Medical devices company Lombard raises £1.6 M

Investment round completed

Lombard Medical Technologies plc has raised £1.6 million through a placing and convertible loan notes.

The proceeds give the company a breathing space as it seeks to complete long-term financing discussions. It will also enable it to complete recruitment of US clinical trial of its Aorfix stent graft, and file for approval to widen the European label claim for Aorfix to include the treatment of high-angle-neck aneurysms and seek FDA approval of EndoRefix in late 2008 or early 2009.

Despite the fundraising, Lombard, in common with other small healthcare and biotech companies listed on the Alternative Investment Market (AIM) in London, has limited cash. It warned investors that existing cash resources will only allow it to trade into January 2009.

Simon Neathercoat, Non-Executive Chairman, said, “We are very pleased that the investment community has continued to show its support for the company, particularly at a time when the capital markets are under such pressure. These funds provide us with the breathing space we require, whilst talks continue with a number of parties to secure long-term funding.”