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TWST: Let’s start with a brief historical sketch of Lombard Medical (London:LOM.L) and then bring us up to date with how the company is positioned today.

Mr. Terry: Lombard Medical was established in July 2000 and was listed on the U.K. stock exchange on AIM (Alternative Investment Market) in October, 2000. The goal was to build a group of companies to exploit the high growth area of cardiovascular medical devices. In April 2001, Lombard raised £12 million and simultaneously acquired Anson Medical, PolyBioMed and two distribution companies. Today it has evolved into a multi-disciplinary organization where the strategy is to provide a basket of cardiovascular development companies which could cross-pollinate ideas and leverage greater value as a result. Our purpose is to discover, develop, distribute and license our own innovative medical devices and technologies predominantly related to the cardiovascular market. We think there still is a lot of room for improvement in the design and efficacy of minimally invasive devices. For example, only 40% of abdominal aortic aneurysms (AAA) can be successfully treated using devices delivered through a less invasive catheter system while the remaining 60% are repaired by more invasive open surgery. If we can develop a device that can treat most abdominal aortic aneurysms without having to resort to major surgery then we will have created tremendous growth potential. And that’s really what Lombard Medical is all about.

TWST: What do you see as your key objectives over the twelve months or so?

Mr. Terry: In the next twelve months, we are focusing on three major product groups to bring us towards commercialization. These are bifurcated reinforced vascular grafts for treating abdominal aortic aneurysms, repositionable surgical clips for vascular surgery and drug delivery polymer coatings for coronary stents. Following regulatory approvals of the Aorfix reinforced graft and the Refix repositionable surgical clip our objective is to generate revenues through distribution agreements. In addition, we plan to generate further revenues through a licensing agreement with a major multi-national for our drug delivery polymer coating.

TWST: So you’d be expecting to see both Aorfix and Refix on the market within a year?

Mr. Terry: Yes, for the Aorfix reinforced graft we intend to apply for a CE Mark in the first half of this year and later this year we’re also preparing for an IDE submission to the FDA to allow us to start clinical trials in the United States. For the Refix repositionable clip, we intend to apply for FDA and CE Mark approvals in the first half of this year. We are also developing an endo-vascular version of Refix, which could be used for securing against the inside wall of the aorta early generation AAA stent grafts, which have been implanted but are now showing signs of migration or in other words slippage.

TWST: What do you intend to do after commercialization of the Anson and PolyBioMed products?

Mr. Terry: Once we commercialize the bifurcated reinforced graft and the repositional clip, we will continue with the development of our reinforced stent graft product range to include lower profile bifurcated reinforced grafts as well as reinforced grafts for new applications. For example a flexible covered carotid stent could have several advantages in minimizing plaque disruption. The same goes for the repositionable clip in terms of new applications such as hernia repair. With PolyBioMed, we will also be developing our gels for new opportunities that we have identified and will continue with our coating technology for other applications. By that time, we may also start bringing in more companies into Lombard to compliment our product portfolio.

TWST: What are the summary points you would leave potential investors for them to take a close look at your company?

Mr. Terry: This is a company, which is establishing itself in a very robust growth area. Lombard has three core product areas set to generate a mix of license and distribution revenues. We are poised to launch two innovative products and expect to enter a licensing agreement during this year. We have strong IP protection and an enterprising team who will continue to bring forward ground breaking ideas for commercialisation.