Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Sphere Medical: CE mark paves the way for full commercial launch of blood monitor

Sphere Medical has received the final approval that paves the way for the commercial launch of its breakthrough blood monitor later this year.

---ADDS SHARE PRICE---

Shares in Sphere Medical (LON:SPHR) spiked 5% after it said it had received the final approval that paves the way for the commercial launch of its breakthrough blood monitor later this year.  

The group has attained its CE mark under the EU Medical Devices Directive, which means its Proxima system complies with European product legislation. In all it has four CE marks.

The company in a statement said it will go ahead with what it called a post market clinical follow-up study, which will be carried out at the Queen Elizabeth Hospital in Birmingham, as well as heading into the full commercial launch of Proxima.

Sphere will initially target “key strategic UK hospitals in specific clinical application areas suitable for early adoption of the Proxima system”, investors were told.

The CE mark news was given alongside a broader update on the company in which it was revealed Sphere’s losses in the first quarter were smaller than anticipated. It has £7.8mln on the balance sheet.  

Since the appointment of Wolfgang Rencken as chief executive in February, the company said the focus has been on “bringing about a commercial and customer-centred culture at Sphere Medical”. 

Rencken added: "Within the past three months, since my appointment as CEO, I have been impressed by the potential of the Proxima technology.  

“A very considerable effort has gone into the CE marking process and today's announcement of its successful completion represents a significant milestone for the company and is the beginning of Proxima's commercial future.  

“This is an exciting time for the company, its partners, investors and staff and I am delighted to have joined at such a pivotal time."

A 3.20pm the shares were up 1.44p at 28.44p. 

View full SPHR profile View Profile

Sphere Medical Holding PLC Timeline

Related Articles

little girl sneezing in a field
May 21 2018
The Phase II study of Allergy Therapeutics’ PQ Grass immunotherapy – an aluminium-free, ultra-short course hay fever treatment – evaluated dose response and safety
Callitas CEO James Thompson
July 20 2018
CannaStrips will generate near-term revenue, while the company’s blue-sky pharmaceutical assets and orphan drug are solid, long-term plays
pills
July 25 2018
Under former chief executive Peter George and his successor Shaun Chilton, Clinigen has been transformed via a series of well-judged, quickly integrated and cash generative acquisitions

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use