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Quest for Growth invests £ 1 mln in Sphere Medical Holding plc, an unlisted medical device company


Press release

In October, 2008, QUEST FOR GROWTH has made an investment of £1 million as part of a total investment round of up to £10 million in Sphere Medical Holding. Sphere Medical is an unlisted medical device company providing minimally invasive, real time measurement of clinical chemistry parameters and therapeutic drug concentrations. Sphere Medical is headquartered in the UK.

Quest for Growth joins a major multinational asset manager and Biovest as a new investors, alongside further investment by existing investors Oxford Capital Partners, Herald Ventures, Artemis, Fritas A/S, Hotbed and a number of individual investors. This funding round is being managed by Eden Financial, an independent stockbroking and wealth management group.

The current funding fund enables Sphere Medical to:
• Enter into full development and commercialisation agreements with its partners in selected clinical applications;
• Complete development and optimisation of its micro-analysers and monitors;
• Plan and commence clinical trials;
• Submit its first 510(k) application;
• Work towards EN13485 certification for manufacture;
• Supply initial research instruments to key opinion leaders;
• Move towards commercial supply of its innovative micro-analysers;
• Move towards an initial public offering.

About Sphere Medical www.spheremedical.com
Sphere Medical Holding plc is developing highly innovative monitoring products to provide clinical and economic benefits in the critical care environment, based on the company’s proprietary technology. The products allow minimally invasive, real time measurement of clinical chemistry parameters and therapeutic drug concentrations, giving healthcare professionals the information they require to more effectively manage therapy and optimise patient outcomes. Sphere Medical and the leading clinicians with whom Sphere Medical works believe that its novel technology will enable a major improvement in monitoring practice – and thereby in the standard of patient care – in a range of situations including intensive and critical care medicine, the operating room, during organ failure, during surgical treatments and anaesthesia and in the effective administration of drugs. Sphere Medical has been awarded the Frost & Sullivan Technology Innovation Award for Point of Care Technologies, recognising that its innovative micro-analyser could profoundly impact the sector. Sphere Medical was founded in 2002 and is based in Cambridge, UK.

For further information about Sphere Medical, visit www.spheremedical.com.

About QUEST FOR GROWTH www.questforgrowth.com
The Privak “QUEST FOR GROWTH” is a Pan-European investment company that invests in European technology-based growth companies in a broad range of industrial sectors such as information technology, semiconductors, telecommunications, software, electronics, biotechnology, medical devices, health-care and new materials. QUEST FOR GROWTH invests in quoted and unquoted companies.

QUEST FOR GROWTH is Belgium’s first Privak and is an investment company traded on the continuous market of Euronext Brussels. The Belgian Government created the legal and fiscal framework for the Privak as a tax transparent investment vehicle specially tailored to the needs of private equity.

The Privak “QUEST FOR GROWTH” is managed by Quest Management NV.

For further information: QUEST MANAGEMENT NV
Mr. René Avonts, Managing Director
Dr William Brooks, Senior Investment Manager
Tel: +32 (0)16 28 41 28
Fax: +32 (0)16 28 41 29


Publisher Contact Information:

Quest Management NV
+32 (0)16 28 41 28
-

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