Sagentia Cashes in on Sphere Medical IPO and Hoists Profits
12/12/2011 8:55:40 AM
Cambridge technology design hothouse, Sagentia plc, has sold its shares in UK medical device company Sphere Medical for £703,000. Sagentia said that following the disposal, the board anticipated gross cash at the end of the year to exceed £20 million. And it said profit for the full year would be slightly ahead of current expectations. The Sphere shares disposal followed an end-of-2010 review of all Sagentia’s legacy investments. At June 30 this year, Sagentia had just one remaining minority investment to which it attributed any value – Sphere Medical Holdings Limited – with a balance sheet carrying value of £800k.