28 Aug 2013 07:00
For Immediate Release 28 August 2013
Sphere Medical Holding plc
AGM Statement and Notice of Results
Cambridge, UK, 28 August 2013: Sphere Medical Holding plc (AIM: SPHR.L) ("Sphere Medical" or the "Company"), a leading developer of innovative monitoring and diagnostic products for the critical care setting, announces that, at its Annual General Meeting, which will take place at 11:00am today at Harston Mill, Harston, Cambridge, Anthony Martin, Non-Executive Chairman, will provide the following update:
"A key focus for Sphere Medical over recent months has been the delivery of the optimal partner for our core Proxima platform technology. On 28 June 2013, we announced a transformational collaboration agreement with Ortho-Clinical Diagnostics, Inc. ("OCD"). We believe this agreement underpins a strong commercial future for the Proxima platform and for Sphere Medical's manufacturing, marketing and sales capabilities.
The Board's principal strategic objective is to transition the Company from being a research & development group into one focused on serving our customers and revenue generating. An immediate milestone towards achieving this objective will be obtaining the European CE Marking of Proxima 3 and its subsequent launch into the UK market. I am pleased to report that the work required to deliver this important European regulatory approval is well advanced. Following CE Mark approval, we will begin our US regulatory clinical trials with a number of leading UK hospitals.
In line with our strategic objective, Sphere Medical has been refocused and as a consequence has initiated various resource allocation initiatives, including cost savings and the redeployment of some staff into manufacturing and other areas directly supporting future revenue generation. Furthermore, a VP of Product Realisation, Chris Townsend, has been appointed as the Company scales up its manufacturing operations in preparation for the Proxima 3 launch and ultimately the commercialisation of Proxima 4.
The collaboration with OCD has begun and the Joint Steering Group and the Project Team have now been formed. Sphere Medical will continue to focus its efforts on meeting the agreed objectives of the collaboration agreement, which in the near term are centered upon the effective commercialisation of Proxima 3."
The Company will be announcing its Interim Results for the six months ended 30 June 2013 on Thursday, 19 September 2013.
The management will be hosting a presentation for analysts at 9.30am on the morning of the results at the offices of Consilium Strategic Communication, CityPoint, 11th Floor, 1 Ropemaker Street, London EC2Y 9AW. Analysts who wish to attend the presentation should register their interest by contacting Consilium Strategic Communication on 020 7920 2354 or by emailing sphere@consilium-comms.com.
For further information, please contact:
Sphere Medical Holding plc | Tel: +44 (0)1223 875 222 |
Dr Stuart Hendry, Chief Executive Officer | |
Matthew Hall, Chief Financial Officer | |
Peel Hunt LLP | Tel: +44 (0) 20 7418 8900 |
James Steel | |
Dr Vijay Barathan | |
Consilium Strategic Communication Mary-Jane Elliott, Amber Bielecka, Matthew Neal | Tel: +44 (0) 20 7920 2354 spheremedical@consilium-comms.com |
Notes for Editors
Sphere Medical (AIM: SPHR.L), is a medical device company developing a range of innovative monitoring and diagnostic devices designed to significantly improve patient care.
Sphere Medical's products deliver real time analysis of blood gases, electrolytes and drug levels with laboratory accuracy, at the patient's bedside. Sphere Medical's products can be used in a wide range of medical applications, enabling faster clinical decision making and improved patient outcomes, whilst reducing costs for healthcare payers.
Sphere Medical has a number of partnerships with industry leading medical device companies with strategic investments such as Ortho-Clinical Diagnostics, Inc.
For further information, please visit www.spheremedical.com