks. Such uncertainties and risks include, but are not
limited to, the early stage of the Company's product development and lack of
product revenues; the Company's history of operating losses and accumulated
deficit; the Company's limited financial resources and uncertainty as to the
availability of additional capital to fund its development on acceptable terms,
if at all; the lack of assurance regarding patent and other protection of the
Company's proprietary and licensed technology; and the dependence on key
personnel. As a result, the Company's future development efforts involve a high
degree of risk. For more information of these and other risk factors, please see
the Company's Form 10-K for the year ended March 31, 1996.
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FOR MORE INFORMATION, PLEASE CONTACT:
Ken Lewis/Alison Roselli John Mattern
Lehman Millet Inc. COO and CFO
617/439-0288 CardioTech International, Inc.
617/933-4772
