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LONDON (Alliance News) - Lombard Medical Technology PLC Friday announced it has suspended trading on AIM, after it raised USD55 million in its initial public offering on the NASDAQ market in New York.
The company's shares will be cancelled from the AIM market next Wednesday, when it will begin trade on NASDAQ. It offered 5.0 million shares at USD11 per share in its US IPO.
Lombard originally delayed its initial public offering in the US April 11, citing the adverse US stock market conditions that have hit biotechnology stocks.
Technology and biotechnology stocks were hit heavily earlier in April over concerns that they were becoming over-valued. However, following positive results from large technology names such as Apple Inc and Facebook Inc over the past week, sentiment has improved for the US technology sector in general.
Additionally, the large-scale deal between GlaxoSmithKline PLC and Novartis AG, and speculation about an approach to buy AstraZeneca PLC from Pfizer Inc, amongst other pharmaceutical merger and acquisition speculation, has helped to boost the pharmaceutical sector.
Lombard Medical is moving to the NASDAQ in an effort to accelerate the commercialisation of its Aorfix product in the US.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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