Sphere Medical looks to build on market response to Proxima 4

Shares in Sphere Medical gained more than 14% after the company stated that it looked forward to building on the encouraging early response from customers for Proxima 4.

"Proxima 4 was launched into the European market in December 2016 and a positive reaction to the product has been received with forward visibility of an expanding sales pipeline," it said.

"Over 40 hospital departments have engaged with Sphere Medical on Proxima 4 and have requested evaluations, of which more than 30 have undergone a product demonstration."

Evaluations had been conducted at 14 hospital departments and to date six hospital departments across three countries had placed orders for Proxima 4.

Follow-up discussions were underway with the other hospitals that have conducted evaluations.

"One of the advantages of Proxima 4 over the previously available product, Proxima 3, is the paediatric application, where a patient's blood conservation during procedures is typically even more critical than in adults," said Sphere Medical.

Since the launch of Proxima 4, the system had been connected to children for the first time and the Royal Manchester Children's Hospital had already placed an order, becoming the first paediatric unit to purchase Proxima product.

"In continental Europe, the list of product distributors continues to expand and now includes Eumedics Medizintechnik GmbH in Austria.

"Training, marketing and monitoring of patients in hospitals are now underway via Burke and Burke in Italy and Prhoinsa is on track to commence marketing in Spain imminently."

Chief executive Wolfgang Rencken was pleased with the market reaction to Proxima 4 and encouraged by the early response from customers.

"We look forward to building on this through 2017," he said.

At 14:34 BST, shares in AIM-listed Sphere Medical were up 14.29% to 7p each.