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Administrators appointed to Sphere Medical Limited

Administrators appointed to Sphere Medical Limited

Steve Absolom and Will Wright from KPMG’s Restructuring practice have been appointed joint administrators to Sphere Medical Limited.

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The pre-revenue medtech business has been trading since 2003 and has operations based in Cambridge and St. Asaph, North Wales.

The business sought to create biosensor technology to improve outcomes for critically ill patients, while addressing challenges in traditional Arterial Blood Gas Testing techniques such as infection risk, and blood loss.

Its innovative product Proxima, which enabled near-continuous blood gas monitoring (as opposed to infrequent diagnostics) through a patient-connected, automated machine, was in the final phase of testing ahead of seeking FDA and CE approvals. 

Following the appointment of the joint administrators, the majority of the 45-strong workforce of scientists, engineers and technicians were made redundant.  Several members of staff have been retained to assist the joint administrators whilst buyers are sought for the business and assets.

Steve Absolom, partner at KPMG in the UK and joint administrator, said: “Sphere Medical has developed an innovative biosensor technology, but unfortunately, has run out of the funding required to enable the technology to achieve the necessary regulatory approvals for it to be commercially developed.  An opportunity now exists for a new investor or partner to come forward and harness the potential of Proxima, as we put the technology and associated assets up for sale. 

“However, we understand this is an extremely disappointing outcome for the dedicated employees of the business. Our focus over the coming days will be to liaise with those employees who have been made redundant, ensuring they are provided with any support and information they need.

Parties interested in buying the technology and associated assets should contact Nicola Kennedy.

- Ends -

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Emma Murray, KPMG Press Office

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E: emma.murray@kpmg.co.uk

KPMG Press Office:

T: +44 (0)207 694 8773

About KPMG in the UK:

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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