Specialist medical device firm Lombard Medical Technologies PLC announced on Wednesday its plans to pursue an initial public offering (IPO) in the US, according to RTT News.

Lombard Medical plans to submit to the US Securities and Exchange Commission a registration statement for a proposed IPO of ordinary shares. The company also eyes a listing on NASDAQ, the report detailed.

The firm stressed that it will delist its ordinary shares from London Stock Exchange market AIM. This is in relation to the NASDAQ IPO, the report stated.

According to the UK medical device maker, a new Cayman Islands holding firm will be formed. Existing shares in the company will be exchanged for fresh shares in the Cayman firm. This strategy will help facilitate the NASDAQ IPO, the report explained.

Lombard Medical will use the IPO proceeds to accelerate the commercialization of its main product. The firm also plans to beef up its sales and marketing force and develop new products for the treatment of complex vascular diseases, RTT News reported.