Lombard Medical Regains Marketing Rights for EndoRefix™
London, UK, 12 March 2009 – Lombard Medical Technologies PLC (AIM: LMT), the specialist medical device company, announces that it has regained the marketing rights for its novel endovascular stapling device EndoRefix™ after mutually agreeing with Medtronic Vascular, Inc. to terminate the Distribution, License and Credit Agreements signed in December 2006.
EndoRefix™ is a patented endovascular stapling device that has CE Mark approval for the fixation of endovascular stent grafts. A US clinical trial undertaken to gain FDA approval for this indication is two-thirds recruited but further recruitment was suspended in December 2008 as part of the Company’s strategy to reduce costs. The product has the potential to be developed for a number of other indications including the fixation of stent grafts for the treatment of thoracic aortic aneurysms and the fixation of obesity and other devices within the gastrointestinal tract.
Following termination of the agreements with Medtronic, the Company will now seek a new marketing partner to help fund the completion of the product’s development including completion of the US trial.
Brian Howlett, CEO of Lombard Medical, commented:
“We believe that the EndoRefix™ stapler has significant potential for use in the fixation of stent grafts and other medical devices and we are pleased to regain full control of this product. We look forward to commencing discussions with alternative partners who will help us fund the development of this versatile product.”
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Simon Neathercoat, Non-executive Chairman
Brian Howlett, Chief Executive Officer
Tim Hall, Finance Director
Financial Dynamics Tel: 020 7831 3113
Jonathan Birt / Susan Quigley
Nomura Code Tel: 020 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 is headquartered in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com.