Lombard Medical Technologies (LON:LMT) said today that it’s tabling a planned initial public offering on the NASDAQ exchange due to adverse conditions in the U.S. stock market.
Lombard, which makes stent grafts to repair abdominal aortic aneurysms, said in late March that it would offer 3.6 million shares at $15-$18 apiece, aiming to raise between $55 million and $60 million from the IPO.
But the British medical device company pulled the IPO today, "due to current adverse US stock market conditions," according to a press release.
Lombard had planned to trade on the NASDAQ exchange under the EVAR symbol, a move that would have taken taken its shares off of the London Stock Exchange. News of the scuttled IPO sent LMT shares down 11.2% to a £1.91 close in London.
Lombard Medical had expected 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.
