MASSDEVICE ON CALL — London medtech maker Lombard Medical Technologies (LON:LMT; NSDQ:EVAR) had a lackluster 1st day on the Nasdaq stock exchange, with its new EVAR shares opening flat and losing 9% by the end of the day.
The EVAR stock opened at $11 and closed at $10 on Friday, marking another dim development for the company’s troubled IPO efforts.
Lombard’s big U.S. offering was originally supposed to open at $15-$18 per share, according to announcements made in March. The stent-graft maker in April shelved the IPO "due to current adverse US stock market conditions," sending its London Stock Exchange shares down 11%.
The London Exchange shares were canceled last week in conjunction with the opening on the Nasdaq market.
The company said in SEC filings that it expected the IPO to raise as much as $51.2 million, before expenses. Lombard Medical plans 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.
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