Healthtech company Rockley Photonics has secured $35m (£28.2m) as the company returns from a bankruptcy restructuring.
Oxford-based Rockley Photonics, which develops various biosensing products to monitor health, entered Chapter 11 bankruptcy in the US earlier this year to perform a complete restructure.
That has led to new funding from the company’s existing stakeholders.
“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 Dr Andrew Rickman, Rockley CEO.
“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.”
Rockley said all of its material customer relationships remain in place and it is on schedule with all of its existing programmes.
Dr Richard Kuntz, former senior vice president and chief medical and scientific officer at Medtronic, a partner company of Rockley, 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.”
Rockley Photonics previously raised £47m in a funding round back in February 2021.
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