Lombard Medical Technologies Share Discussion Threads

[munkychunky] 20/2/2013 18:59

No problem, actually I found it:



- Yes, registration means you can download the PDF.

Thanks anyway.

[philo124] 20/2/2013 18:58

I am not very good at that, but you can get it for free and get daily emails from them automatically by just registering with them- it's free. Then you can
find it and subsequently will get them by email.
Sorry.

[munkychunky] 20/2/2013 18:53

Do you have a link to the Edison note please?

[philo124] 20/2/2013 18:15

Edison note today sets 346p after adjusting for the 10.1m shares to be issued in the current fundraising.

I would have no idea how to value this sort of Company, so i use broker & Edison target price as i guide then deduct 15-20% to arrive at my target. Hence 267-284p; based on Canaccord + Edison (322+346/2) less 15/20% discounts.
If anybody has any other current targets, i would be pleased to know.

[philo124] 20/2/2013 15:04

Fair enough.

[munkychunky] 20/2/2013 14:24

Can't be too bad situation is Invesco holding nearly 40% - so tightly held, happy to have had the opportunity to grab some more, although a good outcome is by no means secure, I'm really interested to see how this will perform sales wise in the US.

[shorewalk] 20/2/2013 13:59

interesting how sells are gererally small amounts whereas buys are generally large tells me a lot about those in the know

[munkychunky] 20/2/2013 11:17

Hard to judge buys and sells at the moment, seems to be enough stock around, picked up another 2.5k at 212.9

- looks like a bad call there! lol - in for the long term anyway.

[glasswala] 20/2/2013 10:44

PHILO124- I have read the 20/12/2012 RNS maybe you should re-read the paragragh around at the bottom where it talks about additional funding

20 December 2012

Press Information

Lombard Medical Technologies PLC

("Lombard Medical" or "the Company")

Extension of Long Stop Date for Second Tranche of May 2011 Fundraising

London, UK, 20 December 2012 - Lombard Medical Technologies PLC (AIM: LMT), the specialist medical technology company focused on innovative vascular products, today announces a six month extension, from 31 December 2012 to 30 June 2013, of the existing Long Stop Date for the c. GBP14.1m Second Tranche of the two tranche placing and subscription announced by the Company on 20 April 2011 (the "May 2011 Fundraising"). Lombard Medical also announces that, in addition to certain existing shareholders, the Second Tranche will be supported by LSP Life Sciences Fund N.V. ("LSP"). LSP will replace MVM Life Science Partners LLP ("MVM"), who have decided to assign their rights to subscribe for new ordinary shares in the Second Tranche, pursuant to the terms of the original subscription agreement dated 20 April 2011.

Lombard Medical received a clean Good Manufacturing Process (GMP) audit of its UK manufacturing facility by the FDA in October 2012 and while approval remains possible before 31 December 2012, any approval process with a regulatory authority, such as the FDA, can be subject to delays beyond the control of the applicant. Therefore, the Board considers it prudent to extend the existing Long Stop Date to 30 June 2013. Should FDA approval of Aorfix(TM) fall into early H1 2013, the extension of the Long Stop Date will ensure that the Company has sufficient resources, following receipt of funds from the Second Tranche, to launch Aorfix(TM) in the U.S. Aorfix(TM) will be launched through its own direct sales force to be recruited by the Company.

LSP is one of Europe's largest specialised healthcare and biotechnology investment firms with offices in Amsterdam, Munich and Boston. In view of LSP's specialist healthcare focus and international reach, the Board welcomes its support and participation in the Second Tranche. LSP's presence in the U.S. is particularly relevant given the strategic importance of this market for the Company going forward. LSP will replace MVM, who have decided to assign their rights to subscribe for new ordinary shares in the Second Tranche. MVM remain supportive of the Company and will continue to hold a seat on the Board. On the satisfaction of the Second Tranche Conditions, LSP will subscribe GBP2.8m for 2.0m shares, assuming a Second Tranche subscription price of 140 pence per share, representing 6.6% of Lombard Medical's issued share capital as enlarged by the Second Tranche of the May 2011 Fundraising.

The Company expects that FDA approval of Aorfix(TM) will include an indication to treat patients with angulations at the neck of the aneurysm of up to 90 degrees. This would make Aorfix(TM) the only AAA endovascular stent graft to have this high angle indication in the U.S. Funds from the Second Tranche will ensure the Company has sufficient resources to launch Aorfix(TM) in the U.S. In addition to building the U.S. sales and marketing infrastructure, funds from the Second Tranche will also be used to expand production capacity to meet anticipated demand for the Aorfix(TM) stent graft, complete the planned extension of stent graft sizes and develop the next generation, lower profile delivery device. The funds will also be used to redeem the full amount of the GBP3m Convertible Loan Notes issued to Invesco Asset Management Limited ("Invesco"), to the extent that Invesco has not already converted, or indicated its willingness to convert, the Convertible Loan Notes.

Additional funding will subsequently be sought to allow the Company to achieve its longer-term goals in this important market.

Simon Hubbert, CEO of Lombard Medical Technologies, commented:

"We welcome the support of LSP, one of Europe's largest specialised healthcare and biotechnology investment firms, which signals their confidence in Aorfix(TM) . We are also pleased our shareholders, in continuing to support the Company, have ensured that we have sufficient resources to launch Aorfix(TM) in the U.S. even in the event that approval of Aorfix(TM) slips into H1 2013.

"We have made significant progress in recent weeks including the successful FDA audit of our UK manufacturing facility, and continue to expect the near-term approval of Aorfix(TM) . A broad label that specifically includes treatment of patients with more tortuous anatomies and having angulations of up to 90 degrees, would uniquely position Aorfix(TM) in the U.S., the largest endovascular repair market for Abdominal Aortic Aneurysms."

[shorewalk] 20/2/2013 10:09

Funding should not be required as PHIL0124 identifes it was already in place from March last year based on US approval. Would expect an update shortly announcing when results to end Dec 2012 will be released. It may well supply guidance. I expect another 50% increase in European sales and this will give a idea of the uptake in US.Sales could be £20m or more within 2 yrs

[flavio_monteiro] 20/2/2013 09:57

Gap Up needs filling before rise up Guys

[philo124] 20/2/2013 09:54

Re- Read the RNS. The approval triggered a second tranche of funding.

[glasswala] 20/2/2013 09:14

looks like a fund raising is being carried out that is the only explanation for the share going down considering the excellent news of last week. They did mention that funds will be required for the marketing and bring the product to the huge US market. It will require substantial funding to achieve this goal in my opinion.
Glass

[shorewalk] 19/2/2013 16:01

Some who bought at the top of the rise in Nov are probably just wanting their money back. Graph wise this was predictable and points to the next rise to £3 or above. Investors Chronical is bound to feature so MM's will try to stock build knowing how tightly they are generally held.

[heyho2] 19/2/2013 15:37

GlasswalaI agree it's disappointing to see the share price slide like this on the back of such positive news for LMT, especially on such small volumes. I'm afraid that's just a reflection that AIM is full of short term traders looking to get rich quick.However, if you're in this for the long term then it's just a small dip before the ultimate long term pay off when sales start and revenue rolls in.That's when long term investing, quite literally, pays dividends!Keep smiling and be patient. :-)

[nod] 19/2/2013 10:21

So if only 20% of ops played safe and opted for aorfix the US market grows by 12m. What's the profit on each 10m sales?

[munkychunky] 19/2/2013 07:35

It certainly makes it very interesting as docs could be worried about lawsuits if they fit an product which could be deemed as inferior to the job.

I'll repeat the link from the previous page here as it is an interesting article:


And an extract:

Julie Simmonds, the respected analyst at house broker Canaccord, maintains her price target of 332p in a note out today.

In her note, Simmonds writes: "Aorfix is the first aortic stent to gain approval in the US for use in patients with high angulation at the neck of the aneurysm of up to 90 degrees (others can only be used in the 0-60 degree range).

"High angle AAA patients make up around 30% of the $600m US EVAR (Endovascular Aortic Repair) market. No other company currently has a product, either with approval or in development, for use in high angle AAA patients. Once Aorfix is launched, off-label use of competitor devices in the patients would leave surgeons open to litigation, giving Lombard a very strong competitive position."

[nod] 19/2/2013 03:57

piccolino - interesting angle
:)

I hope you are correct - it would presumably make the potential market much larger than has previously been quoted by the company and analysts.

Don't forget to add the huge carried forward tax loss to any company valuation.

[piccolino3] 18/2/2013 14:33

There will be a strong 'suasion on physicians to use this device even below angulations of 60 degrees, as aortas are known to continue to remodel post implant, and from a liability standpoint, the Aorfix device is much safer. Also some of the stiffer less flexible US devices tend to "fight" the anatomy, which is not beneficial for the patient.

[bmw30csl] 18/2/2013 14:02

Valuable insight

[mlane51] 18/2/2013 13:24

The shares are down over 5% today probably secondary to profit taking .In my view the shares have a long way to go followed by a bid offer .I think they are still a buy .