Lombard Medical Technologies PLC commences trading on AIM

Lombard Medical Technologies PLC

 

London, UK, 13 December 2005: Lombard Medical Technologies PLC (“Lombard” or the “Company”), a developer of stent grafts and other medical products, announces that trading will commence today on the AIM market of the London Stock Exchange at 8:00am under the ticker symbol LMT.  The nominated adviser and broker to the Company and agent in relation to the placing is Code Securities Limited.

 

The commencement of trading follows the placing of 16,466,359 new Ordinary Shares at 159 pence per Ordinary Share, raising gross proceeds for the Company of £26.2 million (£23.9 million, net of expenses).  A total of 48,893,590 Ordinary Shares will be in issue on admission, giving a market capitalisation immediately following admission of £77.7 million.

 

Alistair Taylor, Executive Chairman of Lombard, commented:

“We are very pleased to have completed our IPO on AIM.  With the proceeds from the flotation, we now look forward to commencing final pivotal clinical trials of our Aorfix™ stent graft in the key US market, for which conditional approval has been given by the FDA.”

 

Enquiries:

Lombard Medical Technologies PLCTel: 01235 750 800
Alistair Taylor, Executive Chairman
Brian Howlett, Chief Executive Officer
Code Securities LimitedTel: 020 7776 1200
Juliet Thompson
Richard Potts
Financial Dynamics Tel: 020 7831 3113
David Yates / John Gilbert
 

Notes to editors

Lombard Medical Technologies is a medical devices company developing stent grafts and other medical products for use in the treatment of vascular disease.  The Company’s lead product, Aorfix™, is a stent graft for the treatment of aortic aneurysms, a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death.  Abdominal and thoracic aortic aneurysms are the 13th largest cause of death in the US and the market is estimated to be worth approximately US$2 billion by 2010. Aorfix™ is currently being commercialised in the EU, with US clinical trials expected to commence during 2006. The Company has a strategic collaboration with one of the world’s leading medical devices companies, Boston Scientific.

 

Lombard Medical has recently successfully completed its initial public offering on AIM and was admitted to listing in December 2005, raising £23.9 million, net of expenses. The Company, based in Oxfordshire & Yorkshire, currently employs 47 people.

 

Further background on the Company can be found at www.lombardmedical.com.