Lombard Medical Technologies (LON:LMT) - Aorfix wins FDA approval

Wednesday, Feb 20 2013 by

Feb 20th 2013 - Edison Investment Research today published a report on Lombard Medical Technologies (LMT.L, LSE:LMT, LON:LMT) entitled "Aorfix Wins FDA Approval". In summary, the report says:

Lombard Medical has received the long-awaited FDA approval for its Aorfix endovascular aortic stent graft for treatment of abdominal aortic aneurysm (AAA). The US approval is a significant landmark in Lombard’s more than a decade-long development of the Aorfix device. It is also the trigger event for a pre-agreed £14.1m financing, which will support the launch of the product. The US label includes treatment of patients with aortic neck angulations of 0-90˚, a uniquely broad label claim. We have increased our valuation of Lombard to £104.7m or 346p/share, adjusting for the 10.1m shares to be issued in fundraising.

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