04.22.15
Sphere Medical, which was until now headquartered in Cambridge, England, is moving its main offices to Wales after a successful £13.2 million ($19.8 million U.S.) new equity fundraising round. Arthurian Life Sciences, chaired by Professor Sir Chris Evans and which manages on a discretionary basis the Welsh Government’s Wales Life Sciences Investment Fund, led on the funding raising for Sphere Medical. The fund now has an 18 percent stake in Sphere following its $6 million investment.
As a condition of the deal, Sphere Medical has agreed to move its manufacturing operations to Wales in line with the planned scale-up of its operations. It will have a headquarters office at Cardiff Bay’s Wales Life Sciences Hub, and is currently assessing a number of locations for its manufacturing base around Cardiff and Pencoed. When in operation next year the Sphere’s production facility will employs 30 highly skilled staff. The firm will maintain a laboratory presence in Cambridge.
Sphere Medical makes medical monitoring and diagnostic equipment, and its lead product is Proxima, which takes blood measurements at frequent intervals for clinically unstable patients. The company hopes to scale up production of Proxima to one million units annually in Wales, with many of the components as possible sourced through the Welsh supply chain.
As a condition of the deal, Sphere Medical has agreed to move its manufacturing operations to Wales in line with the planned scale-up of its operations. It will have a headquarters office at Cardiff Bay’s Wales Life Sciences Hub, and is currently assessing a number of locations for its manufacturing base around Cardiff and Pencoed. When in operation next year the Sphere’s production facility will employs 30 highly skilled staff. The firm will maintain a laboratory presence in Cambridge.
Sphere Medical makes medical monitoring and diagnostic equipment, and its lead product is Proxima, which takes blood measurements at frequent intervals for clinically unstable patients. The company hopes to scale up production of Proxima to one million units annually in Wales, with many of the components as possible sourced through the Welsh supply chain.