Lombard Regains Marketing Rights for EndoRefix
March 12 2009 - 3:00AM
UK Regulatory
TIDMLMT
RNS Number : 7245O
Lombard Medical Technologies PLC
12 March 2009
Press information
Lombard Medical Technologies PLC
("Lombard Medical" or "Company")
Lombard Medical Regains Marketing Rights for EndoRefix(TM)
London, UK, 12 March 2009 - Lombard Medical Technologies PLC (AIM: LMT), the
specialist medical device company, announces that it has regained the marketing
rights for its novel endovascular stapling device EndoRefix(TM) after mutually
agreeing with Medtronic Vascular, Inc. to terminate the Distribution, License
and Credit Agreements signed in December 2006.
EndoRefix(TM) is a patented endovascular stapling device that has CE Mark
approval for the fixation of endovascular stent grafts. A US clinical trial
undertaken to gain FDA approval for this indication is two-thirds recruited but
further recruitment was suspended in December 2008 as part of the Company's
strategy to reduce costs. The product has the potential to be developed for a
number of other indications including the fixation of stent grafts for the
treatment of thoracic aortic aneurysms and the fixation of obesity and other
devices within the gastrointestinal tract.
Following termination of the agreements with Medtronic, the Company will now
seek a new marketing partner to help fund the completion of the product's
development including completion of the US trial.
Brian Howlett, CEO of Lombard Medical, commented:
"We believe that the EndoRefix(TM) stapler has significant potential for use in
the fixation of stent grafts and other medical devices and we are pleased to
regain full control of this product. We look forward to commencing discussions
with alternative partners who will help us fund the development of this
versatile product."
Enquiries:
+------------------------------------------------------+----------------------------+
| Lombard Medical Technologies PLC | Tel: 01235 750 800 |
| Simon Neathercoat, Non-executive Chairman | |
| Brian Howlett, Chief Executive Officer | |
| Tim Hall, Finance Director | |
+------------------------------------------------------+----------------------------+
| | |
+------------------------------------------------------+----------------------------+
| Financial Dynamics | Tel: 020 7831 3113 |
| Jonathan Birt / Susan Quigley | |
+------------------------------------------------------+----------------------------+
| | |
+------------------------------------------------------+----------------------------+
| Nomura Code | Tel: 020 7776 1200 |
| Juliet Thompson / Richard Potts | |
+------------------------------------------------------+----------------------------+
Notes to editors
About Lombard Medical
Lombard Medical Technologies PLC is a medical devices group developing stent
grafts and other medical products for use in the treatment of vascular disease.
The Company's lead product, Aorfix(TM), is an endovascular stent graft for the
treatment of abdominal aortic aneurysms (AAAs), a balloon-like enlargement of
the aorta which, if untreated, may rupture and cause death. Approximately 1.7
million people have AAAs in the US where it is the 13th largest cause of death.
The market for endovascular stent grafts for the treatment of AAA is currently
worth over $600 million and is expected to grow to around a $1 billion by 2010.
Aorfix(TM) is currently being commercialised in the EU, with a pivotal clinical
trial ongoing in the USA.
The Company's Polymer Coatings Division has developed a novel hydrophilic
surface treatment to reduce friction on catheters called GlideMax(TM), which is
available for licensing, and is using its polymer coating technology in a number
of research collaborations developing novel products for the $5 billion
drug-eluting stent market.
The Company is headquartered in Oxfordshire, with operations in Yorkshire,
Ayrshire and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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