Sphere Medical Holding plc £3 Million Loan Facility (2490T)

TIDMSPHR

RNS Number : 2490T

Sphere Medical Holding plc

04 January 2017

4 January 2017

Sphere Medical Holding plc

("Sphere", "Sphere Medical" or the "Company")

GBP3 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 GBP3 million loan facility (the "Facility") from Silicon Valley Bank.

Under the Facility, an initial loan of GBP1.5m is being drawn immediately. A further GBP1.5m 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                     Tel: +44 (0)1223 875 
 plc                                                        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                        Tel: +44 (0) 20 3709 
 Communications                                            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.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 04, 2017 02:00 ET (07:00 GMT)

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