Preliminary Results for Year ended 31 December 2007
London, UK, 20 March 2008 – Lombard Medical Technologies PLC (“Lombard Medical”, “LMT” or “the Company”), the specialist medical device company, today announces its results for the year ended 31 December 2007.
Operating Highlights
• Sales exceeded £1 million for the first time
• Strong fourth quarter growth in Aorfix™ implants
• FDA approved a number of favourable changes to the US trial protocol for Aorfix™
• New delivery-device loading mechanism employed
• Aorfix™ launched in South America
• EndoRefix™ successfully deployed in man for the first time
• Acquisition of Culzean Medical Devices Limited (“Culzean”) provided medical fabric expertise and extra manufacturing capacity
• Collaboration signed with Smith & Nephew Plc to develop bioresorbable drug-eluting coating for coronary stents
• GlideMax™ surface treatment for catheters became available for licensing
Financial Highlights
• £15 million (£13.7 million net of expenses) raised from two fundraisings completed in July 2007 and January 2008
• Revenues increased 95% to £1,007,000 (2006: £517,000)
• Investment in R&D increased to £6.4 million (2006: £4.8 million)
• Net loss for the financial year increased to £10.0 million (2006: £9.2 million)
• Year-end net cash balance of £2.6 million (2006: £4.4 million)
Brian Howlett, Chief Executive of LMT, commented:
“2007 has been a year of considerable progress for Lombard Medical. We received FDA approval for a number of favourable changes to the US trial protocol for Aorfix™ and recorded good growth in Aorfix™ implants in the final quarter. In addition we strengthened our medical fabric manufacturing expertise through the acquisition of Culzean Medical Devices Limited and successfully completed two fundraisings in difficult market conditions.
“There is increasing clinical evidence that the unique design of Aorfix™ makes it an extremely competitive product in the large and fast growing aneurysm market. We shall be focusing all our efforts during the current year to ensure that we give this outstanding product the greatest chance of fulfilling its potential in the market.”
Enquiries:
Lombard Medical Technologies PLC Tel: +44 (0) 1235 750 800
Simon Neathercoat, Non-executive Chairman
Brian Howlett, Chief Executive Officer
Tim Hall, Finance Director
Financial Dynamics Tel: +44 (0) 20 7831 3113
David Yates / Susan Quigley
Nomura Code Securities Limited Tel: +44 (0) 20 7776 1200
Juliet Thompson / Richard Potts
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 an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAAs), a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death. Approximately 1.7 million people have AAAs in the US where it is the 13th largest cause of death. The market for endovascular stent grafts for the treatment of AAA is currently worth over $600 million and is expected to grow to around a $1 billion by 2010. Aorfix™ is currently being commercialised in the EU, with a pivotal clinical trial ongoing in the USA.
The Company’s Polymer Coatings Division has developed a novel hydrophilic surface treatment to reduce friction on catheters called GlideMax™, which is available for licensing, and is using its polymer coating technology in a number of research collaborations developing novel products for the $5 billion drug-eluting stent 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 at www.lombardmedical.com.
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