Trade Investment in Endoart SA
Lombard Medical Announces the Realisation of its Trade Investment in Endoart SA
London, UK, 22 February 2007 - Lombard Medical Technologies PLC (“the Company” or “Lombard Medical”) announces today that its investment of 3.2% of the share capital of Endoart SA (“Endoart”) a Swiss medical technology company based in Lausanne, Switzerland will be realised at a value of $3.2 million (equivalent to £1.6 million at current $/£ exchange rates) following the acquisition of Endoart by Allergan Inc. (“Allergan”) a global specialty pharmaceutical and medical implants company.
Lombard Medical will receive $2.8 million (£1.4 million) on closing with the remaining consideration of $0.4 million (£0.2 million) being held in escrow until February 2009 against any potential warranty claims made by Allergan under the terms of the purchase agreement.
The shareholding in Endoart had been acquired by Lombard Medical’s wholly-owned subsidiary LionMedical Limited for a total cost of £1.1 million but following the Company’s decision to pursue a more focused growth strategy it had become a non core holding. The book value of the investment had been written down to £0.3 million and as such Lombard Medical will record a profit of over £1.1 million from the sale in 2007.
The proceeds from the sale will be utilised for further development of the Company’s product portfolio.
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Alistair Taylor, Executive Chairman
Brian Howlett, Chief Executive Officer
Tim Hall, Finance Director
Financial Dynamics Tel: 020 7831 3113
David Yates / John Gilbert
Notes to editors
About Lombard Medical
Lombard Medical Technologies PLC is a medical devices group 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 having commenced during 2006. The Company’s Polymer Coatings Division primarily develops polymer coatings for use in drug eluting stents and has a number of research collaborations developing novel products for this $6bn market.
The Company, headquartered in Oxfordshire, with operations in Yorkshire and Boston, USA, employs over 90 people.
Further background on the Company can be found at www.lombardmedical.com.
About Endoart
Endoart SA is a Swiss medical technology company with special expertise in the field of telemetrically – controlled implants. Endoart is focussing its activity on the treatment of morbid obesity using a remotely controlled gastric band, which is based on its proprietary controlled technology platform called Flowatch .R
Further background on the company can be found at www.endoart.com
About Allergan
Allergan, Inc. with headquarters in Irvine California, is a global specialty pharmaceutical company that develops and commercialises innovative products for the eye care, neuromodulator, skin care and other specialty markets, such as medical implants.
Further background on the company can be found at www.allergan.com