3rd Aug 2026 18:04
(Alliance News) - Crystal Amber Fund Ltd on Monday issued an update on its investments in Morphic Medical Inc.
The investment company said that since February 16, it has invested a further USD8.2 million into MMI at USD0.48 per share in three separate tranches.
Crystal Amber, which invests in small and mid-cap UK equities, said: "The proceeds are principally being used to support the continued acceleration of MMI's pivotal US clinical study and the commercial development of its Reset system.
"Following these investments, the fund holds an aggregate of 435,992,719 preferred and common shares in MMI, representing approximately 97.9% of MMI's aggregate preferred and common issued share capital."
It said MMI is holding discussions with prospective strategic and financial investors, and that the board is "encouraged by the level and quality of the interest received."
Reset, a medical device for treating obesity and type 2 diabetes, has received receipt of the European CE mark and UK regulatory approval and procedures have now been completed in the UK, Germany and India.
Crystal Amber said it will consider providing further funding alongside investors, if the board considers it appropriate.
It noted that MMI has signed distribution agreements across Europe, the Americas and the Middle East. It added that there has also been significant commercial progress in Germany, and that the US FDA is expected to approve Reset in 2028 or 2029.
"While commercial revenues remain at an early stage and are not yet material, the growing number of procedures, reimbursement pathways and distribution agreements provides the foundation for future revenue growth," Crystal Amber said.
Crystal Amber Fund shares closed up 0.6% at 90.00 pence on Monday in London.
By Niall Holden, Alliance News reporter
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