OXFORDSHIRE, England, April 26, 2018 /PRNewswire/ --
Lombard Medical, a developer, manufacturer and marketer of endovascular aortic aneurysm repair products, today announced that MicroPort Scientific Corp. ("MicroPort") through its subsidiary, Endovascular Technology Corp., has acquired the shares in Lombard's subsidiaries, Lombard Medical Limited and Lombard Medical Technologies GmbH, in a restructuring transaction under UK bankruptcy law.
The transaction was part of a global settlement with Lombard Medical's secured creditor and the result of an administrator appointed process led by partners from KPMG LLP who were appointed by the High Court of Justice in England & Wales as administrators of Lombard Medical Technologies Limited, parent company of Lombard Medical Limited and Lombard Medical Technologies GmbH, on April 25, 2018.
Concurrent with the UK administration process, parent company Lombard Medical, Inc. will be formally liquidated through a liquidator appointed by the Grand Court of the Cayman Islands and subsequently dissolved. There will be no recovery of any monies for any unsecured creditors or equity holders of Lombard Medical, Inc. in the Cayman liquidation.
Furthermore, investors are cautioned against acquiring any shares of Lombard Medical, Inc. that, despite the filing of the Cayman liquidation proceedings, may continue to trade on the over-the-counter markets under the symbol "EVARF".
MicroPort initially entered into a strategic partnership with Lombard in December 2016. With this restructuring transaction, MicroPort will continue to support Lombard's operations and the commercialization of its two unique stent graft technologies, Aorfix and Altura. Specifically, MicroPort will provide manufacturing support capabilities to reduce manufacturing costs associated with Aorfix and Altura. In addition, MicroPort will continue its efforts to obtain CFDA approval for Lombard's products ahead of entering the Abdominal Aortic Aneurysm repair (AAA) market in China, currently one of the fastest growing AAA markets in the world.
Lombard will maintain its manufacturing facility in Didcot, U.K. and intends to continue to provide uninterrupted supply of Aorfix and Altura products to hospitals and distributors for all global markets it currently serves. In addition, to further strengthen the clinical data set for Altura, Lombard will continue to support and drive the enrolment of the post-market ALTITUDE clinical registry for Altura in the UK and German markets.
About Lombard Medical
Lombard Medical, based in Oxfordshire, U.K. develops, manufactures and markets an innovative range of minimally invasive abdominal aortic aneurysm endovascular repair products. For more information, please visit http://www.lombardmedical.com.
MicroPort Scientific Corporation is a leading medical device company with business focusing on innovating, manufacturing, and marketing high-quality and high-end medical devices globally. MicroPort maintains world-wide operations in a broad range of business segments including Cardiovascular, Orthopedic, Electrophysiology, Endovascular, Neurovascular, Surgical, Diabetes Care and Endocrinal Management, and others. MicroPort is dedicated to becoming a patient-oriented global enterprise focused on improving and reshaping patient lives through the application of innovative science and technology. For more information, please visit http://www.microport.com.
For further information:
Kurt Lemvigh, Chief Executive Officer
SOURCE Lombard Medical