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Lombard Medical Tech’ awarded £200,000 grant to support Prestwick manufacturing operation

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Lombard Medical Technologies (LON:LMT) has been awarded a £200,000 grant from Scotland's main economic development agency, as it relocates stent graft production to its facility in Prestwick, Ayrshire.

“The grant will allow us to focus important elements of our worldwide production in Scotland, and to benefit from the existing talent pool, advantageous cost base and the ability to scale up production to meet growing international demand”, Lombard chief executive John Rush commented.

The company recently announced plans to relocate the production of stent grafts from Didcot in England to its existing Prestwick facility.

According to Lombard, the subsequent capacity increase at Didcot will boost the assembly and loading of the delivery device for its lead product, the Aorfix endovascular stent graft.

Rush said, “the strategic reorganisation of our operations in Prestwick and Didcot will ensure the most effective use of our facilities." 

The company highlighted that Aorfix is the only endovascular stent graft licensed in Europe to treat abdominal aortic aneurysms with neck angulations up to and including 90 degrees.

Lombard is rolling out Aorfix in Europe, whilst also preparing for a launch into the important US market.

In Europe it is focusing on five core markets: the UK, France, Germany, Italy and Spain. In the first half of 2010, Aorfix sales jumped 79% to £622,000 in the key European markets.

Meanwhile in the US, it is concluding phase III clinical trials. Recently Rush said the company is 'on track' to submit for regulatory approval in the US in the first half of next year.

The decision to restructure its operations is intended to support this growth. It is anticipated that the reorganised manufacturing structure will reduce costs and increase capacity over time, and therefore support the expansion.

The £200,000 Regional Selective Assistance (RSA) grant, awarded by Scottish Enterprise, will be paid in four instalments, each of which is dependent upon the company achieving specific milestones in its plans for Prestwick. 

It is anticipated that the majority of the award will be received during 2011 and 2012.

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