Lombard Medical has entered into a US$26m secured term loan facility with Oxford Finance. Lombard Medical received US$11m in proceeds from the loan at closing on 24 April 2015. The company has the option of drawing another US$10m after achieving a specific near-term revenue milestone, with a final US$5m becoming available after reaching an additional revenue target.
Simon Hubbert, chief executive officer of Lombard Medical, commented, “This facility from Oxford solidifies our balance sheet and significantly extends our cash runway by providing non-dilutive capital to support key growth initiatives necessary for our successful global launch of Aorfix, as well as continued development of other innovative new products.”
Lombard Medical’s Aorfix is an endovascular stent graft with global approvals to treat patients with aortic neck angulations up to 90 degrees. This is often a feature of complex abdominal aortic aneurysm anatomies.