News & Events
25 Jul 2018
Equity fundraise of up to £8 million
Sphere Medical, a leading provider of innovative monitoring and diagnostic devices for the critical care setting, is pleased to announce an investment of up to £8 million in the development of Proxima, Sphere Medical’s ground-breaking patient-connected automated blood gas analyser.
Woodford Investment Management on behalf of its discretionary managed portfolios (“Woodford”), together with directors of the Company, have agreed to invest up to £8 million in Sphere Medical Limited (“SML”). An initial subscription of £4 million is being made in the equity of SML immediately and a second subscription of up to £4 million will be made subject to satisfactory progress of Proxima.
Luciën van Os, the Company’s Chief Executive, said “We are delighted with this further show of support from Woodford and excited to press ahead with the development of Proxima. We look forward to bringing the automated Proxima to the market and helping clinicians provide better care for their patients while reducing costs and saving nurse time.”