Lombard Seems Scaling Up Operations at Scottish Plant
After getting approval from the US Food and Drug Administration (FDA) for launching new products, LOMBARD Medical Technologies might be scaling up the activities at its manufacturing plant in Scotland, suggest the sources.
Based in Oxfordshire, Lombard Medical stated that the business at its Prestwick site will be usual. However, the launch of new product might raise the possibilities of increasing its capacity.
As per the sources, a Regional Selective Assistance of £200,000 was taken by the company in 2010 planning to bring a rise in the job number in Ayrshire from seven to more than 40.
In 2011, the company raised £27.5 million that helped it to get Aorfix through US approval. This enables the company to start sales and marketing push in Europe, stated the sources.
According to sources, Food and Drug Administration’s decision of approving Aorfix allows Lombard to have another tranche from that money. FDA’s decision has also enabled a loan funding of £1.7m to Lombard Medical by the Japanese distribution partner Medico Hirata. The firm is also seeking for more funding in order to finance its plant in the US.
As stated by sources, Japan’s approval for Aorfix is expected to come in 2014. After the US approval, Lombard’s shares shoot up by a third of its original value. A regional selective assistance grant of £200,000 was received by Lombard by the Scottish Government in 2010. This was given for availing 39 jobs in Prestwick taking the number to 46.
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