Cambridge, UK, 25 June 2015: Sphere Medical Holding plc (AIM: SPHR.L), ("Sphere Medical" or the "Company") a leading provider of innovative monitoring and diagnostic devices for the critical care setting, announces that, at its Annual General Meeting, which will take place at 11:00 am today at Harston Mill, Harston, Cambridge, Dr Anthony Martin, Non-Executive Chairman, will provide the following update:
The two major objectives for Sphere Medical since the beginning of the year have been: the continued commercialisation of Proxima 3 into the UK market and more latterly, into the German, Dutch and Belgium markets; and the finalisation of the development of Proxima 4 alongside Ortho-Clinical Diagnostics as well as fulfilling our obligations under the Collaboration Agreement.
I am pleased to report that the Company has delivered its first commercial order of Proxima 3 product, which represents an important milestone for the Company. Furthermore, we are continuing to grow the number of hospitals showing interest in Proxima 3 and work is continuing with these hospitals for the sale of Proxima into their intensive care settings. The evaluations Sphere has undertaken this year within hospitals have shown that Proxima can reduce the time from ordering a blood gas test to receiving the result by 40% to 60% in a typical clinical environment as well as eliminating the time the nurse is required to spend away from the patient.
Under the terms of the Collaboration Agreement with Ortho-Clinical Diagnostics, Sphere Medical has granted an option to Ortho-Clinical Diagnostics to enter into good faith negotiations for the exclusive rights to commercialise Proxima 4. In connection with this option, Sphere Medical has certain obligations to compile and deliver a data package of reports detailing key product attributes and commercial observations related to Proxima 3 and Proxima 4. Sphere Medical is on schedule to deliver all of these reports.
Work is also on schedule for the submission of the technical and design dossier files necessary for the approval of Proxima 4's CE marks. We currently expect to release these files to our Notified Body during Q3 2015.
On 30 April we announced a successful £13.2 million (gross of costs) fundraise from new and existing shareholders to further strengthen the Company's balance sheet and to enable the achievement of near-term operational and commercial value drivers which we are confident will create substantial value for our shareholders.
On 7 January we announced David Martyr's and Meinhard Schmidt's appointments to the Board as Non-Executive Directors. I indicated at that time that I would be reviewing our succession plan for the Chairmanship of Sphere Medical. I have been Chairman of Sphere Medical for ten years and over that time the Company has developed from a private company engaged in research and development to a commercially-focused public company selling its CE-marked medical device into Europe. I now believe it is time to for me to stand down from my role and therefore I am very pleased to announce that David has agreed to replace me as Chairman. I have every confidence that David's extensive experience within the medical device industry will be of significant benefit to Sphere Medical in the coming years.
For further information, please contact:
Sphere Medical Holding plc
Tel: +44 (0)1223 875 222
Dr Wolfgang Rencken, Chief Executive Officer
Matthew Hall, Chief Financial Officer
Peel Hunt LLP
Tel: +44 (0) 20 7418 8900
Jock Maxwell Macdonald
Tel: +44 (0) 20 7220 0500
Geoff Nash / Simon Hicks
Consilium Strategic Communications
Tel: +44 (0) 20 3709 5700
Notes for Editors
About Sphere Medical (AIM: SPHR.L)
Sphere Medical is a medical device company developing and commercialising a range of innovative monitoring and diagnostic devices designed to significantly improve patient care.
Sphere Medical's vision is to become a leading solution provider to the critical care market offering innovative, near real time, point of care diagnostic and monitoring products to enable closer control of therapeutic response and improve patient outcomes and reduce the overall cost of care.
The Company's strategy is focused on developing the Proxima (CE marked device) platform for measuring blood gases, electrolytes and metabolites. The Company is already marketing its Proxima product directly to the critical care market, which includes the ICU and OR, with a dedicated field sales force in the UK, Germany, the Netherlands and Belgium. The Company also proposes to work with partners for the worldwide distribution of Proxima.
Proxima delivers near real time analysis of blood gases and electrolytes metabolites, at the patient's bedside. Proxima can be used on patients across a wide therapeutic range, enabling faster clinical decision making and improved patient outcomes, whilst potentially reducing costs for healthcare payers.
Sphere Medical entered into a collaboration agreement with Ortho-Clinical Diagnostics (now part of Carlyle Group) in 2013 for the development of Proxima and enhancement of Sphere Medical's operational and production capabilities.
For further information, please visit www.spheremedical.com