Sphere Medical, investment in novel patient care technologies
Oxford Capital Partners invests in Sphere Medical
Oxford, UK, 22nd May 2006
Oxford Capital Partners, the Oxford based venture capital firm focused on science and technology companies, has announced its investment in Sphere Medical Holding Limited, a Cambridge based medical devices company whose technology was spun out of Siemens AG (Medical Division) in 2001.
The investment strengthens the Oxford Gateway Funds’ allocation to the bio-medical engineering sector. Oxford Capital Partners has invested as part of a pre-IPO fundraising round of £6.2m, which included existing investors – Artemis Investment Management, The Generics Group, Hotbed and Herald Ventures, as well as new investors Schroder Investment Management. Siemens also retains a stake in the company.
Sphere Medical has developed microchip sensors which can be used to monitor various blood components in real time, providing critical and often life-saving information to medical professionals working in operating theatres and intensive care units. The company’s first product is a sensor which can simultaneously monitor six commonly-measured gases and electrolytes, including oxygen, carbon dioxide, glucose and potassium.
Sphere Medical’s second product is a point-of-care device for monitoring the levels of the anaesthetic agent propofol in the patient’s blood during an operation. The clinical need for such devices is illustrated by the fact that there have been several high profile legal cases where patients have sued the NHS following operations where they remained conscious or experienced pain due to having received the incorrect dosage of propofol. Sphere Medical’s technology will address this problem by providing real time analysis of propofol levels throughout the procedure thus eliminating the risk of over- and under-anaesthesia.
David Mott, Director of Oxford Capital Partners, said ‘Oxford Capital Partners has led this round of new and existing shareholders, reflecting our core expertise in understanding complex science and technology. We believe Sphere Medical has the potential to become a major player in the medical device sector.’
The importance of the contribution made by Oxford Capital Partners was further recognised by Stuart Hendry, Chief Executive Officer of Sphere Medical, who said ‘Sphere Medical is pleased to have gained Oxford Capital Partners as a shareholder. Our impression is that Oxford Capital Partners is a professional, focused firm with an in-depth appreciation of the medical device sector, whose straightforward and pragmatic approach enabled the funding to be closed efficiently within a restricted timeline.’
About Oxford Capital Partners
Oxford Capital Partners is a science and technology venture capital firm with extensive experience of commercialising science and technology and supporting businesses with high growth potential. Oxford Capital Partners seeks to identify the best opportunities for investment. We back exceptional entrepreneurs and invests across all stages of development from start-up to IPO, in the UK and internationally. Oxford Capital Partners manages the Oxford Gateway Funds and is currently investing its 4th fund in this series and manages of portfolio of over 25 companies in the technology and life sciences sectors.
Oxford Capital Partners was named Venture Capital House of the Year at the 2005 Unquote awards.
For further information, please contact:
Joanne Telford
01865 860 760
jtelford@oxcp.com