AGM 2010 - Trading Update
London, UK, 20 May 2010 – Lombard Medical Technologies PLC (AIM: LMT) the medical device company focussed on the $1 billion abdominal aortic aneurysm (AAA) repair market, is holding its Annual General Meeting today. During his introduction to the meeting the Company’s Chairman, Simon Neathercoat, gave the following update on developments since Lombard Medical announced its preliminary results on 16 April 2010:
“Lombard Medical continues to make good progress on the strategy outlined at the time of the successful fundraising of £12.1 million (net of expenses) on 1 February 2010.
The Company has recruited and trained three new sales executives in the UK and one in Germany since the start of the year. These additions and the appointment of Simon Hubbert, a highly experienced VP Sales and Marketing, International from 1 June, place the Company in a strong position to capitalise on the excellent clinical results for Aorfix™ presented at the Charing Cross Symposium in April.
The benefits of endovascular aortic aneurysm repair are increasingly endorsed by the medical community and the market for our device continues to increase in size, in line with our expectations. The increased promotion of the benefits of using Aorfix™, particularly in patients with tortuous anatomies, is already bearing fruit in the UK where sales are significantly ahead of last year.
Recruitment into the pivotal US trial remains on track and the Company expects to file the remaining non-clinical PMA modules during 2010, with the filing of the final clinical module of the PMA planned for the first half of 2011.
Lombard Medical has a busy and challenging year ahead to meet its goals but with the resources from the February fundraising, a focussed action plan, and the drive and determination of a strengthened management team I am confident of the Company’s future success.”
For further information:
Lombard Medical Technologies PLC
John Rush, Chief Executive Officer
Tim Hall, Finance Director
Tel: 01235 750 800
Evolution Securities Limited
Barry Saint
Tel : 020 7071 4300
Financial Dynamics
Jonathan Birt
Tel : 020 7831 3113
- Ends -
About Lombard Medical
Lombard Medical Technologies PLC (AIM: LMT), is a medical device company focused on device solutions for the $1 billion dollar abdominal aortic aneurysm (AAA) repair market. AAA’s are a balloon-like enlargement of the aorta which, if left untreated, may rupture and cause death.
Approximately 4.5 million people are living with AAA’s in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for this application is expected to grow to $1.6 billion by 2015. The Company’s lead product, Aorfix™, is an endovascular stent graft which has been specifically designed to solve the problems that exist in treating complex tortuous anatomy which is often present in advanced AAA disease. Aorfix™ is currently being commercialised in the EU, with a pivotal clinical trial ongoing in the USA.
The Company is headquartered in Oxfordshire, with operations in Ayrshire and Phoenix, USA.
Further background on the Company can be found at www.lombardmedical.com.