CardioTech Provides First Quarter Results

CardioTech Provides First Quarter Results 


WILMINGTON, Mass., Aug. 11  /PRNewswire-FirstCall/ -- CardioTech International,
Inc. reports revenue of $5,531,000 for the quarter ended June 30, 2004. For the
three months ended June 30, 2004, the Company generated $73,000 of income from
operations, which resulted in net income of $51,000.

Michael Szycher, Ph.D., CEO of CardioTech stated: " We are pleased with the
first quarter results we are reporting. We believe that we are successfully
executing our three-fold corporate strategy of (1) position CardioTech as a
preferred supplier of proprietary products, (2) establish strategic
relationships for organic growth, and (3) grow by accretive acquisitions."

CardioTech International, Inc. maintains operations in Wilmington,
Massachusetts, Plymouth, Minnesota and Rancho Santa Margarita, California.
CardioTech develops, produces and markets differentiated medical devices.
Revenue sources include devices used in cardiopulmonary bypass surgery, OEM
products developed and manufactured for certain Fortune 100 companies, and
sales of or royalties from patented or proprietary biomaterials.

CardioTech is the only public company developing a synthetic coronary artery
bypass graft. It recently announced that the first patient to receive the
CardioPass coronary artery bypass graft has reached the one-year mark after
implantation in their Brazilian trials. The Company plans to initiate clinical
trials in Europe this fall. The graft addresses a large unmet medical need in
the cardiac surgery arena. Additionally, CardioTech is partnering with Implant
Sciences and CorNova to develop a drug-eluting stent that competes in the
lucrative cardiac stent market.

CardioTech believes that this release contains forward-looking statements that
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.

  For more information please contact:
   Dave Gentry
   Aurelius Consulting Group, Inc.
   [phone]
   
   http://www.runonideas.com/

DATASOURCE: CardioTech International, Inc.



CONTACT: Dave Gentry, Aurelius Consulting Group, Inc., [phone],

 



Web site:  http://www.cardiotech-inc.com/

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