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June 20, 2013
LONDON, 20 June, 2013 — Covington & Burling acted for Canaccord Genuity Limited (nominated adviser and joint broker) and WG Partners, a trading name of Charles Stanley & Co. Ltd (joint broker), to AIM-quoted Lombard Medical Technologies plc on its placing and subscription of ordinary shares to raise approximately £22 million before expenses.
Lombard is a specialist medical technology company focused on the development of innovative vascular products. Lombard’s lead product Aorfix™, an endovascular stent graft for use in the treatment of abdominal aortic aneurysms, is currently being commercialised in the EU and also received FDA approval for the treatment of patients with angulations at the neck of the aneurysm from 0 to 90 degrees in February 2013.
The net proceeds of the placing, subscription and offer are intended to be used to build Lombard’s sales and marketing infrastructure ahead of the U.S. commercial launch of Aorfix™ in the second half of 2013, to continue to grow the market share for Aorfix™ post-launch and to fund ongoing and future clinical trials.
The London-based Covington team was led by Natalie Walter with assistance from Kristian Wiggert and Sarah Hoult.