TIDMDEMG
RNS Number : 9771H
Deltex Medical Group PLC
02 August 2023
2 August 2023
Deltex Medical Group plc
("Deltex Medical Group", the "Group" or the "Company")
Completion of GBP1.89M Fundraising and Capital Reorganisation,
Director shareholdings
and change to total voting rights
The Board of Deltex Medical Group (AIM: DEMG) is pleased to
announce the completion of the Fundraising and Capital
Reorganisation, as announced by the Company on 14 July 2023. As a
result, trading in the Company's ordinary shares of 0.01 pence each
("Ordinary Shares") has now resumed on AIM.
With the completion of the Fundraising and Loan Conversion, the
Group has strengthened its balance sheet and been provided with the
capital to implement its updated strategy, focusing on recurring
revenues and the promotion of its new monitor, as well as to
complete the development of its non-invasive Suprasternal device.
In anticipation of customer demand, the Company continues with
production of the new next generation TrueVue monitors at the
Company's headquarters in Chichester.
The proceeds of the Fundraising also provide the Group with
funds to implement its cost-cutting and Group restructuring plan,
as set out on 14 July 2023, which is already underway.
Andy Mears, CEO of Deltex Medical, said:
"We are pleased to announce the completion of the Fundraise and
the Capital Reorganisation. With a strengthened balance sheet, the
Board and management can now concentrate on driving the business
forward and delivering growth.
Director and significant shareholdings
Further to the announcement on 14 July 2023 and with the
completion of the Fundraising, the shareholdings of the Directors
and their closely associated persons (as defined in UK MAR) are now
as follows:
Beneficial shareholding
of New Ordinary Percentage of Enlarged
Director Shares Share Capital
Nigel Keen* 332,267,649 17.99%
Andrew Mears 11,658,731 0.63%
Natalie Wettler 1,010,400 0.05%
Mark Wippell 18,219,693 0.99%
Julian Cazalet 34,335,789 1.86%
Tim Irish 3,021,211 0.16%
Chris Jones 6,479,109 0.35%
Total 406,992,582 22.04%
* held by Imperialise Limited
Total voting rights
The Company's issued ordinary share capital as at the date of
this announcement comprises of 1,846,653,348 ordinary shares of
0.01p each. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares and voting
rights in the Company is 1,846,653,348.
This figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Terms used but not defined in this announcement have the same
meaning as set out in the Company's
announcement released at 18:01 on 14 July 2023.
Enquiries:
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)
ABOUT 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'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 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's new,
next generation monitor makes the use of the ODM technology more
intuitive and provides 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 in development, 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 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 recently launched.
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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