Pharma Capital

‘Number of parties’ interested in investing in Sphere Medical as Proxima 4 gains traction

The details of any placing, subscription or the like are still being discussed but initial “market soundings” from existing and potential new investors were positive
proxima 4 blood gases monitor
Sphere is looking to drum up some funds to make sure it has enough money to “realise the full potential of Proxima”

Point-of-care monitors and diagnostic devices company Sphere Medical Holding PLC (LON:SPHR) has said a “number of parties” have expressed an interest in taking part in an equity fundraising.

The details of any placing, subscription or the like are still being discussed but initial “market soundings” from existing and potential new investors were positive.

Sphere said it is exploring various financing options to make sure it has enough money to allow it to realise the full potential of its Proxima blood gases monitor.

Speaking of Proxima, which is now in its fourth generation, Sphere told investors there has been a “positive reaction” by the market, with the sales pipeline continuing to expand.

By the end of June this year, 55 hospital departments had requested evaluations of Proxima 4, of which 38 have received a product demonstration. Six of those have already placed orders.

Earlier this year, Sphere revealed it had experienced supply issues but it confirmed this morning that these have now been “effectively addressed”.

Despite those issues, the company is confident that there will be sufficient supply to meet demand for the remainder of the year and beyond.

Sphere’s three European distributors – in Italy, Spain and Austria – have all received initial supplies of Proxima 4 and have received training, while patient evaluations have also commenced in the three territories.

Shares edged 3% lower in early deals on Friday to 7.62p.

--Updates for share price--

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