4 Jan 2017 07:00
4 January 2017
Sphere Medical Holding plc
("Sphere", "Sphere Medical" or the "Company")
£3 Million Loan Facility
Sphere Medical Holding plc (AIM: SPHR.L), an innovative point-of-care monitoring and diagnostic devices company, is pleased to announce that it has secured a £3 million loan facility (the "Facility") from Silicon Valley Bank.
Under the Facility, an initial loan of £1.5m is being drawn immediately. A further £1.5m loan will be conditionally available until March 2018. The funding from the Facility will be used for general corporate purposes. The loans will be repayable by March 2020.
Richard Wright, the Company's Chief Financial Officer, commented: "Now that we have launched Proxima 4, this additional funding gives us important extra flexibility as we advance through the launch phase. We welcome the support from Silicon Valley Bank which is a further demonstration of the continuing commercialisation of the Company."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
- Ends -
For further information, please contact:
Sphere Medical Holding plc | Tel: +44 (0)1223 875 222 | |
Dr Wolfgang Rencken, Chief Executive Officer | ||
Richard Wright, Chief Financial Officer | ||
Panmure Gordon | Tel: +44 (0) 20 7886 2500 | |
Freddy Crossley (Corporate Finance) | ||
Duncan Monteith (Corporate Finance) | ||
Tom Salvesen (Corporate Broking) | ||
Consilium Strategic Communications | Tel: +44 (0) 20 3709 5700 | |
Mary-Jane Elliott | spheremedical@consilium-comms.com | |
Ivar Milligan | ||
Hendrik Thys | ||
Notes for Editors
About Sphere Medical (AIM: SPHR.L)
Sphere Medical is an innovative point-of-care medical device company. Its Proxima platform measures blood gases, electrolytes and metabolites at the patient's bedside and aims to improve patient care and reduce health system costs. The device is sold directly to the critical care market via Sphere Medical's sales force in the UK, Germany, The Netherlands and Belgium and via distributors in Italy and Spain. For further information, please visit www.spheremedical.com.
About Silicon Valley Bank UK
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses, enterprises and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. The UK's leading technology and life science businesses, in all stages of development, look to SVB's niche expertise, 30 years of experience and unparalleled network, as they grow at home and tackle new markets abroad.
Learn more at svb.com/uk.
Sphere Medical Holding (SPHR)