Restructuring lifeline over for Rockley Photonics as it emerges from Chapter 11 with $35 million fresh funding
The Oxford-headquartered photonics-based solutions company Rockley Photonics filed for Chapter 11 bankruptcy protection in Q1 giving it protection do a comprehensive financial restructuring of the firm. Today it announced that period is over and it has and emerged from the tremulous time with a solid footing of approximately $35 million of additional funding from its 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. Our stakeholder’s 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,” says Dr. Andrew Rickman, CEO of Rockley Photonics.
“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.
Rockley maintains its material customer as the company stays on schedule with all programs including its development of remote patient monitoring technology – 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 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,” says Dr. Richard Kuntz, former senior vice president and chief medical and scientific officer at Medtronic.
