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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lombard Med.Tec | LSE:LMT | London | Ordinary Share | GB00B7FT8W85 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 188.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2263H Biofusion PLC 03 August 2006 3rd August 2006 Biofusion plc Axordia Collaboration with Lombard Medical Technologies plc Biofusion plc ("Biofusion"), the university intellectual property (IP) commercialisation company is pleased to announce that Axordia Limited ("Axordia") has signed a letter of intent to enter into a collaboration with Lombard Medical Technologies PLC ("LMT") for the development of a new generation treatment for coronary artery disease - a regenerative stent. The collaboration is aimed at making use of Axordia's unique stem cell-derived endovascular cells and LMT's PEP(TM) polymer coating on the stent surface to create a stent that encourages rather than restricts local vascular repair. David Baynes, CEO of Biofusion said: "Axordia is a leader in developing stem cell technologies across a number of applications within the pharmaceutical industry and this agreement highlights the value of its proprietary endovascular cell lines in particular. A stent that makes use of Axordia's endovascular cells and encourages normal tissue regeneration has the potential to make a significant contribution to treatment of one of the World's most serious diseases." Biofusion is the largest shareholder in Axordia with a 36% shareholding. The press release issued today by Axordia is below: Axordia Announces a Collaboration with Lombard Medical Technologies PLC for the Development of a Next Generation Treatment of Coronary Artery Disease 03 August 2006 - Axordia Limited announced today that it has signed a letter of intent to enter into a collaboration with Lombard Medical Technologies PLC (LMT) to co-develop a new generation of treatment for coronary artery disease - a regenerative stent. The collaboration between Lombard and Axordia is for a two and a half year project to develop a regenerative stent that encourages rather than restricts local vascular repair. Attaching Axordia's proprietary, stem cell-derived endovascular cells to Lombard Medical's PEP(TM) programmable polymer coating on the stent surface will allow the human body to promote controlled vascular repair and heal the damaged coronary artery vessel wall. Axordia's unique stem cell-derived endovascular cells have the remarkable ability to promote rapid healing at the site of stent implantation, reduce inflammation and create a localised immune privileged site, which acts to prevent rejection. The stent will represent a major step forward into a new format for stent technology where early healing (endothelialisation) is promoted rather than using cytotoxic drugs on drug eluting stents (DES) which inhibit growth and can cause late stage thrombotic events. As a result this stent technology could revolutionise the DES market. The idea of promoting self repair and healing has an intuitive appeal to physicians and the development of regenerative stent technology is seen as the natural evolution in the treatment of cardiovascular disease. Healthcare industry estimates have suggested that the drug eluting stent market has already reached a value of around $6bn but the maintenance of this market, as well as its future growth, is under question due to the safety concerns over late stent thrombosis. Alistair Taylor, Executive Chairman of Lombard Medical said "The potential for a regenerative stent is significant. Current drug eluting stent technology reduces restenosis but tends to inhibit normal tissue regeneration and may contribute to late stent thrombosis, with possible serious consequences for the patient. A system that engenders normal healing of the tissues may well reduce these late complications and lead to a reduction in associated health care costs." Many physicians believe that the success of second-generation drug eluting stents will be measured by how quickly patients can safely come off anti-platelet drug therapy and when late stent thrombosis is no longer the Achilles heel that it is for DES. It makes sense that encouraging rather than preventing healing is a better route and Axordia and Lombard believe that regenerative stents could be the answer. Dr V Paul Gerskowitch, CEO of Axordia said: "This collaboration with Lombard is evidence of Axordia leading the field in partnering to deliver practical, effective and safe applications for stem cells. Lombard's experience of successful commercialisation together with all our partners cutting edge technology and intellectual property will put this consortium in a powerful position to revolutionise the treatment of one of the World's most serious diseases. This collaboration will support a core part of Axordia's therapeutic business stream on immune privilege" Contacts Biofusion David Baynes +44 (0) 114 275 5555 Citigate Dewe Rogerson Chris Gardner/David Dible +44 (0) 20 7638 9571 Axordia +44 (0) 208-663-3472 Dr V Paul Gerskowitch gerskowitch@axordia.com About Biofusion Biofusion was established in 2002 to commercialise university-generated IP. The Company has a ten-year exclusive arrangement with the University of Sheffield for the commercialisation of IP owned by the University in the area of medical life sciences. Biofusion has shareholdings in a portfolio of ten spin-out companies including Asterion, Axordia, Celltran, Simcyp, Lifestyle Choices and Genophrenix. The University of Sheffield is a world class life sciences research centre spending an estimated #0.5bn of research funding over the next ten years. The University can count five Nobel Prize winners among its alumni and researchers, and data from the latest UK Government's Research Assessment Exercise 2001 ("RAE 2001") showed it ranked fifth in the UK for the quality of its life sciences research. In March 2006 Biofusion entered into a strategic partnership with NPI Ventures Limited ("NPI Ventures"). NPI Ventures is the technology investment business wholly owned by Nikko Principal Investments Limited ("NPIL"), the European principal finance arm of Nikko Cordial Corporation ("Nikko"), which is listed on the Tokyo Stock Exchange. Under the agreement NPI Ventures established a #10 million side fund for the dedicated purpose of investing in Biofusion portfolio companies, invested #2 million in Biofusion by taking a 7.37% equity stake in Biofusion and has warrants with a total potential subscription value of #6.25 million, exercisable at exercise prices between 150p to 220p. www.biofusion.co.uk About Axordia Axordia Limited is one of the UK's leading stem cell companies. It is using the extraordinary properties of stem cells to improve the speed and safety of conventional pharmaceutical drug discovery and also to develop therapeutic products that exploit the unique properties of its endovascular cells in transplantation and the treatment of cardiovascular disease. Axordia is based in Sheffield and has strong links to the University of Sheffield, the UK's leading university in the generation of stem cell intellectual property. The Company is focused on the delivery of three core business streams. Its Drug Discovery products that will provide improved safety and efficacy tests for used in drug development, ESC Tools technologies will improve the research and manufacturing capability of the growing stem cell industry and its Therapeutics research and development programme, which is focused around immune suppression and promoting blood vessel growth. www.axordia.co.uk About Lombard Medical Lombard Medical Technologies is a medical devices company developing stent grafts and other medical products for use in the treatment of vascular disease. The Company's lead product, Aorfix(TM), is a stent graft for the treatment of aortic aneurysms, a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death. Abdominal and thoracic aortic aneurysms are the 13th largest cause of death in the US and the market is estimated to be worth approximately US$2 billion by 2010. Aorfix(TM) is currently being commercialised in the EU, with US clinical trials expected to commence during 2006. The Company also has a research programme running with Amgen and the University of Sheffield to develop a drug eluting stent with a new drug and polymer combination to treat coronary stent restinosis. Lombard Medical has recently successfully completed its initial public offering on AIM and was admitted to listing in December 2005, raising #23.9 million, net of expenses. The Company, based in Oxfordshire & Yorkshire, currently employs 75 people. This information is provided by RNS The company news service from the London Stock Exchange END MSCILFEETFIVIIR
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