U.K. medical device maker Lombard Medical Technologies (LON:LMT) today announced plans to launch a U.S. initial public offering, swapping its ordinary shares from their current listing on the London Stock Exchange.
Lombard, which makes stent grafts for treatment of abdominal aortic aneurysms, said it plans to use the funds to advance marketing efforts int he U.S. AAA market and invest in new products.
Lombard has also set up a Cayman Islands holding company to facilitate the IPO, according to a company statement. The IPO remains subject to SEC review.
The stent graft maker has made some pretty big strides recently, 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.
LMT shares gained 1.7% on the London Stock Exchange today, closing at $183.