The Aim-quoted medical device company Lombard Medical Technologies plans to raise £13 million by issuing new equity.
With this move, the company plans to expand its European sales and marketing infrastructure, and also develop a next generation delivery system for Aorfix. The company is also gearing up for the submission of the remaining PMA modular filings and completion of the clinical trial in the US to gain FDA regulatory approval for Aorfix.
The comany says the unique design structure of the Aorfix endovascular stent graft offers “remarkable conformity to the anatomy of the patient in the treatment of Abdominal Aortic Aneurysms”.
John Rush, who was appointed as chief executive in October last year, said the company was preparing for growth following European approval last June to use the Aorfix stent for the treatment of high-angle-neck aneurysms.
Post Rush’s appointment, the company reviewed its commercialisation strategy, concluding that shareholder value would be maximised by focusing on increasing market share in the five main European markets and obtaining FDA approval for Aorfix in the US, before seeking an acquirer or commercial partner. The company believes that the success of this fundraising will enable it to capture market share in Europe.
