Lombard Medical Technologies (LON:LMT) today set the range for its forthcoming U.S. initial public offering, saying it plans to price its shares between $15 apiece and $18.
That would mean the British medical device company, which makes stent grafts to repair abdominal aortic aneurysms, would raise between $55 million and $60 million in its 1st foray on an American stock exchange. Lombard plans to offer about 3.6 million shares.
Lombard plans to trade on the NASDAQ exchange under the EVAR symbol. The move will take its stock off of the London Stock Exchange. Its market capitalization at the low end of the range would be about $222 million; at the high end, its MCAP would reach about $267 million, according to a regulatory filing.
Lombard Medical said earlier this month that 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 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.
