|Bid||7.990 x 0|
|Ask||8.000 x 0|
|Day's Range||7.900 - 8.020|
|52 Week Range||5.110 - 8.280|
|PE Ratio (TTM)||104.08|
|Forward Dividend & Yield||0.00 (0.25%)|
|1y Target Est||7.33|
Lombard Medical, Inc. , a medical device company focused on endovascular aneurysm repair, and MicroPort Scientific Corporation , a leading global manufacturer and marketer of a diversified portfolio of medical devices, today announced the parties have finalized the definitive agreements to their strategic partnership first announced on December 19, 2016.
Lombard (EVAR) announced that they entered into an agreement with MicroPort Scientific Corporation, a Shanghai, China-based medical device company, whereby MicroPort invested a total of $15M in EVAR through a combination of common equity and convertible debt. Two MicroPort representatives will join EVAR’s board of directors. The deal brings EVAR not only financing on what we think are very reasonable terms, but also what could be relatively seamless commercial entry of Aorfix and Altura into the large Chinese and Brazilian markets. 5 years but which can be extended). Interest on the notes is payment-in-kind (PIK) and calculated as six-month LIBOR (currently 1.30%) plus 4%. The PIK interest, which is capitalized and added to the principal, reduces cash outflows. Following the financing, MicroPort owns approximately 29% of EVAR’s outstanding shares. The agreement stipulates that MicroPort cannot own more than 49% of the voting power of EVAR. As such, in the event a conversion would result in MicroPort owning more than 49%, EVAR will pay in cash an amount equal to the number of shares that MicroPort is entitled to above a 49% interest.
Lombard Medical, Inc. , a medical device company focused on endovascular aneurysm repair, and MicroPort Scientific Corporation , a leading global manufacturer and marketer of a diversified portfolio of medical devices, today announced a strategic partnership and a significant infusion of capital into Lombard Medical by MicroPort.