LONDON (Alliance News) - Sphere Medical Holding PLC Thursday said it is at an "exciting stage" in its transition to being a commercial organisation, as it nears the launch of its Proxima 4 blood gas analyser.
For the first half of 2016 the company reported a pretax loss of GBP2.6 million, narrowed from a pretax loss of GBP3.5 million, mostly as a result of lower product development expenses.
Proxima is used to measure blood gases, electrolytes and metabolites. Sphere Medical said it is close to completing the CE-marking process, and is preparing for the launch of Proxima 4.
Alongside this, the company is focused on expanding its geographic reach as part of its commercialisation strategy, and in July appointed Burke & Burke SpA as the exclusive distributor of its Proxima products in Italy.
"The commercialisation of Proxima is advancing well. With the company now poised to launch Proxima 4, we are at an exciting stage as we transition further into being a commercial organisation centred on serving our customers, generating growing revenues and moving towards the goals of cash generation and profitability," said Chief Executive Officer Wolfgang Rencken in a statement.
"We will be focused on growing revenues as quickly as possible once Proxima 4 is launched. Discussions are continuing with more potential regional partners and over the coming months we aim to increase the geographic reach of Proxima. We look forward to continuing the development of Sphere Medical into a commercially successful company," Rencken added.
Shares in Sphere Medical were up 2.4% at 12.80 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
