03/12/2008
Shares in medical technology venture Deltex Medical moved five per cent higher to 10.75p this morning, on news of a five-year deal to supply its 'CardioQ-ODM' equipment to University College London Hospital (UCLH).
Following a competitive tender, Deltex will supply UCLH with equipment for five years with potential for a two-year extension. The specific terms of the deal involve the upgrade of Deltex’s CardioQ monitors, already used by UCLH, to the company’s ‘state-of the-art’ CardioQ-ODM monitor launched earlier this year.
Fast growing but loss making, AIM-quoted Deltex Medical, led by CEO Andy Hill, makes and markets equipment that uses ultrasound probes, which are inserted into the oesophagus, to determine the amount of blood being pumped around the body. Its technology, with the help of drugs and fluids, is able to optimise the amount of circulating blood in the body, significantly reducing post-operative complications and allowing patient to recover faster and return home earlier.
Back in September, the group’s results for the half to June showed strong sales growth of 28 per cent at £2.5 million, although Deltex reported a pre-tax loss of £1.13 million (2007: £1.18 million).
Shares in the business have traded as high as 24.75p and as low as 8.75p over the past 52 weeks.
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