Sphere Medical Share Discussion Threads

[waterloo01] 27/9/2019 14:48

Best to you johnlewis79 and Palace of course.

[johnlewis79] 27/9/2019 13:18

I'd like to expand on that
most of us believed that P had a bright future,though I remember WB cautioning on invstr over exuberance
about early stage med device companies. Wish I had listened to him but as usual we all think we know better and live or die by decisions we make, it's the nature of the beast.

I'm sure others were swayed by the professorial
talking heads (who invested diddly) rubber stamping Proxima benefits, pumped up by unrealistic sales projections etc.

This most likely is my last post of hundreds, nay thousands on Sphere over the years, my hopes sunk by poor management decisions the worst of which was not applying for a 510k in the first place.
Instead the board wasted their time in Europe where the forces were anti any new development in the most basic of human physiology testing. I railed against it at the time saying this country would never back innovative small companies to commercialisation running at the first sign of trouble. W to his credit supported Sphere
but no doubt had other worries to contend with and realised the NHS in the first place preferred the stone age, nurse burdening, practice of injections, phials and blood loss.
We're now at the mercy of administrators who want Sphere off their hands for what they can get. Given W valued us at £25k were probably worth £25,001.

Been nice knowing all the posters from years ago some of who have surfaced on other boards fit and healthy and not too dispirited by the Sphere shambles. Good luck all.

[johnlewis79] 27/9/2019 09:52

With zillions of $ looking for half decent place to park no-one was prepared to invest a couple of mil to get us to the 510k stage....says it all really.... we were sold a pig in a poke!

[johnlewis79] 26/9/2019 04:39

It may help to read up on the administration process and the available options.

[del44] 25/9/2019 19:47

Good night all!!

[pugugly] 25/9/2019 19:24

Link to notice - may be of use -
OK RM2 and Sphere - bets on the next ones -
I suspect there are others out there already buried which I have missed.


As Dusseldorf says - was a high risk gamble at £0.056p a share 2 years ago - While I knew then that Woody had bought in at too high a level I ahd not yet realised how apparently ignorant/stupid/away from the coalface - were his medical advisors.

[johnlewis79] 25/9/2019 18:29

As a friend of mine said its ..'administrators' not 'liquidators'....

[johnlewis79] 25/9/2019 16:59

I hate to say it but Madoff would have been proud. I never swolled the ridiculous hype of W becoming the second saviour and rescuer of troubled companies. No point in blaming him though im sure he will come out intact from this debacle.
Whether anyone outside of wounded pis is much bothered I very much doubt it, after all wgaf?
As ever us lowly mugs on the pecking order were starved of funds by W for precisely what you said DD. Not sure thats consistent with acting in the best interests of holders but thats the way the cookie crumbles in Woodford World.

..As the sun goes down in the morning we will remember Sphere Medical
2010-2019.
RIP

[dusseldorf] 25/9/2019 16:08

Maybe woodford pulled the plug. If assets contain the recent funding round, maybe he can get some back. Or maybe the directors et al (Woodford) set-up newco and buy the assets for peanuts prior to US floatation.

[dusseldorf] 25/9/2019 16:04

Not much to say really - hope it doesn't impact people too badly. I lost a chunk, but it was high risk/reward, I'm still suprised given various funding rounds that a) they don't have any cash left and b) never did anything ever. incompetence doesn't come close for all involved - the burn rate has always been ridiculous.

[johnlewis79] 25/9/2019 07:12

We're bust. Administrators called in. Co seeking buyers. Offers of a £ will be accepted!.Well done W!

[johnlewis79] 22/9/2019 06:46

It's just over 2 years since Sphere delisted from lse (19/9/2017) So unless they have had a 'waiver' Companies House would have 2018 nos and 2019 H/Y. I think were due to hear something prior to end Sept. Goodness knows what we will hear as there has been a news blackout since the last raise offered to holders. I guess i have missed some Co.House filings. I expect updates on the Proxima analyser and US 510k or PMA authorizations which are complex and time consuming. The 510k route (which incidentally they expected to receive in Q4 2012!)... can you believe that. 510K is the quicker as it involves a smaller nos of patients---- tens of than the PMA---- hundreds of.
Other than those it would be pure guess work as to what W intends and what other milestones have been ticked off. A failing of Sphere would be a huge blow to his reputation, what little is left and that the UKs poor record of tech device etc.. start ups being under financed and left to wither.
Not that Sphere has ever been under financed and tbh can Sphere be considered a start up after all these years having listed in Nov 2011 with a value of £34m, (92.5pps).
Here we are 18 years later actually more like 20+ given the pre IPO work with a proven device with little or no commercial value or so we're led to believe.
Has Proxima been the most colossal waste of money since the last one or will the die hard invstrs have the last laugh in a place of dying?

[johnlewis79] 13/9/2019 14:37

More bad news for W a £42m write down in an unamed stock due to 'we dont want to kick a man when he's
down' That's total 'ollox'
tells you all you need to know about any pie in the sky valuation SM will command. How about a minus £80m valuation?
Pick the bones out of that!
W has now become the most hated punter (that's all he was) of stocks since the 'Green Shield'stamps promoter of dodgy lottery scams back in the day and that criminal Madoff who at least had the good grace to tell you he was running a ponzi scheme and now doing a zillion years at Mr Trumps pleasure.
Tough titty Bernie. If you'd be operating in the UK you'd still be going strong.

[johnlewis79] 13/9/2019 13:57

Cheers DD but on balance I still see little hope for us invstrs. Hope I'm wrong but all the positives of P have been an illusion, a 'puff of smoke' a paradigm shift to nothing.
Now we are destitute their will be a damascene conversion of P worth millions to W & Co...

[dusseldorf] 13/9/2019 09:12

johnlewis79 - The share issue to woodford is tied up in these notices:


The shares were issued on 26th March and announced 4th April. The subsequent increase in shareholding bracket was notified shortly after on 10th May.

After this, it appears another £1m was raised through a further sale of B convertible shares, though I don't know who bought those as there was no shareholder update.

Have you heard of 'Omnis Income and Growth fund' ? The announcement on 23rd July references them having voting rights no more than 19.5% and Woodford no more than 49% voting rights. Perhaps they are new to the party

Either way, looks like since March the company raised £3m. Again, in the 23rd July announcement it mentions 'exit scenario', so I'm still of the belief that this parcel will be wrapped up and shipped off to another perhaps sometime next year. As to whether my ORDS are worth anything would depend highly on the valuation it's passed on for. You hold some B class I remember? I think you'll get that back+profit at some point.

[johnlewis79] 13/9/2019 06:45

With the risk of sounding boring it was Ws intention all along to wipe out us pesky invstrs. I doubt there are a handful left.
Job done.

[johnlewis79] 13/9/2019 06:41

A positive post DD. I assumed W had kept his hands in his pockets! However if your right and he added we could stagger on until US certified. After that having scaled down sales and lost momentum its going to be sold for peanuts for someone to take to the mrkt. That's way beyond what Sphere can do.
I certainly don't expect to recover anything. Has W an ace up his sleeve? The result statement may tell us but don't bank on it. We will only be told what W wants us to know.
Tbh I dont think P has a future here, perhaps in Europe but a massive slog
and the US where P will be the 'next big thing' Rest assured all us early investors will never see that happen.

[dusseldorf] 12/9/2019 12:10

Well, results should be published to companies house in the next two weeks, there should be some form of update in those. Re:bust, not yet, in March I think, Woodford paid £2m for some more ORD B taking him from 25-50% to 50%-75% bracket of shareownership. I'm assuming they had 'some' cash left prior to this point and it's sufficient to get to next year - the issue is, whose helping next year?

Presumably the results will clarify the ability to continue trading for removal of doubt with post balance sheet events - perhaps not now they're private

[cellis94] 12/9/2019 12:07

Best to give them a ring and see if anyone answers , it might save a life ! Image someone locked the doors for the final time , with someone on the loo !!!

[johnlewis79] 12/9/2019 07:42

Agreed. They have filled their pockets and left us nothing.

[del44] 11/9/2019 20:18

I think they are bust...to be honest..

[cellis94] 11/9/2019 16:57

Just Googled Sphere Medical -"Latest New "!!!!! Heaven forbid you guys hope to get any money out of SPHR, when the latest news highlight the 50th anniversary of the moon landing , they need to come down to earth and get on with delivering a product that people buy and use at the sharp end of saving lives of sick and at risk patients

[del44] 10/9/2019 19:16

I emailed the company a while back but have heard nothing...
Is it possible they are bust....and don't have to say anything for now?
Not sure when a company is private....I have seen no fillings anywhere...

[johnlewis79] 07/9/2019 08:33

The beauty of being a private Co, no need to tell us anything.

[dusseldorf] 06/9/2019 11:21

lol, yeah ideally I'd like to get hold of woodford. I don't think he put another £4m in this year to throw it down the swanny but you never know, perhaps it was contracted some how to milestones.