UK-based Sphere Medical Holding is set to float on AIM, a stock market operated by the London Stock Exchange, according to a press release issued by the company on Thursday. Sphere is looking to raise £15m ($23.9m) from the initial public offering (IPO).
Siemens Technology Accelerator, an early stage corporate venturing division of electronics conglomerate Siemens, was a founding member of Sphere in 2002. Sphere’s microanalysers rely on technology acquired from Siemens.
Edwards Lifescience Corporation invested $3.2m in Sphere, in April 2010, while Sphere has also received funding from Quest for Growth, Oxford Capital Partners, Herald Ventures, Artemis Investment Management, Fritas, Hotbed, Generics Group, Eden Financial, Springhill Bioventures, Oakes, Lyman, and the Italy-based part of medical device group Sorin, which has been working with Sphere to develop a blood monitoring product for use in cardiopulmonary surgery.
Sphere received certification in March from the US Food & Drug Association for the Generation 1 version of its Proxima device, a diagnostic microchip which attaches to the patient allowing their arterial blood to be monitored. The Generation2 device is currently undergoing tests in UK hospitals.
The money raised from the flotation will be used by Sphere to fund the continuing clinical tests, invest in marketing and increase its manufacturing and operations capability