Deltex Medical Group PLC
10 April 2002
10 April 2002
Deltex Medical Group plc ('Deltex Medical'/'Group'/'Company')
DELTEX MEDICAL TO SELL THE CARDIOQ DIRECT IN THE UK
Chichester, UK - Deltex Medical (AIM LSE: DEMG), the AIM listed haemodynamic
monitoring company, announces that it will sell and market its products directly
in the UK from 1 July 2002 to coincide with the UK launch of its new multi-use
operating theatre probe. After three consecutive years of strong growth, the UK
is Deltex Medical's largest market.
Deltex Medical has agreed with its current distributor, Actamed Limited ('
Actamed'), to terminate the existing distribution agreement seven months early
on 30 June 2002. In return for the early termination, Deltex Medical will pay
commission on all sales of CardioQOs and single-use probes in England, Scotland
and Wales until the original expiry date of 31 January 2003. The Group has also
agreed to issue a total of 120,000 options over its ordinary shares to five
Actamed managers who have contributed to Deltex Medical's success in the UK
since Actamed was appointed in 1999. These options are exercisable at a price
of 25p per share at any time between 1 July 2004 and 30 June 2007.
In addition, Adrian Turner, Actamed's Managing Director, will be retained on a
consultancy basis for twelve months from 1 July 2002.
Nigel Keen, Deltex Medical's Chairman, commented:
'Actamed has achieved considerable success in expanding sales of the CardioQO
and single-use probes in the UK and establishing a strong installed base for
future expansion. However, Deltex Medical has reached a stage in its
development when it is essential that it is in very close contact with the
medical community and the users of its products in its home market. This is
particularly important given that the Group's strategy is to develop, refine and
prove its sales and marketing approach in the UK before rolling it out through
its network of distribution partners in other countries. We are very excited
about the prospects for the launch of the operating theatre probe.'
Adrian Turner, Actamed's Managing Director, commented:
'Our relationship with Deltex Medical has been extremely positive and we have
always worked well together to support our customers. We fully understand
Deltex Medical's wish to devote more attention to this rapidly growing market
and have agreed to support them throughout this transition period, not least in
my capacity as a consultant to the Group.'
For further information, please contact:
Deltex Medical Group plc
+44 (0) 1243 774837
Nigel Keen, Chairman and Chief Executive
Ewan Phillips, Chief Financial Officer
Financial Dynamics
+44 (0)20 7831 3113
Stephanie Highett/Sarah Mehanna
Notes to Editors
Deltex primarily develops, assembles and markets a cardiac function monitor and
therapy guidance device, the CardioQTM ('CardioQTM'/'Monitor'). The CardioQTM
incorporates the Company's proprietary software and a narrow, easy-to-use,
minimally invasive, disposable oesophageal probe, used for transmitting and
receiving an ultra-sound ('Doppler') signal. By using this Doppler technology,
the CardioQTM provides clinicians with an early warning on the haemodynamic
condition of critically ill patients. This continuous, real-time monitoring
facilitates the administration of fluids or drugs in a timely fashion and
provides an provides an immediate assessment of their impact.
There are already over 600 CardioQTMs currently in use in hospitals worldwide
and distribution arrangements are in place in over 30 countries. In addition,
there are currently more than 75 clinical publications on the use of the CardioQ
TM which have repeatedly:-
• validated the results of the Monitor against known standards for measuring
cardiac output, demonstrating that the technology works
• proved that the CardioQTM works over a variety of types of operation
• shown that the Company's technology provides significant health and
economic benefits by helping to reduce post-operative complications and
length of hospital stays by an average of 30 to 40 per cent for a wide range
of patients.
The Company is also currently developing a number of new products:-
• A multi-patient probe for use in specific circumstances in certain markets
• The SupraQTM - a monitor based on the CardioQTM technology but using a
completely non-invasive probe; the prototype is being prepared for clinical
testing in the second half of 2002
• The NeuroQTM - a monitor designed to measure blood flow in the brain; the
new prototype is in preparation for clinical trials in the second half of
2002.
The multi-patient probe for use in operating theatres in the UK will be launched
in July 2002.
This information is provided by RNS
The company news service from the London Stock Exchange
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