VC-backed Lombard to leave AIM for Nasdaq

Ellie Pullen
10 January 2014

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Lombard Medical Technologies, a London-based medical devices company backed by Abingworth Management and MVM Life Science Partners, is planning to delist from the London Stock Exchangeтs AIM and relist on the Nasdaq.

The company is to file a registration statement with the US Securities and Exchange Commission (SEC) for the potential Nasdaq IPO.

A new Cayman Islands-domiciled holding company will be created to house Lombard's new stock, which will be exchanged against the company's existing shares.

Lombard's existing shareholders will receive stock from the new Cayman Islands holding company in the share exchange.

In April 2011, Abingworth and MVM backed Lombard in a £27.5m PIPE deal, according to unquote" data. According to Lombard's website, Abingworth currently holds a 17.8% stake in the business – equivalent to slightly less than 8 million shares – while MVM owns a 3.5% stake (around 1.5 million shares).

Lombard's announcement saw its stock jump from 180 pence per share to close on 213 pence at yesterday's (9 January) close, following an entire month of the company's shares not climbing above 180 pence apiece.

At the time of writing, the company's market cap sat at £96.4m. Lombard currently trades on the AIM segment of the LSE under the ticker symbol "LMT".

The firm has appointed Jefferies and Barclays Capital as financial advisers for the potential Nasdaq flotation.

Lombard develops endovascular stent grafts for the purpose of endovascular aortic repair of abdominal aortic aneurysms. An abdominal aortic aneurysm is a balloon-like bulge in a blood vessel, which is caused by the weakening of the blood vessel wall. The two most common areas in the body for aortic aneurysms to occur are the abdomen and the brain.

The company was founded in 2000 and is headquartered in Oxfordshire with an additional office in Irvine, California. The business generated revenues of £4.5m in 2013, representing a 14% increase on 2012's £3.9m figure. Simon Hubbert is the company's CEO.