CardioTech was founded in 1993 as a subsidiary of PolyMedica Corporation ("PMI"). In June 1996, PMI formed CardioTech International, Inc., distributed all of the subsidiary’s common shares to its stockholders of record and licensed certain technology to CardioTech. At that time, CardioTech’s common shares began trading under ticker symbol “CTE” on the American Stock Exchange at a par value of $.01 per share. Our proprietary polyurethane biomaterials, sold under the tradenames: ChronoFlex®, ChronoThane™, HydroThane™, ChronoFilm™, HydroMed™ and Hydroslip™, are used by our customers for use in both acute and chronically implanted devices such as stents, artificial hearts, and vascular ports.

In April 2001, we acquired Catheter and Disposables Technology, Inc. ("CDT"). CDT is an original equipment manufacturer and supplier of private-label advanced disposable medical devices from concept to finished packaged and sterilized products. Certain devices designed, developed and manufactured for customers by CDT include sensing, balloon, and drug delivery catheters; disposable endoscopes; and in-vitro diagnostic and surgical disposables.

In April 2003, we merged with Gish Biomedical, Inc. ("Gish"). Gish manufactures single use cardiopulmonary bypass products that have a disposable component.

In March 2004, CardioTech joined with Implant Sciences Corporation to invest in CorNova, Inc. CorNova was formed to develop a novel coronary drug eluting stent using the combined capabilities and technology of CorNova, Implant Sciences and CardioTech. CardioTech currently has a 15% equity interest in the issued and outstanding common and preferred stock of CorNova. Although CorNova is expected to incur future operating losses, we have no obligation to fund CorNova.

In January 2007, with the receipt of an export license from the FDA, we announced that our ChronoFlex® - based CardioPass™ synthetic coronary artery bypass graft had entered a clinical trial in Europe to obtain CE Mark approval. Following the completed clinical trial, the analyzed data will be submitted by CardioTech to a notified body in support of our CE Mark application.

In July 2007, CardioTech sold Gish for a purchase price of approximately $7.5 million to Medos Medizintechnik AG (“Medos”).

In March 2008, CardioTech sold its subsidiary, CDT, to TACPRO, Inc. for a purchase price of approximately $1.2 million. The sale will permit the ongoing redeployment of capital into CardioTech’s growth initiatives focused on licensing and selling specialized materials to medical device manufacturers.