TIDMDEMG
RNS Number : 2927X
Deltex Medical Group PLC
25 April 2023
The information contained within this announcement was deemed by
the Company to constitute inside information as stipulated under
the UK Market Abuse Regulation
25 April 2023
Deltex Medical Group plc
("Deltex Medical" or the "Group")
New monitor expected to launch in June 2023
GBP0.25 million bridging loan to help fund working capital
associated with accelerated production of the new monitor
Deltex Medical Group plc (AIM: DEMG), the global leader in
oesophageal Doppler monitoring, today provides an update on its new
monitor and announces that it intends to launch the product in June
2023.
The Group's technical department has conducted a detailed review
of the small number of outstanding items that need to be addressed
in order to complete the new monitor's regulatory technical file.
Based on this review, the technical file, as well as other related
regulatory submissions, are expected to be finalised by the end of
May 2023. This will enable the Group to start the first production
run of the new monitor in June, with shipments anticipated at the
end of that month.
In order to capitalise on market interest in, and anticipated
demand for, the new monitor, Deltex Medical wishes to accelerate
the placement of orders for components required for the initial,
and subsequent, production runs for the new monitor. Accordingly,
the Board has entered into an agreement with Imperialise Limited, a
company controlled by Mr. Nigel Keen, Chairman of Deltex Medical
and the Group's largest shareholder, for a bridging loan of GBP0.25
million to fund the additional working capital. The Board is
satisfied that the Group has sufficient working capital for the
foreseeable future based on its budget for the year, but this new
bridging loan will allow the Group to enter into additional
commitments with its supply chain to accelerate the build of new
monitors in anticipation of demand, as well as investing in
marketing programmes around the launch of the new product.
The loan is unsecured, carries an interest rate of 12% per annum
and has a minimum term of three months, after which time
Imperialise Limited can demand its repayment at any time.
Commenting on the new monitor, Andy Mears, Chief Executive of
Deltex Medical, said:
"Now we have a launch date for the new monitor we need to make
sure we have sufficient units being built to satisfy expected
demand. Initial interest in the new monitor has been good and we
look forward to following up this interest with a timely supply of
the new product."
For further information, please contact:
Deltex Medical Group plc 01243 774 837
Nigel Keen, Chairman investorinfo@Deltexmedical.com
Andy Mears, Chief Executive
Natalie Wettler, Group Finance Director
Allenby Capital Limited - Nominated Adviser
& Broker 020 3328 5656
Jeremy Porter / Vivek Bhardwaj (Corporate info@allenbycapital.com
Finance)
Tony Quirke / Stefano Aquilino (Sales & Corporate
Broking)
Notes for Editors
Deltex Medical's technology
Deltex Medical's TrueVue System uses proprietary haemodynamic
monitoring technology to assist clinicians to improve outcomes for
patients as well as increase throughput and capacity for
hospitals.
Deltex Medical has invested over the long term to build a unique
body of peer-reviewed, published evidence from a substantial number
of trials carried out around the world. These studies demonstrate
statistically significant improvements in clinical outcomes
providing benefits both to patients and to the hospital systems by
increasing patient throughput and expanding hospital capacity.
The Group's flagship, world-leading, ultrasound-based
oesophageal Doppler monitoring ("ODM") is supported by 24
randomised control trials conducted on anaesthetised patients. As a
result, the primary application for ODM is focussed on guiding
therapy for patients undergoing elective surgery. The Group will
shortly launch a new, next generation monitor which will make the
use of the ODM technology more intuitive and provide augmented data
on the status of each patient.
Deltex Medical's engineers and scientists carried out successful
research in conjunction with the UK's National Physical Laboratory
("NPL"), which has enabled the Group's 'gold standard' ODM
technology to be extended and developed so that it can be used
completely non-invasively. This will significantly expand the
application of Deltex Medical's technology to non-sedated patients.
This new technological enhancement, which will be released on the
new next generation monitor, will substantially increase the
addressable market for the Group's haemodynamic monitoring
technologies and is complementary to the long-established ODM
evidence base.
Deltex Medical's new non-invasive technology has potential
applications for use in a number of healthcare settings,
including:
-- Accident & Emergency for the rapid triage of patients,
including the detection and diagnosis of sepsis;
-- in general wards to help facilitate a real-time, data-driven
treatment regime for patients whose condition might deteriorate
rapidly; and
-- in critical care units to allow regular monitoring of
patients post-surgery who are no longer sedated or intubated.
One of the key opportunities for the Group is positioning this
new, non-invasive technology for use throughout the hospital.
Deltex Medical's haemodynamic monitoring technologies provide
clinicians with beat-to-beat real-time information on a patient's
circulating blood volume and heart function. This information is
critical to enable clinicians to optimise both fluid and drug
delivery to patients.
Deltex Medical's business model is to drive the recurring
revenues associated with the sale of single-use disposable ODM
probes which are used in the TrueVue System and to complement these
revenues with a new incremental revenue stream to be derived from
the Group's new non-invasive technology.
Both the existing single-use ODM probe and the new, non-invasive
device will connect to the same, next generation monitor which is
due for launch in 2023. Monitors are sold or, due to hospitals'
often protracted procurement times for capital items, loaned in
order to encourage faster adoption of the Group's technology.
Deltex Medical's customers
The principal users of Deltex Medical's products are currently
anaesthetists working in a hospital's operating theatre and
intensivists working in ICUs. This customer profile will change as
the Group's new non-invasive technology is adopted by the market.
In the UK the Group sells directly to the NHS. In the USA the Group
sells directly to a range of hospital systems. The Group also sells
through distributors in more than 40 countries in the European
Union, Asia and the Americas.
Deltex Medical's objective
To see the adoption of Deltex Medical's next generation TrueVue
System, comprising both minimally invasive and non-invasive
technologies, as the standard of care in haemodynamic monitoring
for all patients from new-born to adult, awake or anaesthetised,
across all hospital settings globally.
For further information please go to www.deltexmedical.com
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