10th Oct 2019 12:09
(Alliance News) - Deltex Medical Group PLC on Thursday said its subsidiary has been awarded a grant by Innovate UK, to develop TrueVue, a monitoring system to improve patient outcomes, reduce mortality and reduce healthcare costs.
Innovate UK is part of UK Research & Innovation, which is funded by the UK government.
The AIM-listed medical technology company said the total eligible project costs are GBP500,000, of which 70% will be reimbursed by Innovate UK, with the balance funded from the company's operating activities over the estimated eighteen-month project.
TrueVue is designed for all patients from newborn to adult, Deltex said, and displays the interaction of blood flow and pressure, providing data from which clinical decisions can be made. Deltex said studies have demonstrated that protecting patients from haemodynamic instability via improved monitoring saves lives, improves outcomes and significantly reduces costs.
This Innovate UK Smart award is the largest of five grants that Deltex has been awarded so far in 2019 to enhance its range of haemodynamic monitoring technologies.
The total value of eligible project costs for the five grants are GBP632,000, Deltex said, of which GBP446,000 represents the reimbursement of eligible costs incurred and defrayed with the balance to be funded from Deltex Medical's operating cash flows.
"I am very pleased that we have been successful in winning this prestigious Innovate Smart award," said Deltex Chief Executive Andy Mears.
He added: "The award of five grants this year helps to highlight the commercial and technological potential for Deltex's unique range of haemodynamic monitoring technologies."
The stock was untraded in London on Thursday, last closing at 1.20 pence a share.
By Evelina Grecenko; [email protected]
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