Sphere Medical Holding Limited secures £6,200,000 in pre-IPO financing
Sphere Medical Holding Limited, the Cambridge, UK, based medical microtech company, is pleased to announce that it has succeeded in raising £6,200,000 in its latest funding round. New investors included Schroder Investment Management, Oxford Capital Partners, InterIKEA Technology fund and Fritas A/S together with participation by existing shareholders including Herald Ventures, Artemis, Hotbed and The Generics Group. The money will strengthen the balance sheet to support ongoing commercial discussions and continue the development and production scale-up of Sphere's microchip-based medical products.
Sphere is developing micro-analysers, based on proprietary microsensor technology originally acquired from Siemens, which can measure simultaneously numerous important clinical parameters. The disposable micro-analyser platform can be applied to numerous clinical needs at very cost effective price points. The initial commercial application of the microanalyser will be the real time measurement of glucose, blood gases and electrolytes in a number of clinical application areas. Sphere is also developing novel receptor technology, enabling the measurement of drugs and disease markers, as part of its strategy to increase the commercial applications of the micro-analyser system.
Real time monitoring of drugs, physiological parameters, and disease markers has the
potential to facilitate titration and, ultimately, closed loop control of a broad variety of
therapies. Sphere is working with a number of the world's leading clinicians in the USA and Europe to realise this goal.
Commercialised products will be marketed globally through multi-national marketing and
distribution partners. The costs associated with the conditions and complications addressed by its products are in the order tens of billions of US dollars in the ICU alone. With limited alternative solutions currently available, Sphere estimates that the total market addressed by its initial products is estimated to be in the of the order of US$2.2 billion a year.
Dr. Stuart Hendry, Sphere Medical’s CEO, said: “I am especially pleased to welcome such high quality new investors as well as receive support from our existing shareholders particularly as the whole funding process was concluded within three months. Over the last year Sphere has achieved considerable progress and we have reached the position where expert observers believe that products such as Sphere’s are an inevitability of the future of intensive care. Sphere believes that its product will significantly contribute to the improvement of patient care, outcomes and cost in critical care units around the world.”
For more information contact:
Dr. Stuart Hendry, Chief Executive Officer
+44 (0)1223 875222
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