U.K.-based medical device maker Lombard Medical Technologies (LON:LMT) is doubling down on its flagship Aorfix aortic stent graft technology, dumping its non-core businesses and expanding facilities to meet demand for the device.
Lombard is broadening its R&D and manufacturing facilities in Dicot, Oxfordshire, planning to move its Aorfix business there and leave behind the OEM business in Prestwick, Scotland.
Lombard will continue to oversee the OEM division until Dec. 20, 2013, at which point the business will transfer to Culzean Medical Devices Limited, who agreed to buy it for just under $1 million in cash.
Lombard is making efforts to keep up with the surging demand for its Aorfix device, which earlier this year won FDA approval for the endovascular repair of abdominal aortic aneurysms. Demand is growing in the U.S. as well as in Europe, and Aorfix expects Japanese regulatory approval in the 1st half of 2013.
The company’s latest announcements preceded a 9.4% bump in LMT shares, which were trading at $192.03 as of the close of the market today.