OXFORD, England & PASADENA, Calif.--(BUSINESS WIRE)--Rockley Photonics today announced that it has completed a comprehensive financial restructuring and emerged from Chapter 11 after filing for bankruptcy protection in Q1.
All of Rockley’s material customer relationships remain in place. The company remains on schedule with all programs including its development of remote patient monitoring technology.
Rockley 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. The company emerged with a strengthened capital structure having received approximately $35 million of additional funding from its stakeholders.
Dr. Andrew Rickman, chief executive officer, said: “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.”
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, said: “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 sub-set 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.”
About Rockley Photonics
Rockley Photonics, a global leader in photonics-based health monitoring solutions, is developing a comprehensive range of photonic integrated circuits, sensors, and full-stack solutions. Rockley is focused on next-generation sensing platforms specifically designed for health monitoring.
Rockley believes that photonics will eventually become as pervasive as micro-electronics and has developed a platform with the power and flexibility needed to address the med tech market and a wide variety of vertical applications.
The company has partnered with customers from a range of industries to deliver the complex optical systems required to bring transformational products to market. Rockley Photonics is dedicated to pushing the boundaries of what is possible with photonics technology to create new solutions for a wide range of health monitoring applications. Rockley’s focus is on developing comprehensive solutions for health monitoring and revolutionize how people manage their health.