John B. Rush appointed CEO at Lombard Medical
John B. Rush appointed CEO at Lombard Medical,
succeeding Brian Howlett who will retire from the Company
London, UK, 12 October 2009 – Lombard Medical Technologies PLC (AIM: LMT), the specialist medical device company, announces the appointment of John Rush as CEO with immediate effect. He succeeds Brian Howlett, who will be retiring but who will stay with the Company until 31 March 2010 as an Executive Director to ensure a smooth transition.
John Barry Rush (aged 51), is appointed following an extensive international search programme undertaken on the Company’s behalf by Russell Reynolds Associates. John is a US national and brings broad experience of leading and managing both publicly listed and private medical device companies. His career includes 10 years with Scimed Life Systems/Boston Scientific during which time he held various senior sales, marketing and management positions within the US and International business segments.
He then became President and CEO of Micro Therapeutics Inc (NASDAQ: MTIX), a publicly traded medical device company with operations in the US, Europe and Japan, where he led the sale to ev3 Inc in 2002. John was also President and CEO of Sanarus Medical Inc between 2003 and 2007, and most recently led North American Scientific (NASDAQ: NASM) as President and CEO. When he joined in 2007, NASM was a financially distressed company with multiple businesses, including a developmental project encompassing a promising emerging brachytherapy device for local delivery of radiation treatment in breast cancer patients. By the time he stepped down earlier this year, NASM had completed development of this new technology, consolidated its operations and disposed of non-core assets, strategically re-organizing the company under Chapter 11 protection, resulting in a new private company which wholly owns the assets of the Breast Brachytherapy Business.
Simon Neathercoat, Chairman of Lombard Medical, said:
“We are delighted that John has agreed to join us at this crucial time in the Company’s development. His breadth of leadership and operating experience with medical device companies, experience in gaining regulatory approvals in both Europe and the US, and track record of raising finance for small, emerging companies will be invaluable as Lombard Medical develops its commercial activities outside Europe and moves towards gaining FDA approval for Aorfix™ in the US.
“On behalf of the Board, I would like to thank Brian Howlett for his considerable efforts since joining the Company in December 2005. He has led Lombard Medical to a point where our key product, Aorfix™ now has considerable industry recognition, with strong and improving market shares in some key markets in Europe, and with FDA approval within reach. We are delighted that he will stay with us through to his retirement date to manage the leadership transition.”
Rule 17 Disclosures
Other than as set out above, Mr Rush has not been a director or partner of any company or partnership at any time in the last five years.
Between March 2009 and May 2009, while Mr Rush was a director of North American Scientific it entered into a voluntary and strategic Chapter 11 re-organisation which allowed shareholders to obtain value from certain key assets of the company and divestment of the less key assets.
There are no further disclosures to be made in respect of Mr Rush under the provisions of Rule 17, Schedule Two, paragraph (g) of the AIM Rules for companies.
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Simon Neathercoat, Non-executive Chairman
Brian Howlett, Director
Tim Hall, Finance Director
Financial Dynamics Tel: 020 7831 3113
Jonathan Birt / Susan Quigley
Nomura Code Securities Tel: 020 7776 1200
Juliet Thompson / Richard Potts
Notes to editors:
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 has its headquarters in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com.