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.