LONDON (Alliance News) - Monitoring and diagnostic devices provider Sphere Medical Holdings PLC on Monday said commercialisation activities for its recently launched Proxima 3 system are proceeding according to plan.
Proxima 3 is the company's latest in-line patient-attached arterial blood gas analyser.
The company, which launched Proxima 3 into the UK market in September last year, said it is progressing its plan to commercialise Proxima 3 in Europe in the first half of the year. It said it will launch Proxima 3 in Brussels in March, while sales will be initially targeted within the Netherlands, Belgium and German markets.
In the UK, Sphere Medical said it has received its first intention to purchase from Queen Elizabeth Hospital in Birmingham, and said there are more than 20 prospects in the sales pipeline, of which 10 product evaluations on patients are planned in the first quarter.
"The Ortho-Clinical Diagnostics collaboration agreement continues to progress satisfactorily, focussing on the product enhancements planned for Proxima 4," the company also said in a statement.
Sphere Medical also said its "financial performance" is currently ahead of budget, holding a cash balance of GBP3.7 million at the end of 2014.
The company's shares were untraded Monday morning. The stock was last traded at 22.25 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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