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Lombard Medical Technologies

  • BY: Andrew Hore |
  • POSTED: 11/01/2009 |

Medical devices developer Lombard Medical Technologies is raising up to £8.3m to fund further development of its main product.

A placing and subscription will raise £5.6m at 1p a share and up to £2.2m more at the same share price. A further £500,000 is being raised via five-year convertible loan notes.

News of the fund raising perked up the shares and they rose 0.75p to 1.25p each, which values the current share capital at £1.73m.

The cash will be used to fund further development of Aorfix, an endovascular stent graft for the treatment of abdominal aortic aneurysms. All business activity will be focused on Aorfix from now on.

LMT hopes to keep the cash outflow in 2009 to £6m.

The company’s main subsidiary originally joined Aim in October 2000 as a shell and acquired its core business in April 2001. LMT was formed to take that business private in 2003. LMT joined Aim on 13 December 2005. At that point it raised £26.2m gross - £23.9m net - at 159p a share. A selling shareholder raised £300,000 at the same time. At the beginning of 2008, £7.6m gross - £7.1m net - was raised at 14p a share. In October 2008, LMT raised £1.7m from a convertible loan note issue. - which will be converted at 2.5p a share following the latest fund raising. 

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