Interim results for the six months ended 30 June 2009
London, UK, 7 August 2009 – Lombard Medical Technologies PLC (“Lombard Medical”, “LMT” or “the Company”), the specialist medical device company, announces its interim results for the six months ended 30 June 2009.
Operational highlights
Aorfix™
• Unique European label claim extension for high-angle-neck aneurysms received in June
• Aorfix™ sales £1,135,000, up 68% (H1 2008: £675,000)
• Commercial implants 171, up 55% (H1 2008: 110); total Aorfix™ implants to date approach 950
• US trial recruitment nearing completion:
o Open surgery arm – recruitment complete
o Low-angle arm – recruitment complete with additional patients allowed under study protocol
o High-angle arm – 100 patients recruited out of total 120 required for data submission
• Excellent clinical data in high-angle and low-angle aneurysms presented at major congresses
• Company continues to work towards securing a global marketing partnership
Organisation
• Restructuring completed, headcount reduced to 56 (31 December 2008: 88)
• Discussions on disposal of Polymer Coatings Division ongoing
Financial highlights
• H1 revenues £1,254,000, up 47% (H1 2008: £855,000)
• Operating expenses down 16% to £4.8 million (H1 2008: £5.7 million)
• Operating expenses excluding redundancy costs down 22% (32% at constant currencies) to £4.3 million (H1 2008: £5.5 million)
• Operating loss £4.2 million, down 20% (H1 2008: £5.3 million)
• R&D tax credit of £1.2 million received in June 2009
• £6.0 million net of expenses received in January 2009 from placing and subscription of shares and convertible loan notes
• All convertible loan notes converted into ordinary shares during the period
• Net cash of £4.0 million as at 30 June 2009, in line with expectations
• Exploratory talks underway with a number of potential investors to seek additional funds
Commenting on the results, Brian Howlett, Chief Executive of Lombard Medical, said:
“We have made significant progress during the first half of the year, reducing costs and focusing our resources on building the long-term success of Aorfix™. Aorfix™ is now the only product approved in Europe for the treatment of high-angle neck aneurysms and we are making solid progress towards completing our trials and filing for approvals in the important US market. Our unique label claim extension will enable us to increase sales in our target markets and greatly assists us as we work towards a partnership that will bring us closer to realising the full potential of Aorfix™ in the global AAA market, which is forecast to be worth over $1 billion by the end of 2010 .”
(1) Medtech Ventures report 2008
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 4.5 million people are living with AAA in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for the treatment of AAA is currently worth over $800 million and is expected to grow to around $1.6 billion by 2015. 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’s headquarters is located in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com