Noticias

Noticias

  • Título: Expansion of UK facilities to meet increasing Aorfix™ demand Divestment of non-core OEM business
  • Fecha: 02-10-2013

  • London, UK and Irvine, CA, 2 October 2013 – Lombard Medical Technologies PLC (AIM: LMT), the specialist medical technology company focused on innovative vascular products, today announces that due to increasing demand for its lead product, Aorfix, the Company is expanding its facility in Didcot, Oxfordshire and has taken a strategic decision to divest its non-core OEM business based in Prestwick, Scotland. The R&D and process development activities for Aorfix currently undertaken at the Prestwick facility will be transferred to the expanded R&D and manufacturing facilities in Didcot. The Company will continue to run the OEM business until 20 December 2013, the completion date of the transaction.

    The Company is seeing growing demand for Aorfix in the US following receipt of US FDA approval earlier this year; is experiencing growing sales in Europe; and anticipates regulatory approval for Aorfix in Japan in H1 2014. Aorfix is the Company’s uniquely labeled stent graft device for the treatment of AAAs (“Abdominal Aortic Aneurysms”) with neck angulations up to 90 degrees. To meet the increasing demand for Aorfix, the Company is expanding its facilities in Didcot by around 10,000 sqft., involving the construction of a new cleanroom and materials handling space, at a cost of around £0.3m. The expansion is expected to be completed in the first quarter of 2014 and new jobs will be created at the site once the new facility is operational.

    The OEM business, which manufactures a range of medical products for third parties, and certain assets, will be divested to Culzean Medical Devices Limited for £0.6m in cash. The consideration is receivable in four annual instalments from the end of 2014 and will be used for general working capital purposes. The book value of the assets to be disposed of was less than £0.1m as at 31 December 2012; and in the year ended 31 December 2012, the OEM business generated a profit before tax of £0.1m (after the recharge of central costs) on revenue of £0.7m. OEM revenue in the first half of 2013 was £0.3m and is expected to show a decline in the full year.

    Under the terms of the divestment agreement, some employees in Scotland will transfer to support the new owner’s business activities; other employees will be given the opportunity to relocate to Didcot.



  • Fuente: endovascular.es