Oxford Capital invests in Sphere Medical Plc
Oxford UK, 29th August 2008
Oxford Capital is pleased to announce a further investment in Sphere Medical Holding PLC, a Cambridge based medical microtech company, contributing to the first closing of £5m of the current £10 million Series C funding round. Oxford Capital has invested alongside Herald Ventures, Artemis, Fritas A/S, Hotbed and a major City institutional investor.
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.
Dr. Stuart Hendry, Sphere Medical’s CEO, said: “This funding round is a major milestone enabling Sphere Medical’s innovative technology to move towards the commercial market. I am especially pleased to welcome support from such a prestigious new investor as well as to receive support from our existing shareholders, particularly in such a challenging funding environment.”
Dr Martin Hall, Life Sciences analyst at Eden said: “We are delighted that Sphere has succeeded in achieving this close for its current funding round in what are extremely tough market conditions. This money will be instrumental in achieving commercial success of Sphere’s platform technology over the next 12 months”.
About Sphere Medical
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 manage therapy more effectively 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.
Information for editors
Please contact:
Joanne Telford
Oxford Capital Partners
Tel: 01865 860 760
jtelford@oxcp.com
www.oxcp.com
About Oxford Capital Partners
Oxford Capital Partners is a science and technology venture capital firm with extensive experience in investing in and supporting businesses with high growth potential. Oxford Capital Partners looks for the best opportunities, backing exceptional entrepreneurs and investing across all stages of development, from start-up to IPO. Leveraging its extensive networks, Oxford Capital Partners assists portfolio companies in accessing international markets in Europe, the US, Middle East and Asia. Oxford Capital Partners is the manager of four Oxford Gateway Funds and oversees a portfolio of over 25 companies in a range of technology sectors, including ICT, clean technologies, life and physical sciences.
Oxford Capital Partners was named Venture Capital House of the Year 2005 at the Unquote Awards.