Lombard Medical Announces board changes
London, UK, 20 September 2007 - Lombard Medical Technologies PLC (“Lombard Medical” or “the Company”), the specialist medical device company, today announces that Alistair Taylor has informed the Board that he wishes to stand down as Chairman of the Company with effect from 30 September. He will be replaced by Simon Neathercoat who will take up his appointment as non-executive Chairman of the Company on 1 October. Lombard Medical also announces the appointments of Tim Cook and Craig Rennie as new non-executive Directors of Lombard Medical with effect from 1 October.
Alistair Taylor was appointed as Executive Chairman to the Board of Lombard Medical in 2003 having been appointed to the Board of the Company in 2001. During his time as Chairman, Alistair Taylor led Lombard Medical through a successful listing on the AIM market of the London Stock Exchange in 2005 and has been instrumental in launching the Company’s lead endovascular stent graft Aorfix™ into Europe and commencing clinical trials in the US.
Simon John Neathercoat, 58, is currently senior independent non-executive Director of Derwent London plc and is a retained advisor to a FTSE 250 company. Until recently he has also been a non-executive Director of Provident Insurance plc and Aesica Pharmaceuticals Ltd. He was previously at Hutchison 3G UK Holdings Limited and Highbury House Communications plc where he was non-executive Chairman from August 2004 until his resignation in September 2005. Highbury House Communications plc went into administration on 20 January 2006. Prior to these appointments, Simon spent 13 years at Dresdner Kleinwort Wasserstein, most recently as a Managing Director in Investment Banking, and before that he spent 9 years at Hoare Govett Ltd as a Director of Corporate Broking. He is a qualified chartered accountant.
Dr Timothy Cook, 59, has lengthy experience in managing and financing growth companies. He is currently a non-executive Director of Oxford Gene Technology and Chairman of the South Yorkshire Investment Seed Fund as well as a director and trustee of Oxford Philomusica Trust. Prior to this Tim was a founding Managing Director of Oxford Asymmetry (now Evotec OAI) and privately-owned Oxford Semiconductor and was a Managing Director at Isis Innovation Limited, Micrelec plc, Microsystem Design Limited and Oxford Analytical Instruments Limited. Other directorships held within the previous five years include Oxford Philomusica Productions Ltd and Venturefest Oxford Ltd.
Craig Robert Rennie, 58, was Chairman, CEO and major shareholder of Penn Pharmaceutical Services Limited until a tertiary management buyout in spring 2007. Prior to this he spent 18 years at Wellcome plc where he carried out a number of senior international roles, including President of Latin America based in Mexico, Managing Director of South East Asia based in Singapore, Managing Director Thailand and General Manager Saudi Arabia. Craig also spent 7 years at Beecham Pharmaceuticals in increasingly senior sales and marketing roles. Other directorships held within the previous five years include Penn Pharmaceutical Services Ltd, Penn Pharmaceutical Group ltd, Penn Pharmaceutical Holdings Limited and Penn T Ltd and Emmingtons Management Ltd.
Michael Stevens, senior independent non-executive Director of Lombard Medical, commented:
“We are delighted to announce these new appointments at Lombard Medical which very substantially strengthen the Company’s Board at a time when the Company is making good progress with the development and commercialisation of its lead Aorfix™ endovascular stent graft product.
On behalf of the Board, I would like to express our gratitude to Alistair Taylor who has made a substantial contribution to the Company over several years. We wish him every success with his future plans.”
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Michael Stevens, Non-Executive Director
Financial Dynamics Tel: 020 7831 3113
David Yates/John Gilbert
Nomura Code Securities Limited
Richard Potts Tel: 020 7776 1200
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, Ayrshire and Boston, USA, employs over 100 people.
Further background on the Company can be found on the Company’s website at www.lombardmedical.com.
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