TIDMDEMG
RNS Number : 1877R
Deltex Medical Group PLC
13 June 2018
13 June 2018
Deltex Medical Group plc
("Deltex" or the "Company" or the "Group")
Directorate change
Appointment of new Chief Executive
Deltex Medical Group plc (AIM: DEMG), the global leader in
Oesophageal Doppler Monitoring, announces that Ewan Phillips has
resigned as Chief Executive and as a Director of the Company with
immediate effect.
Mr. Phillips recently approached Deltex's Chairman indicating
that he had concluded that it was now time for a change in
leadership to guide the Group through its next stage of
development. After leading the Group for a number of years, he felt
that Deltex was now well-positioned following the successful fund
raising in February 2018, recent cost reductions, the launch of the
TrueVue platform, the recently published FEDORA study and
repositioning of both its core clinical and health economic
propositions.
Andy Mears, who is currently the Managing Director of Deltex
Medical Limited, the Group's principal operating subsidiary, has
been appointed as the Group's new Chief Executive and a Director of
the Company. The Board appointment is subject to completion of
certain regulatory formalities.
Mr. Mears, aged 49, started at Deltex as an engineer in 1989 and
has worked in a number of operational roles in the Group. Within
his current role, he has responsibility for international sales and
Deltex's Key Opinion Leader development programmes.
Mr Mears has a beneficial interest in 547,586 ordinary shares
and also holds the following options over ordinary shares of the
Company:
Date of Number Exercise Exercisable Exercisable
award of shares price from: until:
(p)
-------------- ----------- --------- ---------------- ---------------
1 July 2008 125,000 18.50 1 July 2011 30 June 2018
12 June 2009 125,000 12.75 12 June 2012 11 June 2019
27 September 27 September 26 September
2011 300,000 17.25 2014 2021
10 October
2012 150,000 24.00 10 October 2015 9 October 2022
10 June 2015 375,000 11.00 10 June 2018 9 June 2025
21 September 21 September 20 September
2017 1,562,500 4.00 2020 2027
-------------- ----------- --------- ---------------- ---------------
There are no further matters relating to the appointment of
Andrew Jonathan Mears as a Director of the Company requiring
disclosure under AIM Rule 17 and Schedule Two, paragraphs (g) (ii)
- (viii) of the AIM Rules for Companies.
AGM
The Company is holding its Annual General Meeting ("AGM") on 20
June 2018 and will release an AGM statement that day.
As indicated in the preliminary results published on 9 May 2018,
the Group saw its revenues held back in Q1 2018. Notwithstanding
improved trading in April, the Board now expects that the revenues
for the first half of 2018 will be lower than in H1 2017.
Nigel Keen, Chairman of Deltex, said:
"On behalf of the Board, I want to thank Ewan Phillips for his
work and dedication to Deltex over the last 17 years, the second
half of these as Chief Executive. During this time the Group has
expanded significantly the evidence base which demonstrates the
superior data generated for clinicians by Deltex's oesophageal
doppler monitoring technology and shifted its focus from the UK to
the US and other export markets.
"The fund raising earlier this year and the impressive
scientific data from the recently published FEDORA study means
that, notwithstanding a subdued first half, the Group has a robust
platform to build on to move to the next stage of its
development.
"I am delighted that Andy Mears has accepted the role of Chief
Executive and I look forward to working closely with him to drive
forwards the recently launched TrueVue platform from an improved
financial footing."
Deltex Medical Group plc 01243 774 837
investorinfo@Deltexmedical.com
Nigel Keen, Chairman
Andy Mears, Chief Executive
Jonathan Shaw, Group Finance
Director
Nominated Adviser & Broker
Arden Partners plc 020 7614 5900
Chris Hardie
Ciaran Walsh
Joint Broker
Turner Pope Investments (TPI) 0203 621 4120
Ltd info@turnerpope.com
Andy Thacker
Financial Public Relations
IFC Advisory Ltd 0203 934 6630
Tim Metcalfe
Graham Herring
Heather Armstrong
Notes for Editors
Deltex Medical manufactures and markets haemodynamic monitoring
technologies. Deltex Medical's proprietary ODM (TrueVue(TM)
Doppler) is the only technology 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. Deltex has been the only group in the
enhanced haemodynamic space to build a robust and credible evidence
base proving the clinical and economic benefits of its core
technology, TrueVue(TM) Doppler, which is proven to reduce
complications suffered by patients after surgery and save hospitals
the costs of treating those complications.
Deltex Medical's TrueVue(TM) System on the CardioQ-ODM+ monitor
platform also now provides clinicians with two further advanced
haemodynamic monitoring technologies. High Definition Impedance
Cardiography is an entirely non-invasive monitoring technology
which creates an electrical field across the chest and measures the
disruption to this field when the heart pumps blood. Pulse Pressure
Waveform Analysis uses peripheral blood pressure signal analysis to
give doctors information on changes in the circulation and is
particularly suited to monitoring lower risk or haemodynamically
stable patients.
Group goal
Haemodynamic management is now becoming widely accepted as an
important major new medical modality. Consequently, the Group's
focus is on maximising value from the opportunities presented, as
enhanced haemodynamic management is adopted into routine clinical
practice around the world. The Group aims to provide clinicians
with a single platform, a 'haemodynamic workstation', which offers
them a range of technologies from simple to sophisticated to be
deployed according to the patient's condition as well as the skill
and expertise of the user. Doing this will enable the Group to
partner healthcare providers to support modern haemodynamic
management across the whole hospital.
The Group is currently in the implementation phase of achieving
this goal in a number of territories worldwide, operating directly
in the UK, USA, Spain and Canada and through distribution
arrangements in a further 30 countries.
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END
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