The funding came from a range of new and existing investors, including business angels and institutional investors.
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 other investors, the company has developed a unique platform for single 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 new funding will be used to implement the first step in Sphere Fluidics’ strategy to expand into the field of high value instrumentation systems with the development of a revolutionary, single cell analysis instrument called Cyto-Mine™. This unique instrument will enable high-throughput, single cell assays for biopharmaceutical discovery and provide an integrated, superior solution for isolating high expressors, and subsequently assuring monoclonality, for biopharmaceutical development.
Dr Frank F. Craig, CEO of Sphere Fluidics, said: “We are pleased to close this round as it gives us the resources to fully develop our new business strategy. I am very excited about our future development plans and believe that this new technology will mark a significant breakthrough for global biopharmaceutical discovery and development.”
He added: “Mills & Reeve’s expertise in advising fast growth technology businesses like Sphere Fluidics on their funding strategies, particularly where complex syndicated investment arrangements are involved, meant a stress-free investment process for us. They were instrumental in bringing this transaction to a successful close.”
The Mills & Reeve team was led by corporate finance associate Pippa Pearce, assisted by corporate solicitor Marija Markovic. Pippa commented: “This is the second fundraising for Sphere Fluidics that Mills & Reeve has advised on and we are delighted to have been able to assist again. We look forward to the next exciting step in the company’s development.”
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