Sphere raises £6.2m in share issue
Sphere Medical, the Cambridge medical micro-tech company, has raised £6.2 million through the issue of shares.
It has secured the support of new shareholders, including Oxford Capital partners, Fritas A/S – wholly owned by international entrepreneur Ove Hoegh and family – and funds managed on a discretionary basis by Schroder Investment Management Ltd.
The issue also received strong support from existing shareholders including further investment by Artemis Investment Management Ltd, Herald Ventures, Hotbed Ltd and The Generics Group.
Hotbed and Eden Financial Ltd, the independent stockbroking and asset management group, assisted in the fund raising.
The proceeds will strengthen the balance sheet to support ongoing commercial discussions and will continue to fund the development and production scale-up of Sphere’s microchip-based medical products.
To date Sphere, whose technology was born out of Siemens, has raised more than £11m via two funding rounds.
Sphere’s micro-analyser technology is applicable over a wide variety of applications.
It can simultaneously measure numerous important clinical parameters such as glucose levels and blood gas concentrations in real time, allowing patients to be kept in the therapeutic window, which results in more efficient treatment and quicker recovery times.
Dr Stuart Hendry, Sphere Medical’s CEO said: "Over the last year we have achieved considerable progress and have reached the position where expert observers believe that products such as Sphere’s are an inevitability of the future of intensive care.
"We believe our products will contribute significantly to the improvement of patient care, outcomes and cost in critical care units around the world."