Update
Press information Lombard Medical Technologies PLC The Company is continuing to actively discuss other sources of finance and strategic alternatives with a number of different parties. As announced on 26 September 2008, the Company has sufficient finance to allow it to continue to trade into January 2009. - ENDS - Enquiries: Notes to editors
(“Lombard Medical” or “Company”)
London, 17 October 2008 – On 26 September 2008, the Company announced that it had a received a strong indication of interest from a significant Middle Eastern bank in making a long-term equity investment in the Company of up to $15 million. The Company has received notification that this potential investor is no longer pursuing its interest in making an investment in the current economic environment and will not commence its anticipated due diligence.
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
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.