Observe Medical attains CE certification for Unometer[TM] 500* and enters the UK market
Oslo, 19 June 2023 – Observe Medical ASA ("the Company" or "Observe Medical") has signed a first contract with a UK customer for delivery of UnometerTM products*. This marks the first entry into the UK market, which historically has accounted for a large share of UnometerTM sales. In parallel, Observe Medical has attained CE certification for UnometerTM 500, a high-quality urine measurement product, under the EU's Medical Device Regulation. The certification signifies that the product has been assessed to meet high safety, health and environmental protection requirements.
"We are pleased with the progress we have made to strengthen our product portfolio, and the recently achieved CE certification for UnometerTM 500 is a significant milestone that will enable sales in the EU and other countries.
“At the same time, we are excited to have signed our first contract with a large UK customer for delivery of UnometerTM products. This represents substantial opportunities for Observe Medical as we accelerate our commercial efforts for the urine measurement portfolio. Moving forward, we are confident that we will continue to see more signed contracts materializing as a result of our work to secure letter of intents, LOIs," said Rune Nystad, CEO of Observe Medical.
The UK market has historically been one of Convatec's most significant markets. Today´s market is estimated to be about EURO 8-9 mill. This agreement also demonstrates the market demand for the urine measurement portfolio that Observe Medical is in the process of acquiring from Convatec.
To prepare for increased commercial activity in Europe and the UK, Observe Medical recently hired Steve Taylor as Sales Director UK & Ireland. He joined Observe Medical, having spent some 15 years at Convatec, most recently as the company's National Sales Manager in the UK and Ireland.
“We are happy to welcome Steve Taylor as our new Sales Director for one of our most high-potential markets. He brings invaluable experience and knowledge to Observe Medical and will be responsible for executing our sales strategy in the UK and Ireland,” added Rune Nystad, CEO of Observe Medical.
* Observe Medical continues the process with Convatec to conclude the contemplated acquisition of the UnoMeterTM and Abdo-PressureTM products, which was announced in October 2022. The delivery of the products described herein is conditional upon the agreement with Convatec being entered into and that Observe Medical secures the required financing to execute and complete the contemplated agreement with Convatec and to roll-out the products. The agreement with Convatec is expected to be signed relatively soon, but no assurance can at this stage be given that this agreement will be signed and that the other conditions for the roll-out of the products will be fulfilled nor the timing thereof.
For further information, please contact:
Rune Nystad, CEO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com
Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@observemedical.com
About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in urine measurement, ultrasound, anesthesiology/ICUs, surgery and wound care, in combination with targeted M&A.
The Company is headquartered in Oslo, Norway, with additional offices in Narvik, Norway and Gothenburg, Sweden, and subsidiaries in Finland and the US. In addition, Observe Medical has a direct sale organization in the Nordics and a distributor network internationally.
Further information is available at www.observemedical.com.