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Sphere Medical IPO raises £14m to fund expansion efforts
15/11/2011
The initial public offering of Sphere Medical on Aim has raised gross proceeds of £14 million, which it intends to spend on significant expansion efforts.
The Cambridge-headquartered company specialises in the manufacturer of potentially revolutionary patient monitoring systems. When it announced its intention to float on the Aim market, it stated that it was seeking to fund continued development and regulatory approvals, manufacturing operations, general administrative expenses and marketing activities.
Sphere's chief executive, Stuart Hendry, said that the successful admission to the market was a crucial stop on the business's corporate development.
“We are delighted that our current range of in vitro diagnostic products and technologies has generated such an enthusiastic response from new and existing investors and I would like to thank them for their support," he said.
The placing has included the raising of £12.8 million via the underwritten placing of more than 15 million new ordinary shares at 92.5 pence per share. The first two tranches of placing shares will be admitted to the market on November 17 and 18.
Sphere has developed a tiny micro-chip with sterilised sensors that can be fitted directly to patients to monitor oxygen, carbon dioxide and glucose levels in the blood. It can give immediate results, bringing down the costs and timescales of the current blood-gas units used in the UK.
The Cambridge-headquartered company specialises in the manufacturer of potentially revolutionary patient monitoring systems. When it announced its intention to float on the Aim market, it stated that it was seeking to fund continued development and regulatory approvals, manufacturing operations, general administrative expenses and marketing activities.
Sphere's chief executive, Stuart Hendry, said that the successful admission to the market was a crucial stop on the business's corporate development.
“We are delighted that our current range of in vitro diagnostic products and technologies has generated such an enthusiastic response from new and existing investors and I would like to thank them for their support," he said.
The placing has included the raising of £12.8 million via the underwritten placing of more than 15 million new ordinary shares at 92.5 pence per share. The first two tranches of placing shares will be admitted to the market on November 17 and 18.
Sphere has developed a tiny micro-chip with sterilised sensors that can be fitted directly to patients to monitor oxygen, carbon dioxide and glucose levels in the blood. It can give immediate results, bringing down the costs and timescales of the current blood-gas units used in the UK.
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