July 30, 2015

VentureWire

Lombard Medical Nabs Altura Medical

Altura Medical Inc ., a venture-backed developer of endovascular stent graft technology that has kept a low profile for the past five years, has agreed to be acquired byLombard Medical Inc ., a publicly traded medical device company focused on endovascular aneurysm repair.

Terms of the deal include the issuance of $15 million of Lombard common stock at $4 per share to Altura stakeholders, as well as the assumption of $5.5 million in bank debt and $2.5 million in certain liabilities and transaction-related costs.

The deal could also include an additional $27.5 million in milestone-based payments.

Irvine, Calif.-based Lombard makes an endovascular stent graft cleared by U.S. regulators for the treatment of complex abdominal aortic aneurysms with severe bends or angles. The company said acquiring Altura's technology, which is similar, will help Lombard capture market share from the competition.

Altura has clearance to sell its devices in Europe, a market where Lombard is preparing a major commercial push, the company's news release said.

Altura in 2010 raised a $20 million Series A round from New Leaf Ventures, Advanced Technology Ventures and SV Life Sciences, VentureWire reported.

Timothy Hay

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