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Sphere Medical secures loan facility with Silicon Valley Bank

The support from Silicon Valley Bank is a further demonstration of the continuing commercialisation of the company
Proxima 4
The funds will enable the company to put more marketing oomph behind its Proxima 4 product

Blood gases monitor maker Sphere Medical Holding PLC (LON:SPHR) has secured a £3mln loan facility from Silicon Valley Bank.

Sphere will draw down half of the facility immediately; the rest of the facility will be conditionally available until March 2018.

The funds will be used for general corporate purposes.

The money borrowed needs to be paid back by March 2020.

"Now that we have launched Proxima 4, this additional funding gives us important extra flexibility as we advance through the launch phase,” said Richard Wright, Sphere’s chief financial officer. 

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