Lombard Medical seeks up to $80M in U.S. IPO

March 11, 2014 By Brad Perriello Leave a Comment

Lombard Medical Technologies (LON:LMT) said yesterday that it could raise up to $80 million in its debut on the U.S. stock market.

The British medical device company, which makes stent grafts to repair abdominal aortic aneurysms, said it plans to trade on the NASDAQ exchange under the EVAR symbol. The move will take its stock off of the London Stock Exchange, according to a press release.

Lombard Medical said it expects to use the proceeds to expand its sales footprint in the U.S. and to develop new products for complex vascular disease, "including a stent graft to treat aneurysms in the thoracic aorta."

"The remaining proceeds will be used for working capital and for general corporate purposes," according to the release. Lombard has yet to issue a per-share price for the IPO.

The stent graft maker has made some pretty big strides recently, expanding its U.K. R&D and manufacturing efforts amid increasing demand and promising to focus resources on its flagship Aorfix aortic stent graft technology, dumping its non-core businesses.

The Aorfix device won FDA approval in June 2013. The device is designed to work with the Aorfix flexible stent graft, which won a PMA nod from the FDA in February. Late last year Lombard inked a deal with Medtronic (NYSE:MDT) for a non-exclusive licenses to the "Jervis" technology, a patent that was the source of a dispute between the companies.

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