Oxford Closes Lombard Medical Debt Facility
Lombard Medical entered into a $26 million secured term loan facility with Oxford Finance. Lombard Medical received $11 million in proceeds from the loan at closing on April 24, 2015. The company has the option of drawing another $10 million after achieving a specific near-term revenue milestone, with a final $5 million becoming available after reaching an additional revenue target.
Simon Hubbert, CEO 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 the first and only endovascular stent graft with global approvals to treat patients with aortic neck angulations up to 90 degrees. This is often a feature of complex AAA anatomies.
“Oxford is pleased to provide capital to Lombard Medical to support the Company’s on-going commercial expansion in the U.S., Japan, Europe and its other key markets,” said Christopher A. Herr, senior managing director for Oxford Finance. “We expect the Company to continue to gain market share given the distinct advantage its lead product, Aorfix, has over other competing AAA stent grafts.”
Lombard Medical is an Irvine, CA-based medical device company focused on device solutions for the $1.6 billion per year abdominal aortic aneurysm repair market.