Lombard raises £1.6m, but only enough until end of 2008
This article was originally published in Clinica
Executive Summary
Vascular stent graft developer Lombard Medical Technologies has raised £1.6m ($2.9m) – £1.4m after expenses – through a convertible note placement, but said the funds will not be enough for it to continue trading beyond January 2009. The London, UK-based company said that the new cash will give it the "breathing space" it requires, while it tries to secure additional funding for its long-term needs. The firm is currently in talks with a number of parties, including a "significant Middle Eastern bank" that has expressed an interest in investing up to $15m in Lombard through equity.