Sphere Medical Holding PLC (AIM: SPHR.L) has passed a very important landmark on its way to commercialising its Proxima 4 blood monitor.
It has received the all-important CE mark registration, which allows the company to legally sell the product in the EU.
Chief executive Wolfgang Rencken said: "With the CE-marking of Proxima 4 we have achieved one of our strategic goals for 2016.
“This will mean that the benefits of Proxima will be available to a much larger group of patients. We now look forward to its commercial launch later this year and building sales momentum."
Proxima is a blood gas sensor used to monitor patients in the intensive care unit and operating room.
It is highly differentiated from competing monitoring technology, as blood is drawn over the sensor, but then returned to the patient.
This closed system has a number of benefits. In particular it conserves blood, reducing the possibility of hospital acquired anaemia and potentially the need for transfusions. It also limits the infection risk.
Proxima 4 adds glucose monitoring to the existing panel, and should increase the potential market fourfold, which should make it significantly more attractive to a partner
The product will be launched later this year.