Rockley Photonics emerges from Chapter 11, raises $35m

Rockley Photonics emerges from Chapter 11, raises $35m

Business news |
By Nick Flaherty

Rockley Photonics has restructured to emerge from Chapter 11 in the US after filing for bankruptcy protection.

Rockley, with CEO Dr Andrew Rickman still in place, says material customer relationships remain in place and that the company remains on schedule with all programs including its development of remote patient monitoring technology.

Rockley is developing photonic sensors for a number of biomarkers, including glucose, and anticipates releasing those results in the second half of this year. A proprietary spectrophotometer technology integrates numerous lasers into the short-wave infrared region on a single silicon platform.

The company has received 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,” said Rickman. “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 added.

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.”

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