LMT Lombard Med.Tec

    RNS Number : 1466I
  Lombard Medical Technologies PLC
  14 November 2008
   

    Press information 

    Lombard Medical Technologies PLC
    ("Lombard Medical" or "Company")

    Discussions on-going with potential investors
    -Reduction in head-count in keeping with cost cutting measures-


    London, 14 November 2008 - On 17 October 2008, the Company announced that it was continuing to pursue sources of finance and strategic
alternatives with a number of different parties. Lombard remains in discussions with interested parties and expects to update the market on
developments in due course. As previously announced, the Company has sufficient finance to allow it to continue to trade into January 2009.

    Lombard has also been examining a number of initiatives to reduce the Company's expenditure. As part of this process, Lombard will be
reducing staff at its Oxfordshire offices, which will affect 17 employees and reduce the overall head-count to 88 people. These measures are
not expected to have a material effect on the outcome for the current year but will, along with further measures, benefit the Company in
2009 and beyond.

    Brian Howlett, Lombard Medical's Chief Executive Officer, said:

    "We very much regret the need to reduce our workforce, all of whom have been valued members of our team. However, the changes are
necessary as part of a broader strategy to reduce costs wherever we can. The need to make these changes has taken on a special urgency in
the current economic climate."

    - ENDS -

    Enquiries:

 Lombard Medical Technologies PLC                    Tel: +44 (0) 1235 750 800
 Simon Neathercoat, Non-Executive Chairman
 Brian Howlett, Chief Executive Officer
 Tim Hall, Finance Director

 Financial Dynamics                                  Tel: +44 (0) 20 7831 3113
 David Yates / Susan Quigley

 Nomura Code Securities Limited                      Tel: +44 (0) 20 7776 1200
 Juliet Thompson / Richard Potts

    About Lombard Medical
    Lombard Medical Technologies PLC is a medical devices group developing stent grafts and other medical products for use in the treatment
of vascular disease. The Company's lead product, Aorfix*, is an endovascular stent graft for the treatment of abdominal aortic aneurysms
(AAAs), a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death. Approximately 1.7 million people have AAAs
in the US where it is the 13th largest cause of death. The market for endovascular stent grafts for the treatment of AAA is currently worth
over $600 million and is expected to grow to around a $1 billion by 2010. Aorfix* is currently being commercialised in the EU, with a
pivotal clinical trial ongoing in the USA.  
    The Company's Polymer Coatings Division has developed a novel hydrophilic surface treatment to reduce friction on catheters called
GlideMax*, which is available for licensing, and is using its polymer coating technology in a number of research collaborations developing
novel products for the $5 billion drug-eluting stent market.

    The Company is headquartered in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA.

    Further background on the Company can be found at www.lombardmedical.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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