LONDON (Reuters) - British medical devices company Lombard Medical Technologies Plc plans an initial public offering on Nasdaq worth up to $80 million and intends to delist its shares in London.
The decision by the company, which specialises in the repair of aneurysms, reflects the attraction of the U.S. market for small medical companies, following an exceptionally strong run in biotech stocks in the past two years.
Lombard Medical said on Tuesday it would use proceeds from the IPO to expand its direct sales force in the United States and develop new products to treat complex vascular disease.
Jefferies and Barclays are joint book-running managers for the offering, with BTIG acting as co-manager.
(Reporting by Ben Hirschler; editing by Jason Neely)