LONDON (Alliance News) - Medical devices company Sphere Medical Holding PLC Tuesday reported a widened pretax loss for the first half of 2015 as it continued to work on commercialising its lead product Proxima.
Proxima is an arterial blood gas analyser.
For the half year to end-June, Sphere reported a pretax loss of GBP3.5 million, widened from a pretax loss of GBP3.1 million a year before, mostly as a result of higher product development costs. Revenue was GBP10,000, compared to GBP8,000 a year before.
The company said it had made good progress in commercialising Proxima during the period, achieving its first commercial sale of the product, as well as making progress in obtaining a CE-marking for its Proxima 4 next generation system.
"We will be focused on ensuring revenue builds as we go into 2016, particularly once Proxima 4 is launched. The coming months will also bring discussions with potential partners on the worldwide commercialisation of Proxima. We look forward to continuing the development of Sphere Medical into a commercially successful company," said Chief Executive Officer Wolfgang Rencken in a statement.
Shares in Sphere Medical were up 5.7% at 15.86 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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