Rockley Photonics has emerged from bankruptcy with $35 million in fresh funding from its stakeholders.
The Oxford MedTech completed its financial restructuring 46 days after filing for Chapter 11 bankruptcy protection in the United States.
Rockley is focused on next-generation sensing platforms specifically designed for health monitoring. It said it remains on schedule with all of its programmes, including glucose monitoring, while its material customer relationships remain in place.
The company says it continues to see promising results relating to a number of biomarkers, including glucose, and anticipates releasing those results in the second half of this year.
“Rockley’s ability to emerge from Chapter 11 in just 46 days was a significant achievement and marks the beginning of a new era for the company,” said CEO Dr Andrew Rickman. “Our stakeholders’ ongoing belief in Rockley has provided us with a greatly strengthened balance sheet and the funds to continue to develop disruptive technology for the med tech market.
“We greatly appreciate the continued support not only of our stakeholders but also of our suppliers, partners and employees. I look forward to the opportunity to continue to develop Rockley’s products and bring them to market.”
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Dr Richard Kuntz, former senior vice president and chief medical and scientific officer at Medtronic, said: “Rockley has developed breakthrough technology for non-invasive biomarker monitoring based on their unique photonics chip platform.
“Rockley’s progress towards wearable devices could have a profound impact on early diagnosis and disease management.”
Dr Tess Skyrme, technology analyst at research firm IDTechEx, added: “Medical conditions such as diabetes and hypertension are affecting a growing proportion of the global adult population.
“The market for wrist-worn remote monitoring technology, which helps people manage these conditions, is a subset of the growing wearable technology market – forecast to surpass $161 billion by 2033.
“Within this field, cuff-less blood pressure monitoring emerges as a particularly promising growth engine.”