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Sphere Medical Holding Limited secures £4 million in private equity funding


Sphere Medical Holding Limited, the Cambridge (UK) based medical microtech company, is pleased to announce that it has raised £4 million in private equity funding. The financing, which was significantly oversubscribed, was organised by Oakes, Lyman & Co Ltd with additional participation by SpringHill Bioventures, Herald Ventures, Artemis, Hotbed and the Generics Group. The money will be used to continue the development of Sphere's microchip-based medical products and initiates a £500,000 Exceptional Development Award, which Sphere was recently awarded by the DTI.

Sphere, initially a joint venture between Siemens Technology Accelerator and the Generics Group, is commercialising a unique micro-analyser utilising technology that was spun out from Siemens who remain a significant shareholder. The company aims to create innovative disposable diagnostic products targeted initially at applications in operating rooms and intensive care units. The micro-analyser system will have significantly improved functionality over current Point of Care devices, improving patient care at a competitive price point.

Sphere’s products are based on the Proxima System, which sits on the patient’s wrist and measures a wide range of essential clinical parameters on a single silicon chip requiring a minuscule amount of blood. This is a huge advance on the current established practice of the removal of blood from a patient and its analysis on an instrument physically removed from the patient.

The initial commercial application of the micro-analyser will be the measurement of blood gases, electrolytes and glucose in real time. 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 hospitals in the USA and Europe to realise this goal.

The fully commercialised micro-analyser will be marketed globally to customers through multi-national marketing and distribution partners, helping to satisfy the increasing demand for point-of-care diagnostics. Costs of tens of billions of US dollars are associated with the conditions and complications addressed by its products in the intensive care unit alone. With limited alternative solutions currently available, Sphere estimates that the total market addressed by its initial products is estimated to be in the order of US$2.2 billion a year.

Dr. Stuart Hendry, Chief Executive Officer of Sphere Medical, said:

“Our products are based on cutting edge micro and nanotechnology which give clinicians real time information enabling more effective therapy control. This funding round will enable Sphere to realise the development of our first products. There is growing recognition of the tangible benefits of delivering improved care to critically ill patients, and our product is specifically intended to enable clinicians to provide such 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.”

Dr Kim Tan, Chairman of SpringHill Management said:

'We are pleased to have acted as the lead investor for this round of financing. Sphere's technology has the potential to revolutionise the standard of care and outcomes for patients in a critical care setting. It offers a common platform for numerous on-line, point of care tests that will fundamentally change the practice of monitoring key clinical parameters in patients under critical care.'

Christian Wiesinger, CFO of Siemens Technology Accelerator, commented:

“We are very pleased with the acceptance Sphere’s technology by investors. With its excellent team and cut


Publisher Contact Information:

Sphere Medical
+44 01223 857222
stuarthendry@spheremedical.com

Company profile of Sphere Medical
Past press releases of Sphere Medical.

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