The Didcot, UK-based stent maker said Oxford Finance sent the default letter on January 12, four days after meeting Lombard to discuss its finances.
To make matters worse, Lombard said he didn’t have enough cash to make it through the first half of the year.
“[U]”Unless additional financing becomes available, the company expects to deplete its current cash resources between the first quarter of 2018 and the second quarter of 2018,” the company said in a regulatory release. deposit.
“The company is communicating with Oxford with the aim of restructuring its obligations under the loan and guarantee agreement. There can be no assurance that the company will be able to successfully restructure these obligations. In accordance with the terms of the loan agreement and warranty, Oxford may currently exercise all of its available remedies with respect to the company’s obligations or the warranties securing such obligations, including seeking immediate repayment,” Lombard said in the filing.
In April 2016, Lombard shuffled the game after bail out the US market due to an FDA decision requiring a 50-patient clinical study of its low-profile Intelliflex delivery system for the Aorfix stent. Then based in Irvine, Calif., the company eliminated its US sales force and moved most of its business operations to the UK, significantly reducing its cash burn.