Saturday, Jan 31st

Last update02:11:08 PM GMT






You are here: BioMedTech Sphere Medical heads for £15M placing and AIM IPO

Sphere Medical heads for £15M placing and AIM IPO

Sphere Hendry - Spere Medical CEO

Cambridge UK based Sphere Medical, which is poised to revolutionise monitoring within intensive care diagnostics, is raising £15m via a placing and heading for an IPO on London’s AIM market.

Sphere plans to raise the cash through institutional and other investors.

The AIM float is expected to take place before the end of November. Peel Hunt LLP has been appointed nominated adviser and broker to the company.

Dr Stuart Hendry said: “It is an exciting time for Sphere. With almost 10 years of development accomplished, we believe we are now in a position with our leading device, Proxima, to achieve a key milestone with its commercial launch in 2012.

“Similarly, there are a number of further products utilising our core microanalyser technology, specifically, our cardiopulmonary bypass monitor, which is expected to achieve commercial milestones in 2012.

“An AIM listing is an important step in our continued growth and our ambitions to become a leading player within the critical care diagnostic market.”

Sphere Medical’s lead product, Proxima, based on the company’s patented microanalyser platform technology, is a patient-attached disposable silicon diagnostic microchip that enables near ‘real-time’ monitoring of the patient’s arterial blood at the patient’s bedside.

Sphere received FDA 510(k) certification for its Proxima Generation 1 device incorporating the microanalyser platform technology in March and has also received EU CE Marking. It is expected to act as the predicate device for future generations of Proxima.

The company has undertaken extensive trials of its Proxima Generation 2 patient attached device as a precursor to a clinical trial currently being conducted in West Suffolk Hospital and University Hospitals Birmingham, one of the largest ICU centres in Europe.

This trial is expected to complete shortly and the results from this trial are expected to be used for EU CE Mark certification and for the submission of a FDA 510(k) application by the end of 2011.

Sphere’s principal route to commercialisation is expected to be through partnerships with market leading companies which already have significant market share in relevant end markets.

Edwards Lifesciences Corporation, a leading cardiac and critical care company, made an investment of £2 million in the Company in 2010.

Sphere has a signed development and commercialisation agreement with a leading heart-lung bypass company, Sorin Group Italia S.r.l., who have also invested £0.25 million in the company and has been working with Sphere to develop a continuous blood monitoring product for use in cardiopulmonary surgery.

Siemens Technology Accelerator GmbH a founder of Sphere, also retains an equity stake and has continued to invest in the company in recent fund raisings.

Sphere’s patent portfolio currently consists of 27 patent families and has intellectual property in the form of manufacturing processes that are kept as trade secrets.

Sphere employs 44 staff in the areas of research and development, product development, sales and marketing and management and operations