UK-based medical device company Sphere Medical agreed on Monday to raise £14m ($22.1m) from its initial public offering when the shares are floated on the AIM market of the London Stock Exchange.
Stockholders in Sphere include Siemens Technology Accelerator, the early stage corporate venturing fund belonging to electronics conglomerate Siemens, and Edwards Life Science Corporation, which invested $3.2m in April 2010.
Stuart Hendry, chief executive officer of Sphere, said: "Sphere Medical’s successful admission to AIM is an important further milestone in its 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."
Hendry added: "I would also like to thank our dedicated staff and commercial partners who have helped to develop Sphere’s leading technologies which are expected to enable faster clinical decision making and lead to improvements in the management of patients in critical care."
The $22m figure values the company at about $53.7m.