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Lombard Medical to raise £13m to progress Aorfix development

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Lombard Medical Technologies (AIM: LMT) said it intends to raise £13 million, before expenses of £1.2 million, through an equity placing. The fundraising will enable the company to progress its development of its Aorfix stent graft and expand the European sales and marketing infrastructure.

“We believe the success of this fundraising will enable us to capture market share in Europe, complete the regulatory process in the important US market and ensure that we gain maximum returns for our shareholders", chairman Simon Neathercoat said.

The equity placing is being jointly arranged by Evolution Securities and Eden Financial. Qualifying shareholders and Lombard employees are being invited to participate in the fundraising with a separate share subscription that may raise an additional €2.2 million.  

Aorfix is an endovascular stent graft, which can be used in the treatment of abdominal aortic aneurysms. "Lombard Medical has made major progress during 2009. As well as receiving European approval for Aorfix in the treatment of high-angle-neck aneurysms, we are close to completion of enrolment into the US trial programme”, Neathercoat said.

The recently appointed chief executive John Rush joined the company in October 2009, prompting a review of Lombard’s commercialisation strategy. Subsequently the medical device developer aims to increase its market share in Europe and obtain FDA approval for Aorfix in the US before seeking an acquirer or commercial partner.

Quick facts: Lombard Medical Technologies

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AIM:LMT
Market: AIM
Market Cap: £0.00
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