REG - Deltex Med Grp PLC - Change of Adviser

Deltex MedicalAnnouncement

28/04/2022 07:15

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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 (mailto: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 (mailto:info@allenbycapital.com)

 David Worlidge

 Vivek Bhardwaj

 Joint Broker
 Turner Pope Investments (TPI) Ltd   020 3657 0050
 Andy Thacker                        info@turnerpope.com (mailto: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
(http://www.deltexmedical.com)

 

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