Last checked at 11 Apr 2014 07:00
Deltex Medical Group plc
("Deltex Medical" or "the Company")
Board Changes
11 April 2014 - Deltex Medical Group plc, the global leader in oesophageal Doppler monitoring ("ODM"), is pleased to announce the proposed appointment of two Non-Executive Directors, Tim Irish and Mark Wippell, shortly after the Company's Annual General Meeting to be held on 7 May 2014.
Timothy Norris Irish, aged 49, has almost 30 years' experience in the healthcare industry, both in the UK and internationally. Having been global head of marketing and strategy for Phillips Medical and a Vice President for GE Medical in Europe, he has substantial experience in marketing medical products in a number of Deltex's key existing markets. More recently Tim was Chairman of the Dutch Company, BMEYE BV, which developed signal acquisition modalities and was successfully sold to Edwards Life Sciences in the USA. Edwards is a major player in the Inter Operative Fluid Management market. For the last eight years Tim has held numerous Board roles, primarily for European Venture Capital backed technology businesses.
Mark Alexander Wippell, aged 55, is a Partner with Allen & Overy LLP and has significant experience advising international companies on their strategic transactions, including advising at Board level. His experience includes public and private M&A, business reorganisations, complex joint ventures and demergers. Mark is qualified as a lawyer in both the UK and the USand his wide commercial experience will be particularly helpful to the Company as it expands its presence in North America.
Dr Ed Snape, Vice-Chairman and Professor Sir Duncan Nichol have both announced their intention to retire from the Board as Non-Executive Directors, effective as of the close of the AGM on 7 May and after publication of the Interim Results Statement in September 2014, respectively.
Nigel Keen, Deltex Medical's Chairman, commented:
"I am pleased to welcome Tim and Mark to the Board, they offer a wealth of experience that will aid the further development of Deltex and its growing market focus, particularly in the USA.
"The Board would like to thank Ed and Duncan for their significant contribution over the years. We wish them both well in their retirement from Deltex Medical."
The following information regarding Mr Irish's appointment is required to be disclosed under Schedule Two paragraph (g) of the AIM Rules for Companies:
Other directorships/partnerships held:
Current | Within last five years |
Computabound Ltd (UK) | BMEYE BV (Netherlands) |
Patech Solutions Ltd (UK) | FlexGen BV (Netherlands) |
Input deal Ltd (UK) | |
Pembrokeshire Retreats Ltd (UK) | |
Bioxydyn Ltd (UK) | |
Mendor Oy (Finland) | |
Nexsim Oy (Finland) | |
TTS - Pharma Ltd (UK) |
The following information regarding Mr Wippell's appointment is required to be disclosed under Schedule 2g of the AIM Rules for Companies:
Other directorships/partnerships held:
Current | Within last five years |
American European Business Association Ltd (UK) | N/A |
Allen & Overy LLP |
Save as disclosed above, there are no other details to be disclosed regarding Mr. Irish and Mr. Wippell's appointment as required under paragraph (g) of Schedule 2 of the AIM Rules.
For further information, please contact:-
Deltex Medical Group plc | 01243 774 837 investorinfo@deltexmedical.com |
Nigel Keen, Chairman |
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Ewan Phillips, Chief Executive |
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Paul Mitchell, Finance Director |
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Nominated Adviser & Broker | |
Arden Partners plc | 020 7614 5900 |
Chris Hardie | |
Joint Broker Zeus Capital Limited Dominic Wilson John Goold | 020 7533 7727
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Financial Public Relations | |
Newgate Threadneedle | 020 7653 9850 |
Caroline Forde | |
Heather Armstrong |
Notes for Editors
Deltex Medical manufactures and markets CardioQ-ODMÔ Oesophageal Doppler Monitoring ('ODM') systems. ODM is the only therapy to measure blood flow in the central circulation in real time. Minimally invasive, easy to set up and quick to focus, the technology generates a low-frequency ultrasound signal, which is highly sensitive to changes in flow and measures them immediately. Randomised, controlled trials using Doppler have demonstrated that early fluid management intervention will reduce post-operative complications, reduce intensive care admissions, and reduce the length of hospital stay.
The CardioQ-ODM has two distinct established clinical applications: firstly, to guide fluid management during surgery and secondly, to monitor cardiac output in critical care settings.
Surgical market
In March 2011 the National Institute for Health & Clinical Excellence ('NICE') recommended that CardioQ-ODM be considered for use in patients undergoing major and high risk surgery and in high risk patients undergoing intermediate risk surgery. NICE estimated the applicable number of such patients in the NHS in England alone to be over 800,000 each year. CardioQ-ODM has been shown to be effective in both elective and emergency surgery and with both general and regional anaesthetics. This recommendation was specific to CardioQ-ODM and was based on the robust evidence base that supports its use.
Subsequent to the NICE guidance, the NHS in England announced its selection of ODM as a high impact innovation to be rolled out across the system fully, at pace and scale with significant financial penalties starting in the NHS 2013/14 financial year ending 31 March 2014.
The NICE evaluation and recommendation confirms that the potential global market for CardioQ-ODM in surgery includes tens of millions of patients, even if confined to developed health economies: the most conservative estimate of the potential value of the market opportunity Deltex Medical has created is in excess of £1 billion per annum. The Company's core focus is on building market leading positions in this surgical market, both geographically and by type of surgery.
Critical care market
In critical care settings, well-equipped hospitals will often have more than one cardiac output monitoring technology available. In this environment, ODM's strengths are that it is quick to set up, easy to use, safe, low cost and the ideal technology for a patient in crisis requiring rapid or frequent intervention. The potential market for cardiac output monitoring in critical care is a fraction of the size of that for intra-operative fluid management.
Through the 2012 launch of the CardioQ-ODM+, Deltex Medical has added the Pulse Pressure Waveform Analysis ('PPWA') approach to monitoring cardiac output to ODM functionality. Doing this has improved Deltex Medical's offer for monitoring applications as well as providing doctors and nurses with a choice of clinical strategies appropriate to individual patients in different clinical settings.
Company goal
Our goal is to make oesophageal Doppler monitoring (ODM) a standard of care for patients in both these markets. We believe that, in most modern health systems, it is essential to have a robust evidence base of both clinical benefit and cost effectiveness in order to achieve system-wide adoption of a new medical technology. Deltex Medical is one of the very first medical technology companies to have completed the investment necessary to build such an evidence base: as a result, use of ODM during surgery has the proven potential to deliver both clinical and economic benefits that are material at each of patient, hospital and system level.
The Company is currently in the implementation phase of achieving this goal in a number of territories worldwide and there are already over 3,000 CardioQ-ODM systems in use in hospitals worldwide. Distribution arrangements are in place in over 30 countries.