Sphere’s generic appeal
Article Date: May 22 2006
Sphere Medical, the Cambridge-based medical devices business, has completed a £6.2 million pre-IPO fundraising supported by the likes of existing investors Artemis, Herald Ventures and Hotbed and new backers Oxford Capital Partners and Schroeder’s.
Led by chief executive Stuart Hendry, Sphere has developed a microchip sensor that can be used in operating theatres and intensive care units to monitor various components of a patient’s blood (including oxygen, carbon dioxide, glucose and potassium levels) in real time. A second product, which monitors the level of anaesthetic agent present in a patient’s blood during surgery, has also been devised.
Sphere intends to use the money raised to continue with product development and to assist in the commercialisation of its technology.
David Mott and his team and Oxford Capital Partners led the funding round, with Mott commenting that: ‘we believe Sphere Medical has the potential to become a major player in the medical device sector.’
Also increasing its financial stake was London-listed Generics, the technology-venturing group responsible for spinning Sphere out of former parent company Siemens in 2001. As a result of the funding round Generics retains a 10.8 per cent stake in the business.