TIDMDEMG
RNS Number : 5911J
Deltex Medical Group PLC
28 April 2022
28 April 2022
Deltex Medical Group plc
("Deltex Medical" or the "Company")
Change of Adviser
Deltex Medical Group plc (AIM: DEMG), the global leader in
oesophageal Doppler monitoring, is pleased to announce the
appointment of Allenby Capital Limited as the Company's nominated
adviser and joint broker with immediate effect.
As detailed below, the appointment of Allenby Capital Limited
has been undertaken ahead of the completion of its full due
diligence as it would not have been possible for this to have been
finalised ahead of the loss of Arden Partners plc's nominated
adviser status, given the extremely short timeframe from the
announcement that Arden Partners plc would no longer be able to
provide nominated adviser services (being 11 April 2022). This
situation is the same as that for other AIM companies to which
Arden Partners plc was acting as nominated adviser.
Further details on the appointment of Allenby Capital
Limited
Further to the announcements by Arden Partners plc on 11 and 14
April 2022 regarding the loss of its nominated adviser status upon
the completion of its recommended takeover, the Company has
appointed Allenby Capital Limited as its nominated adviser. Given
the timing of the completion of the recommended takeover of Arden
Partners plc, London Stock Exchange plc has agreed that subject to
initial due diligence being undertaken, Allenby Capital Limited has
until 5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due
diligence and its impact on Allenby Capital Limited's decision to
continue to act as nominated adviser. Accordingly, in such
circumstances there is a risk that if Allenby Capital Limited does
not continue to act as nominated adviser following completion of
its full due diligence and the Company has not found an alternative
nominated adviser, the Company's AIM securities may be suspended
pursuant to AIM Rule 1. If, within one month of that suspension,
the Company has failed to appoint a replacement nominated adviser,
the admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of
completing full due diligence obligations at engagement, Allenby
Capital Limited will continue to be subject to all the ongoing
nominated adviser responsibilities under the AIM Rules for
Nominated Advisers.
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
Nominated Adviser and Joint Broker
Allenby Capital Limited 020 3328 5656
Jeremy Porter info@allenbycapital.com
David Worlidge
Vivek Bhardwaj
Joint Broker
Turner Pope Investments (TPI) Ltd 020 3657 0050
Andy Thacker info@turnerpope.com
James Pope
Notes for Editors
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 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 controlled trials conducted on anaesthetised patients.
As a result, the primary application for ODM is focussed on guiding
therapy for patients undergoing elective surgery.
During 2021, 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 will
substantially increase the addressable market for the Group's
haemodynamic monitoring technologies and is complementary to the
long-established ODM evidence base.
Our 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, an important
capability for patients presenting with COVID-19 symptoms;
-- 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 in 2022 is
positioning this new, non-invasive technology for use throughout
the hospital. Our 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.
Our 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 our new non-invasive
technology.
Both the existing single-use ODM probe and the new, non-invasive
device connect to the same, next generation monitor which is due
for launch in 2022. Monitors are sold or, due to hospitals' often
protracted procurement times for capital items, loaned in order to
encourage faster adoption of our technology.
Deltex Medical's customers
The principal users of our products are currently anaesthetists
working in a hospital's operating theatre and intensivists working
in ICUs. This customer profile will change as our new non-invasive
technology is adopted by the market. In the UK we sell directly to
the NHS. In the USA we sell directly to more than 30 major
hospitals that appreciate the value of our evidence-based approach
to haemodynamic management. We also sell through distributors in
more than 40 countries in the European Union, Asia and the
Americas.
Deltex Medical's objective
To see the adoption of our 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.
Visit us online for further information at
www.deltexmedical.com
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