RNS No215 Dec 2010 07:29
Lombard Medical Technologies announces new management structure
London, UK, December 15, 2010 - Lombard Medical Technologies PLC (Lombard Medical or Company) (AIM: LMT), the medical device company focused on solutions for the $1 billion abdominal aortic aneurysm (AAA) repair market, today announced plans to restructure its management team to reflect the Group's mid-term strategic focus on achieving US approval and launch of the AorfixTM endovascular stent graft and further driving sales momentum in the five largest European markets.
With effect from January 1, 2011, John Rush, Chief Executive Officer, will become Chairman of LMT, based principally in the U.S, and Simon Hubbert, VP of Sales and Marketing International, will become Chief Executive Officer, based in Europe. Simon Neathercoat, the current Chairman of LMT, will become Deputy Chairman.
Since joining LMT in 2009, John Rush has set out clear strategic priorities for the business and achieved significant success in moving the company towards sustainable, long-term profitability, including:
· Five of six FDA Pre-market Approval ("PMA") filings for Aorfix™ submitted in the U.S; final clinical module on track for submission in H1 2011
· Marketing partnership signed in Japan
· Strengthening of sales and marketing team
· Refocusing of sales and marketing resources on Europe's top 5 markets, to build on strong first-half sales momentum
· R&D projects underway to improve the range, ease of use and cost of Aorfix™
· Reorganisation of LMT's Prestwick and Didcot operations to maximise efficiency and prepare for US launch
Simon Neathercoat, Chairman of LMT, said: "Lombard Medical has made good progress over the past 15 months, creating significant positive momentum across the organisation. The change in the structure of the management team announced today will enable LMT to focus on preparing for the opportunity in the key U.S market for AorfixTM at the same time as ensuring we maximise our growing success in Europe. I am delighted that John Rush has accepted my offer of taking on the leadership of the Company as its Chairman. John's continued commitment to the business and the appointment of Simon Hubbert as CEO in charge of the day-to-day operations underline the real strengths of our leadership team as we work to build on this progress."
John Rush, Chief Executive Officer of LMT, commented: "Together with the Board, I have decided that to maintain the excellent momentum and specialist expertise LMT has built up, the Company should consolidate around its existing UK operating base, which is best managed by a CEO based in Europe. Simon Hubbert has already had a major impact on our sales and marketing activities in Europe and I look forward to working with him to ensure the continued progress of Aorfix™ in the key US market."
Simon Hubbert, aged 43, joined