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Sphere Medical

  • BY: Andrew Hore |
  • POSTED: 15/09/2014 |

Sphere Medical is about to launch its Proxima medical device this week but this is only the start of the process of generating significant revenues from the technology. 

The Proxima 3 is a blood analysis device that enables a patient’s blood to be analysed in real-time and re-infused rather than having to take blood samples to other parts of the hospital. This means the test is more accurate, quicker and cheaper.

Proxima 3 will be officially launched at the Association of Anaesthetists of Great Britain and Ireland (AAGBI) conference in Harrogate in the middle of September. It has already been awarded the CE mark as a class IIa medical device.

The preliminary results of a study at QE2 Hospital in Birmingham should be published by the end of October. This should help with the marketing of the Proxima 3 but it could take more than one year to build up revenues.

International medical devices supplier OCD, which was acquired by Carlyle Group in June 2014, owns 13.8% of Sphere and has a collaboration agreement with the company which puts it in pole position to gain global rights.

Sphere’s revenues remain small and there was a £2.93m cash outflow in the first half of 2013. There was £6.32m of cash left at the end of June 2014.

The Proxima 4 is already in development.

At 24.75p a share, Sphere is valued at just under £15m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2014_60.pdf

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