Lombard Medical Operations Acquired by MicroPort in Restructuring Transaction

May 9, 2018—Lombard Medical, Inc., a developer, manufacturer, and marketer of endovascular aortic aneurysm repair (EVAR) products, recently announced that MicroPort Scientific Corporation through its subsidiary, Endovascular Technology Corporation, has acquired the shares in Lombard's subsidiaries, Lombard Medical Limited and Lombard Medical Technologies GmbH, in a restructuring transaction under United Kingdom bankruptcy law. MicroPort initially entered into a strategic partnership with Lombard in December 2016.

The transaction was part of a global settlement with Lombard Medical's secured creditor and the result of an administrator-appointed process. Concurrent with the United Kingdom administration process, parent company Lombard Medical, Inc. will be formally liquidated through a liquidator appointed by the Grand Court of the Cayman Islands and subsequently dissolved.

With this restructuring transaction, MicroPort will continue to support Lombard's operations and the commercialization of its two stent graft technologies, Aorfix and Altura. MicroPort will provide manufacturing support capabilities to reduce manufacturing costs associated with Aorfix and Altura. In addition, MicroPort will continue its efforts to obtain regulatory approval to market Lombard's EVAR products in China.

Lombard will maintain its manufacturing facility in Didcot, United Kingdom and intends to continue to provide uninterrupted supply of Aorfix and Altura products to hospitals and distributors for all global markets it currently serves. In addition, to further strengthen the clinical data set for Altura, Lombard will continue to support and drive the enrollment of the postmarket ALTITUDE clinical registry for Altura in the United Kingdom and Germany.