Sphere Fluidics was spun out of the University of Cambridge in 2010 to commercialise technology originating from the University’s chemistry department. Through seed funding from Cambridge Enterprise, the Royal Society Enterprise Fund and others, the company has developed a unique platform for singe cell analysis and characterisation aimed at boosting new stem cell therapy and biopharmaceutical discovery, as well as enabling the development of novel treatments for single cell diseases, such as cancer.
The series A funding was led by new investor 24Haymarket and completed in two tranches, with the final tranche closing in May 2013. The investor syndicate included existing investors as well other new investors, such as the University of Cambridge Enterprise Fund and a number of individual business angels from Cambridge and London. With this new injection of cash, the company intends to relocate to new premises, ramp up sales and expand its management resources.
Dr Frank Craig, CEO of Sphere Fluidics, said: “we are very pleased to close this round as it gives us the resources to fully develop our business. There was strong interest in the company and we were pleased to welcome 24Haymarket into an impressive syndicate of investors. I am excited about further applying our exciting technology to major life sciences markets and accelerating its commercialisation.”
He added: “Mills & Reeve’s breadth of knowledge and expertise in advising early stage, fast growth technology businesses on their funding strategies, particularly where complex syndicated investment arrangements are involved, made them an obvious choice to help us with our series A financing. We’re grateful for their assistance in bringing this transaction to a successful close.”
The Mills & Reeve team was led by corporate finance partner Zickie Lim, assisted by corporate senior solicitor Pippa Pearce. Pippa commented: “We’re delighted to have been able to assist this ground-breaking local biotech company secure this important investment. We look forward to the next exciting step in the Company’s growth plans.”
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