COMPUMEDICS COMMENCES EUROPEAN THRUST WITH SENIOR APPOINTMENT

Compumedics Limited (ASX:CMP), has signaled its intention to establish European headquarters this year, with the announcement of a senior executive based in the United Kingdom.

Compumedics, a global leader in the development and export of medical diagnostic and monitoring devices, with a principal focus on sleep disorders, has appointed Mr Peter Fawcett to the key position of General Manager, European Sales.

Mr Fawcett, a physiology graduate of Sheffield University, has 28 years experience in the sales and marketing of biomedical technology throughout Europe, with organizations such as Carl Zeiss, Nicolet Medical Systems and Medelec. The appointment of Mr Fawcett, currently based in Farnborough, UK, is the first step in the process of Compumedics launching a direct presence in Europe.

Although Mr Fawcett is based in the UK, Compumedics is still exploring its options as to where it will locate its permanent European office. However, the office is likely to be established in one of the company’s main European markets of Germany, France, Italy and the UK, where Compumedics already has a several equipment installations.

Compumedics’ primary market, sleep disorders, is a field of increasing medical recognition, estimated to be worth US$287 million globally in 2001, growing to US$365 million by 2005.

Another market in which Compumedics is rapidly making inroads is EEG, the monitoring of brain activity. The European EEG/EMG/Brain function monitoring market is estimated to be worth US$207m in 2001 and is expected to grow at approximately 8.5%pa.

Compumedics introduction of its EEG product line into the Australian market has been enormously successful with the company winning nearly every major tender opened in the last twelve months.

Compumedics received FDA clearance on its EEG product line in March of last year and has since completed a major installation at the Shands Clinic at the University of Florida, a prestigious EEG site in the USA.

“The establishment of our European presence will be complimentary to our existing arrangements with our key European distributor, Oxford Instruments Medical. This will enable us to focus on EEG markets and those Sleep markets that Oxford does not cover,” said Compumedics chief executive officer, Mr David Burton.

“The European strategy will initially focus on the establishment of our EEG product line into Europe. Compumedics believes that whilst this product line is new to Europe the technology will enable Compumedics to enter the market with vigor,” Mr Burton added.

ABOUT COMPUMEDICS

Compumedics is a global leader in the development and export of medical diagnostic and monitoring devices, with a core focus on sleep disorders. All of Compumedics’ products are researched, developed, prototyped and manufactured at the company’s Australian headquarters in Melbourne.

Compumedics owns all of its own intellectual property, including a patent portfolio covering the eight patent families of its current business and growth platforms. Compumedics established a US office in 1999, and has already obtained FDA approval for its key products.