(Alliance News) - Deltex Medical Group PLC on Monday said testing of its new monitor has so far delivered positive results, and that it plans to reduce the size of its board to help cut costs.
The stock was up 18% at 0.18 pence in London on Monday morning.
The Chichester, England-based company, which manufactures blood circulation monitoring systems, said that in-hospital testing of its new TrueVue monitor "has been on-going for the past three months and has gone to plan, generating positive feedback on the new monitor whilst confirming that the performance is equivalent or better than for the existing device."
Deltex said it completed the first in-market sale of the new TrueVue monitor at the end of November. It has also received other initial orders for the devices, and expects to fulfil these "over the coming months". Consequently, Deltex anticipates "a strong start to the new year".
Deltex also said that follow a review of its board's composition, it has decided to reduce the number of directors on said board as part of its "ongoing efforts to realise cost savings near possible".
As a result, Deltex announced that Non-Executive Directors Julian Cazalet, Mark Wippell and Tim Irish have stepped down effective from Friday last week. However it also hired Ben Carswell, who worked as a commercial & operations director at Fiserv Inc from 2014 to 2018, as a non-executive director.
By Emma Curzon, Alliance News reporter
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Deltex Medical (DEMG)