Lombard Medical Technologies
is a medical technology company specializing in developing, manufacturing, and
marketing endovascular stent-grafts to repair aortic aneurysms. The company’s
lead product, Aorfix™, is the only abdominal aortic aneurysm (AAA) stent-graft
approved by the U.S. FDA for the treatment of AAAs with angulation of up to 90°at
the neck of the aneurysm.
AAAs are the 13th leading
cause of death in the United States and the 10th leading cause of death in U.S.
men aged 65 years and older. Current treatment options involve invasive open
surgical repair, or less invasive endovascular aortic repair (EVAR). Medtech
Ventures pegs the global EVAR market at approximately $1.4 billion in 2013,
with the U.S. market estimated at approximately $680 million.
“Tortuous anatomy” affects
roughly 20-30% of patients suffering from AAA; Aorfix is specifically targeted
at this segment of the market. In contrast to rigid design of competitor
products, Aorfix has a coil design that provides flexibility for use in
patients with tortuous anatomies that cannot be satisfactorily treated with
other licensed stent grafts. In addition, competitor products are typically
only licensed for use in aneurysms with proximal neck angulations of up to 60°.
There are no EVAR devices other than Aorfix approved by the FDA to treat AAAs
with high angle neck anatomy of greater than 60°.
Lombard Medical Technologies
formally launched the U.S. roll-out of Aorfix in November 2013, and anticipates
receiving regulatory approval to market Aorfix in Japan in 2014.
The company is also
developing a stent-graft system to treat thoracic aortic aneurysms (TAAs),
which are aneurysms similar to AAAs but located in the thoracic aorta.
According to Medtech Ventures, the worldwide TAA market was valued at
approximately $380 million in 2013, and is estimated to grow to more than $480
million by 2018.
To achieve its goal of
becoming a profitable company within three years, Lombard Medical Technologies
has established four key business objectives: increase commercial revenues in
Europe principally through the expansion of its sales and marketing infrastructure;
obtain regulatory approval for Aorfix in the U.S. and to launch the product in
the U.S. with a direct sales force; expand the size range for Aorfix and make
enhancements to its delivery system to ensure the product remains competitive
in terms of profile and ease of use; and make operational efficiency
improvements to increase capacity and improve gross margins.
Lombard Medical Technologies
is listed on the London Stock Exchange under the ticker symbol “LMT.” The
company today initiated its initial public offering (IPO) for listing on the
Nasdaq exchange, offering 3.6 million shares priced at $15-$18 per share for a
total offer amount of $75.2 million.
For more information, visit
www.lombardmedical.com
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