Innovate UK Smart Award
Deltex Medical Group plc (AIM: DEMG), the global leader in Oesophageal Doppler Monitoring (“ODM”) has announced that its wholly owned UK subsidiary, Deltex Medical Limited, has been awarded a grant by Innovate UK, to develop ‘TrueVue’ – an innovative monitoring system to improve patient outcomes, reduce mortality and reduce healthcare costs.
Innovate UK is part of UK Research and Innovation, which is funded by the UK government and works in partnership with universities, research organisations, businesses, charities and government to create the best possible environment for research and innovation to flourish.
The total eligible project costs are £500,000, of which 70% (£350,000) will be reimbursed by Innovate UK with the balance funded from the Group’s operating activities over the estimated eighteen month project.
TrueVue is designed for all patients from newborn to adult, anaesthetised or awake and across all hospital settings. Modern medicine faces increasingly complex cases as the population ages. Studies have demonstrated that protecting patients from haemodynamic instability via improved monitoring saves lives, improves outcomes and significantly reduces costs. Diagnostic haemodynamic monitoring equipment needs to display the interaction of blood flow and pressure if it is to provide high quality data from which clinical decisions can be made. Haemodynamic instability and low blood pressure are common clinical challenges, especially during surgery, with associated complications such as myocardial infarctions, strokes, surgical site infections and acute kidney injuries. Such complications have serious clinical and financial consequences including unplanned intensive care admissions; longer hospital stays; increased readmission rates; increased 30-day mortality; and shorter patient lifespan post discharge.
This Innovate UK Smart Award is the largest of five grants that Deltex Medical Limited has been awarded so far this year to enhance the Group’s unique range of haemodynamic monitoring technologies. The total value of eligible project costs for the five grants are £632,000 of which £446,000 represents the reimbursement of eligible costs incurred and defrayed with the balance to be funded from Deltex Medical’s operating cash flows.
Andy Mears, Deltex Medical’s CEO, commented: “I am very pleased that we have been successful in winning this prestigious Innovate Smart Award. The award of five grants this year helps to highlight the commercial and technological potential for Deltex Medical’s unique range of haemodynamic monitoring technologies.”