LONDON (Alliance News) - Sphere Medical Holding PLC announced the departure of Chief Executive Officer Stuart Hendry Thursday, as it narrowed its loss in 2013 due to lower operating expenses.
Sphere Medical Holding has appointed Wolfgang Rencken as Hendry's successor. Rencken has previously held positions as MAQUET Cardiopulmonary AG, Definiens AG and Siemens AG.
The medical devices company posted a pretax loss of GBP5.5 million for the year, narrowed from GBP7.8 million, as it reduced operating expenses to GBP5.7 million from GBP8.0 million in the previous year. Revenue dropped to GVBP40,000 from GBP46,000 in the previous year.
Sphere said it was continuing the process of transition from a research and development company into a commercial company. It is currently in the process of securing a CE Mark for its key product, Proxima. Sphere said that it had received notification from TÜV Product Service GmbH was in the final stages of reviewing the documentation that will lead to the CE Mark approval.
Proxima is a disposable arterial blood gas analyser for use in intensive care, high dependency units and operating theatres in hospitals. Sphere plans to recruit a sales director in preparation for Proxima receiving its CE Mark.
Shares in Sphere Medical were trading up 5.8% at 27.50 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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