Company Completes Successful Year
Preliminary Results for the Year ended 31 December 2005
London, UK, 22 March 2006 – Lombard Medical Technologies PLC (AIM: LMT), the specialist medical device company, today announces its results for the year ended 31 December 2005.
Operating Highlights
| • | Investigational Device Exemption (IDE) approval received from the FDA for a pivotal US clinical trial of the Aorfix™ endovascular stent graft in the treatment of abdominal aortic aneurysms |
| • | CE Mark received for improved version of Aorfix™ to be launched in April 2006 and expected to increase sales |
| • | Significant progress made with the development of an endovascular stapler for the fixation of stent grafts. CE Mark approval in Europe expected in the first half of 2006 |
| • | Appointment of four new Board members with a wealth of experience in the medical device and related industries |
Financial Highlights
| • | Successful flotation on the Alternative Investment Market of the London Stock Exchange (AIM) raising £26.2 million before expenses |
| • | Over fourfold increase in turnover to £169,000 (2004: £40,000). |
| • | Operating loss before exceptional items and goodwill amortisation increased by £2.6 million to £6.7 million (2004: £4.1 million) reflecting increased investment in R&D and a step change in sales and marketing costs |
Alistair Taylor, Executive Chairman of LMT, commented:
“2005 has been a year of change and considerable progress. We operate in rapidly growing markets where we believe our products have real competitive advantage. The successful flotation on AIM has given us the funds to implement our key strategic objectives and we are confident of further strong progress in the coming year.”
Enquiries:
| Lombard Medical Technologies PLC | Tel: 01235 750 800 |
| Alistair Taylor, Executive Chairman | |
| Brian Howlett, Chief Executive Officer | |
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 56 people.
Further background on the Company can be found at www.lombardmedical.com.