– UK, Cambridge – Sphere Medical Holding plc (AIM: SPHR.L), a leading developer of innovative monitoring and diagnostic devices for the critical care setting, today announces the appointment of Dr. Wolfgang Rencken as the Company’s Chief Executive Officer with immediate effect.
Wolfgang has more than 15 years’ experience in the healthcare and medical devices industries and has a proven track record in developing and commercialising medical devices and driving significant product revenue growth. Before joining Sphere Medical, he was CEO of MAQUET Cardiopulmonary AG, an international medical devices group with over 1,000 employees. During his three years as CEO, Wolfgang oversaw revenue growth of over 50% and more than doubled EBITDA. He was also responsible for restructuring the global manufacturing and supply chain footprint and significantly expanding the US sales channel. Prior to MAQUET he was COO and a director of Definiens AG, and also held various positions with Siemens AG over a 15 year period, ending his career with Siemens Medical Solutions as Vice President Engineering of the Software Components and Workstations business unit. Wolfgang holds a doctorate in Engineering Science from Oxford University.
Dr. Stuart Hendry has today stepped down as a Director having been Chief Executive Officer since he founded the Company in 2002. He led the Company’s flotation on AIM in November 2011 and the Collaboration Agreement with Ortho-Clinical Diagnostics, Inc. in July 2013. He has played a significant role driving the development of Proxima, the Company’s lead medical device, which is now nearing the conclusion of its CE Marking process. Stuart has agreed to continue to assist the Company for a period of time to ensure an orderly handover.
Dr. Anthony Martin, Non-Executive Chairman of Sphere Medical, said: “We are delighted that we have attracted someone of Wolfgang’s calibre to succeed Stuart. His outstanding track record at MAQUET Cardiopulmonary AG and prior to that at Definiens AG and Siemens AG, combined with the strong existing Sphere Medical management team that he will inherit, reassures us that we are well placed to execute the Board’s strategy of transforming Sphere Medical into a commercial company centred on serving our customers and generating revenues, profits and growth.
Stuart has given outstanding service to the Company which he founded in 2002. During his time he has overseen the development of the Company from a start-up privately-funded company through to the Company’s flotation on the AIM market of the London Stock Exchange. Stuart has also directed the development of the Company’s lead medical device, Proxima, from its first beginnings as a spin-out technology from Siemens through to the product standing on the threshold of CE Mark approval. On behalf of the Board, I thank Stuart and wish him well in his future endeavours.”
Dr. Wolfgang Rencken, CEO of Sphere Medical, said: “I am delighted to have been appointed Chief Executive Officer of Sphere Medical at such an exciting time in the Company’s development. I am looking forward to leading the Company as it transforms from a predominately research and development company to a commercially successful medical devices group.”
Dr. Stuart Hendry said: “It has been a pleasure to have founded and led the Company for the past 12 years. During that time, the Company has developed a number of medical devices, the most important of which has been Proxima which now stands on the threshold of its most important regulatory milestone. I would like to thank the shareholders who have supported the Company as a private company and then as a public company following its admission to AIM in 2011. I have enjoyed working with the Company’s employees and I wish them and the Board of Directors every success at this exciting time in the Company’s development.”
About Sphere Medical
Sphere Medical (AIM: SPHR.L), is a medical device company developing a range of innovative monitoring and diagnostic devices designed to significantly improve patient care.
Sphere Medical’s products deliver real time analysis of blood gases, electrolytes and drug levels with laboratory accuracy, at the patient’s bedside. Sphere Medical’s products can be used in a wide range of medical applications, enabling faster clinical decision making and improved patient outcomes, whilst reducing costs for healthcare payers.
Sphere Medical has entered into a collaboration agreement entered with Ortho-Clinical Diagnostics, Inc. for the development of Proxima and enhancement of Sphere’s operational and production capabilities.
Sphere Medical has a number of partnerships with industry leading medical device companies and has received strategic investments from Johnson & Johnson Development Corporation and Sorin Group.
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