|Lombard's Aorfix stent--Courtesy of Lombard Medical|
Lombard Medical revived plans to go public with a revised stateside IPO. The news comes less than two weeks after the company decided to postpone its public offering, citing poor market conditions.
The Oxfordshire, U.K.-based company originally set out to raise $60 million with the sale of 3.6 million shares priced between $15 and $18. Lombard now plans on a $55 million IPO, with 5 million shares priced at $11, according to the company's F-1 filing. At the midpoint of the revised range, Lombard will raise 8% less in proceeds than previously anticipated. The company plans to leave the London Stock Exchange and trade on the Nasdaq under the ticker "EVAR." Jefferies and Barclays are the joint bookrunners on the deal.
This is not the first time Lombard has set its sights on a stateside public offering. In January, the company confidentially filed IPO documents. Lombard reported more than $6.9 million in revenue during 2013 and lost $19.2 million, according to its latest regulatory filing.
A successful IPO could help fuel the company's global expansion and increase sales for Aorfix, an endovascular aortic repair (EVAR) tool used to treat aneurysms. The company won FDA approval for its device in 2013 and has since worked to increase its global market share. Lombard expects U.S. demand for EVAR devices to grow 7% annually over the next 5 years, and Aorfix is the only EVAR device approved for aneurysm angulations as severe as 90 degrees--which could give the company a greater hold on a growing market.
Lombard is also looking overseas for potential revenue growth. The company expects to win regulatory approval for Aorfix in Japan this year and to commercialize the device with the help of its local partner, Medico's Hirata. If all goes according to plan, Lombard could enter into a $140 million market.