Lifeline of £2.5m for Lombard
12 April 2012
SURGICAL device group Lombard Medical is close to raising £2.5m from institutional investors. The cash will back one of its key products for treating heart and circulation conditions.
The fundraising has been made through a loan note convertible into shares in the group, which owns several medical subsidiaries. One of them, Anson Medical, will announce on Monday that its Aorfix device, used for treating aneurysms, has been successfully used in six operations.
Lombard has yet to make a profit, and losses are forecast to reach £2.9m this year. But analysts predict that the company will see losses fall as its products are taken up more widely.
