05.06.15
Sphere Medical, which until now was headquartered in Cambridge, England, is moving its main offices to Wales after a successful $19.8 million 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 the fundraising round 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 currently is assessing a number of locations for its manufacturing base around Cardiff and Pencoed. When in operation next year, the Sphere’s production facility will employ 30 highly skilled staff. The firm also will maintain a laboratory presence in Cambridge.
Sphere Medical makes medical monitoring and diagnostic equipment. Its lead product is Proxima, which takes blood measurements at frequent intervals for clinically unstable patients. The 13-year-old company aims to scale up production of Proxima to 1 million units annually in Wales, with as 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 currently is assessing a number of locations for its manufacturing base around Cardiff and Pencoed. When in operation next year, the Sphere’s production facility will employ 30 highly skilled staff. The firm also will maintain a laboratory presence in Cambridge.
Sphere Medical makes medical monitoring and diagnostic equipment. Its lead product is Proxima, which takes blood measurements at frequent intervals for clinically unstable patients. The 13-year-old company aims to scale up production of Proxima to 1 million units annually in Wales, with as many of the components as possible sourced through the Welsh supply chain.