Sphere Medical, the Cambridge UK diagnostic device business, saw its first half losses double to £4.2 million after generating zero revenues in the six months to June 30.

Sphere has a strong pipeline of innovative monitoring and diagnostic devices for the critical care industry.

Dr Hendry said the priority was to secure a commercial partnering deal for its Proxima system – a patient-dedicated arterial blood analyser for use in the intensive care unit and operating room.

He said the partnering proposal had attracted strong interest from a number of leading medical device companies with global distribution capabilities. “Discussions are ongoing and securing a commercial partner remains a core objective for 2012,” he said.

Sphere’s Proxima development programme is progressing across a number of projects – disposable, monitor, software and calibration solutions. Dialogue is underway with the FDA on Proxima including a recent meeting to formulate the regulatory route for full market release of the system.

Despite a revenue-barren six months, the company retains cash and equivalents and money on treasury deposit of £8.3 million (2011: £0.7 million). Operating expenses more than doubled to £4.4m.

Dr Hendry said: “The company’s focus over the first six months of 2012 has been on the continued advancement of the development and commercialisation of our products.

“The process of identifying and concluding a deal for Proxima has been intensive and we are confident of delivering a long term partnership that maximises the potential of this product. We are focused on executing our key deliverables for the second half of 2012.”