Oxford-based Rockley Photonics, a biosensing platform for personal health management, announced on Monday, June 5, that it has completed a comprehensive financial reorganisation and has exited Chapter 11 after filing for bankruptcy in Q1.
This section of the Bankruptcy Code allows for reorganisation, which is done through a company or partnership. A Chapter 11 debtor presents a reorganisation plan to keep its firm running and pay creditors over time.
Fresh capital for reorganisation
Rockley Photonics also announced that it has got an additional $35M (approximately €32.63M) from its stakeholders, resulting in a reinforced capital structure.
The company expects to publish the results of its ongoing studies on a variety of biomarkers, including glucose, in the second part of the current year.
All of Rockley’s material customer relationships remain in place. The firm remains on schedule with all programmes, including its development of remote patient monitoring technology.
Dr Andrew Rickman, CEO of Rockley Photonics, says, “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.”
“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,” he adds.
About Rockley Photonics
Founded in 2013, Rockley Photonics claims to be a global pioneer in photonics-based health monitoring systems. It is creating a portfolio of photonic integrated circuits, sensors, and full-stack solutions.
The company is concentrating on next-generation sensing technologies that are specifically built for health monitoring.
Rockley says it has created a platform with the flexibility required to address the med tech sector and a wide range of vertical applications because it believes that photonics will someday become as widespread as microelectronics.
The firm has collaborated with clients from a variety of sectors to produce the optical systems necessary to bring transformational goods to market. For a variety of applications in health monitoring, Rockley claims it aims to push the limits of what is conceivable with photonics technology.
Dr Richard Kuntz, former senior VP and chief medical and scientific officer at Medtronic, says, “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.”
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