Lombard Medical Technologies PLC Expansion of UK facilities (5223P)
2013年10月2日 - 6:00PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 5223P
Lombard Medical Technologies PLC
02 October 2013
Lombard Medical Technologies PLC
("Lombard Medical", the "Company" or the "Group")
Expansion of UK facilities to meet increasing Aorfix(TM)
demand
Divestment of non-core OEM business
London, UK and Irvine, CA, 2 October 2013 - Lombard Medical
Technologies PLC (AIM: LMT), the specialist medical technology
company focused on innovative vascular products, today announces
that due to increasing demand for its lead product, Aorfix, the
Company is expanding its facility in Didcot, Oxfordshire and has
taken a strategic decision to divest its non-core OEM business
based in Prestwick, Scotland. The R&D and process development
activities for Aorfix currently undertaken at the Prestwick
facility will be transferred to the expanded R&D and
manufacturing facilities in Didcot. The Company will continue to
run the OEM business until 20 December 2013, the completion date of
the transaction.
The Company is seeing growing demand for Aorfix in the US
following receipt of US FDA approval earlier this year; is
experiencing growing sales in Europe; and anticipates regulatory
approval for Aorfix in Japan in H1 2014. Aorfix is the Company's
uniquely labeled stent graft device for the treatment of AAAs
("Abdominal Aortic Aneurysms") with neck angulations up to 90
degrees. To meet the increasing demand for Aorfix, the Company is
expanding its facilities in Didcot by around 10,000 sqft.,
involving the construction of a new cleanroom and materials
handling space, at a cost of around GBP0.3m. The expansion is
expected to be completed in the first quarter of 2014 and new jobs
will be created at the site once the new facility is
operational.
The OEM business, which manufactures a range of medical products
for third parties, and certain assets, will be divested to Culzean
Medical Devices Limited for GBP0.6m in cash. The consideration is
receivable in four annual instalments from the end of 2014 and will
be used for general working capital purposes. The book value of the
assets to be disposed of was less than GBP0.1m as at 31 December
2012; and in the year ended 31 December 2012, the OEM business
generated a profit before tax of GBP0.1m (after the recharge of
central costs) on revenue of GBP0.7m. OEM revenue in the first half
of 2013 was GBP0.3m and is expected to show a decline in the full
year.
Under the terms of the divestment agreement, some employees in
Scotland will transfer to support the new owner's business
activities; other employees will be given the opportunity to
relocate to Didcot.
-Ends-
For further information:
Lombard Medical Technologies PLC Tel: +44 (0)1235 750
800
Simon Hubbert, Chief Executive Officer
Ian Ardill, Chief Financial Officer
Canaccord Genuity Limited Tel: +44 (0)20 7523 8000
Lucy Tilley / Tim Redfern / Henry
Fitzgerald O'Connor /
Dr Julian Feneley
FTI Consulting Tel: +44 (0)20 7831 3113
Simon Conway / Stephanie Cuthbert
/ Victoria Foster Mitchell
Allen & Caron Tel: +1 (949) 474 4300
Matt Clawson
About Lombard Medical
Lombard Medical Technologies PLC (AIM: LMT) is a medical device
company focused on device solutions for the $1.3 billion per annum
AAA repair market. The Company's lead product, Aorfix, is an
endovascular stent graft which has been specifically designed to
solve the problems that exist in treating complex tortuous anatomy,
which is often present in advanced AAA disease. Aorfix is the only
stent graft approved for AAA neck angulations of up to 90 degrees
and is currently being commercialized worldwide. Aorfix is the
first AAA stent graft not of U.S. origin to gain FDA approval. The
Company is headquartered in Oxfordshire, England with U.S.
operations in Irvine, CA.
Further background on the Company can be found at
www.lombardmedical.com.
Aorfix Commercialisation
In February 2013 Lombard Medical received FDA ("Food and Drug
Administration") approval to treat AAAs, the only device with a
label indication for the treatment of patients with angulations at
the neck (top) of the aneurysm of up to 90 degrees. This gives
Aorfix the broadest label for such a device on the US market and
makes it the only endovascular stent graft approved for use in high
angle (>60 degrees) cases. In Japan, Lombard Medical's exclusive
distribution partner, Medico's Hirata Inc., remains in dialogue
with the Japanese PMDA ("Pharmaceuticals and Medical Devices
Agency") to achieve regulatory approval for Aorfix, expected in H1
2014.
About Abdominal Aortic Aneurysms
AAAs are a balloon-like enlargement of the aorta which, if left
untreated, may rupture and cause death. Approximately 4.5 million
people are living with AAAs in the developed world and each year
600,000 new cases are diagnosed. In the U.S. aortic aneurysm
disease is among the leading cause of death and it is estimated
that 1.7 million people over the age of 55 have an AAA. The market
for the repair of AAAs in the U.S. is valued at more than $600
million annually, and is forecast to grow to $1.6 billion worldwide
by 2015 according to independent market research.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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