UK's Lombard Medical plans move to Nasdaq with $80 mln IPO

Reuters - UK Focus

LONDON, March 11 (Reuters) - British medical devices companyLombard Medical Technologies Plc plans an initialpublic offering on Nasdaq worth up to $80 million and intends todelist its shares in London.

The decision by the company, which specialises in the repairof aneurysms, reflects the attraction of the U.S. market forsmall medical companies, following an exceptionally strong runin biotech stocks in the past two years.

Lombard Medical said on Tuesday it would use proceeds fromthe IPO to expand its direct sales force in the United Statesand develop new products to treat complex vascular disease.

Jefferies and Barclays (LSE: BARC.L - news) are joint book-running managers forthe offering, with BTIG acting as co-manager.

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