10 Jul 2012 07:00
Press release
SPHERE MEDICAL PLC AND SORIN GROUP ANNOUNCE ACHIEVEMENT OF THE FIRST SALES ORDER FOR CARDIOPULMONARY BYPASS MONITORS AND MICROANALYSER CONSUMABLES
First order confirms progress in the commercialization of innovative monitoring and diagnostic products
Cambridge, UK and Milan, Italy 10 July 2012 - Sphere Medical Holding plc (AIM: SPHR.L), a leading developer of innovative monitoring and diagnostic products for the critical care setting and Sorin Group (Reuters Code: SORN.MI), a global medical device company and Europe's largest medical technology group specialising in the treatment of cardiovascular diseases, announced today that Sorin Group has placed an order with Sphere Medical for cardiopulmonary bypass monitors and microanalyser consumables ("CPB product") for delivery in Q4 2012.
In 2008 Sphere Medical and Sorin Group signed a development and supply agreement in relation to the CPB product and this order represents the first sale for this product which will be used by Sorin Group in Market Assessment Studies which are scheduled to commence later this year. CE Marking of the CPB product is anticipated to coincide with the commencement of the Market Assessment Studies. Satisfactory completion of these studies is expected to lead to a European launch by Sorin Group of the CPB product, which is currently scheduled for Q1 2013. The first commercial sales of the CPB product are anticipated to coincide with the European launch.
The CPB product has been developed to enable the continuous blood monitoring of patients undergoing cardiopulmonary bypass surgery, where close monitoring of oxygenation and other blood parameters are critical. Incorporating Sphere Medical's core microanalyser technology, the CPB product will allow the clinician to track a comprehensive range of critical blood parameters in real time. This close monitoring will give clinicians an excellent assessment of a patient's status and enable them to respond rapidly to a patient's changing condition. This real time analysis is expected to contribute to improving clinical outcomes for cardiac surgery patients.
Every year approximately 1.1 million patients globally undergo cardiopulmonary bypass surgery. As guidelines become more stringent, there is a resultant growing demand for close monitoring. Sorin Group's market leading position in the treatment of cardiovascular diseases makes Sorin Group an ideal commercialisation partner to address this important market.
Stuart Hendry, CEO of Sphere Medical commented: "Achieving our first order from Sorin for our CPB product is an important milestone for Sphere Medical and demonstrates our ability to successfully partner our products with global medical device companies. Sphere Medical continues to make encouraging progress in the commercialisation of our innovative monitoring and diagnostic products and we look forward to making further announcements as the year progresses."
Michel Darnaud, President, Cardiopulmonary Business Unit and Intercontinental, Sorin Group commented: "We are committed to continuing to deliver product and service excellence to support our worldwide leading position in cardiopulmonary care through the use of innovative technology to improve patient outcome. Monitoring of the patient and operating environment is an increasingly important area of cardiopulmonary surgery, and our collaboration with Sphere Medical fits perfectly within these goals".
For further information, please contact:
Sphere Medical Holding plc | Tel: +44 (0)1223 875222 |
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 | |
M:Communications Mary-Jane Elliott, Amber Bielecka, Hollie Vile | Tel: +44 (0) 20 7920 5333 spheremedical@mcomgroup.com |
Sorin Group
Martine Konorski Director, Corporate Communications Sorin Group Tel: +33 (0)1 46 01 33 78 Mobile: +33 (0)6 76 12 67 73 e-mail: martine.konorski@sorin.com | Francesca Rambaudi Director, Investor Relations Sorin Group Tel: +39 02 69969716 e-mail: investor.relations@sorin.com
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About Sphere Medical
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 Proxima and Cardiopulmonary Bypass devices deliver real time analysis of blood gases, electrolytes, glucose and drug levels with laboratory accuracy, at the patient's bedside. Globally over 240 million blood gas and electrolyte tests are carried out on patients every year in critical care and there is an unmet need for monitoring products that are small, simple to use and cost effective with improved functionality. Sphere Medical's products can be used in a wide range of medical applications enabling faster clinical decision making and consequently improved patient outcomes, whilst also reducing costs for healthcare payers.
Sphere Medical is headquartered in Cambridge, UK and employs around 60 people. The Company has existing commercial partnerships with the leading medical device companies, Edwards Lifesciences and Sorin Group that are generating revenues.
For further information, please visit www.spheremedical.com
About Sorin Group
Sorin Group (www.sorin.com) is a global, medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures, and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, Sorin Group focuses on three major therapeutic areas: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
For more information, please visit www.sorin.com