U.K.-based device maker Sphere Medical Holding Plc (AIM:SPHR) raised nearly $19 million (£14 million) on its first day trading on the AIM market of London’s stock exchange yesterday.
The company released 17,861,801 shares yesterday morning at an opening price of $1.47 (92.5p) each, bringing the company’s total market capitalization to nearly $54 million (£34 million).
This morning Sphere issued an additional 18,943,843 shares and share price has remained steady.
Sphere develops a range of monitoring and diagnostics devices, including the Proxima disposable blood analyzer and a continuous blood monitoring system for patients undergoing cardiopulmonary bypass surgery.
The first generation Proxima device won FDA 510(k) clearance in March of this year, and has CE Mark approval in the European Union.
"Sphere Medical’s products are expected to allow near real time measurement of blood gases, various electrolytes and drug levels with laboratory
accuracy, at the patient’s bedside," according to a press release.
The second generation Proxima system is undergoing clinical trials in Europe in support of FDA and CE Mark bids that the company expects to complete before the end of the year.
Sphere plans to market its devices mainly through partnership with established companies, according to a separate press release. Edwards Lifesciences Corp. (NYSE:EW) invested nearly $3.2 million (£2 million) in 2010, Sorin Group Italia (BIT:SRN) invested nearly $400,000 (£.25 million) and Siemens Technology Accelerator GmbH (one of Sphere’s founders) retains a stake in the company.
Sphere also added two new non-executive directors to its board of directors this week: Stephen Mahle, former executive VP of global med-tech giant Medtronic (NYSE:MDT); and John Gregory, a chartered accountant with 17 years of experience in growing companies, according to a separate announcement.
The new additions replaced Bob Pettigrew and William Mason, who stepped down from the board.