Operational Foundation Established for Improved Gross Margins and
Access to the Fast-Growing China Endovascular Market
OXFORDSHIRE, U.K. & SHANGHAI--(BUSINESS WIRE)--Apr. 3, 2017--
Lombard Medical, Inc. (NASDAQ: EVAR), a medical device company focused
on endovascular aneurysm repair, and MicroPort Scientific Corporation
(HK: 0853), a leading global manufacturer and marketer of a diversified
portfolio of medical devices, today announced the parties have finalized
the definitive agreements to their strategic partnership first announced
on December 19, 2016.
The partnership will allow Lombard to accelerate commercialization in
China and other global markets for its abdominal aortic aneurysms (AAA)
product portfolio: Aorfix™, the only stent graft to hold global
approvals to treat AAA with aortic neck angles up to 90 degrees, and
Altura®, an innovative stent graft and ultra-low profile delivery system
that offers an easy to use and predictable treatment option for standard
Lombard and MicroPort have entered into a component supply manufacturing
agreement whereby MicroPort will manufacture, in its facilities in
Shanghai, certain components for the Aorfix and Altura product lines. It
is anticipated that MicroPort will begin providing components to Lombard
in the second half of 2017.
MicroPort has the exclusive marketing rights for the Lombard product
portfolio for China and Brazil as well as a technology license to
manufacture the products for the China market. MicroPort expects to
launch Aorfix in China after gaining China Food & Drug Administration
approval which is anticipated in the second half of 2018.
“This strategic partnership begins to establish the foundation for
improved gross margins for Lombard by significantly reducing the
manufacturing costs of both Aorfix and Altura devices which, in turn,
will allow Lombard to be competitive in all of our markets,” Lombard CEO
Simon Hubbert commented. “Moreover, given MicroPort’s exceptional market
reach, we have laid the groundwork for the Lombard products to enter the
fast-growing China endovascular market.”
MicroPort Chairman and CEO Dr. Zhaohua Chang stated, “Completing the
agreements to the strategic partnership represents an important
milestone achieved for both companies so that we can now focus our
efforts on the regulatory and operational steps necessary to launch
these exciting products in China. We have already been working
collaboratively to generate manufacturing synergies and to improve
manufacturing efficiency, thereby benefitting the full range of
stakeholders in our respective companies. We look forward to bringing
the exciting potential of Aorfix and Altura devices to the China
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, Electrophysiological, 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 www.microport.com.
About Lombard Medical, Inc.
Lombard Medical, Inc. is an Oxfordshire, UK-based medical device company
focused on the $1.8bn market for minimally invasive treatment of
abdominal aortic aneurysms. The Company has global regulatory approval
for Aorfix, an endovascular stent graft that has been specifically
designed to treat patients with aortic neck angulation up to 90 degrees.
The Company also markets the Altura endograft system in Europe. Altura
is an ultra-low profile endovascular stent graft that offers a simple
and predictable solution for the treatment of more standard AAA
anatomies. For more information, please visit www.lombardmedical.com.
This announcement contains forward-looking statements that reflect the
Company’s current expectations regarding future events. These
forward-looking statements generally can be identified by the use of
words or phrases such as “believe,” “expect,” “future,” “allow,” “look
forward to,” “aim,” “plan,” “should,” “will,” “provide,” “expand,”
“grow” or words and phrases of similar meaning. Statements that describe
objectives, plans or goals also are forward-looking statements.
Forward-looking statements are subject to risks, management assumptions
and uncertainties. Actual results could differ materially from those
projected herein and depend on a number of factors, including the
ability of the Company to achieve its financial and operational goals,
the success of the Company’s research and development and
commercialization strategies, the uncertainties related to the
regulatory process and the acceptance of the Company’s products by
hospitals and other medical professionals, the uncertainty of estimated
revenues and profits, the uncertainty of current domestic and
international economic conditions that could adversely affect the level
of demand for the Company’s products and increased volatility in foreign
exchange rates, the inability to raise additional funds, and the risks,
uncertainties and other factors described under the heading “Risk
Factors” in the Company’s Form 20-F filed with the Securities and
Exchange Commission dated April 29, 2016. Readers are urged to consider
these factors carefully in evaluating the forward-looking statements.
The forward-looking statements included herein are made only as of the
date of this report and the Company undertakes no obligation to update
these statements in the future.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170403005108/en/
Source: Lombard Medical, Inc.
Lombard Medical, Inc.
Simon Hubbert, Chief Executive
Officer, +44 (0)1235 750 800
William J. Kullback, Chief Financial
MicroPort Scientific Corporation
Sun, Chief Financial Officer, +86 2138 954 6008
Jonathan Chen, SVP
International Operations & Investor Relations, +86 2138 954 6008