Proposed Fundraising Update

21 April 2015

Sphere Medical Holding plc

Proposed Fundraising Update

 - Participation of the £800 million Woodford Patient Capital Trust Plc in recently announced Fundraising

Cambridge, UK, 21 April 2015: Sphere Medical Holding plc (AIM: SPHR.L), ("Sphere" or "Sphere Medical" or the "Company") a leading provider of innovative monitoring and diagnostic devices for the critical care setting, is pleased to provide the following update on the proposed Fundraising announced on 13 April 2015.

Sphere Medical previously announced that Woodford Investment Management, on behalf of its clients, had given a non-binding intent to invest up to £4 million in the Placing. Following the announcement earlier today that Woodford Patient Capital Trust Plc (the "Woodford PCT") has been admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities, the Woodford PCT has now entered into a legally binding commitment to subscribe for 23,125,000 Placing Shares at 16p, which represent 30.8% of the Placing Shares and 17.2% of the Company's enlarged issued share capital assuming none of the 7,425,661 New Ordinary Shares available under the Open Offer are subscribed for.

The Placing and Open Offer remain subject to the fulfilment of certain conditions detailed in the announcement on 13 April 2015.

For further information, please contact:

Notes for Editors

About Sphere Medical (AIM: SPHR.L)

Sphere Medical is a medical device company developing and commercialising a range of innovative monitoring and diagnostic devices designed to significantly improve patient care.

Sphere Medical's vision is to become a leading solution provider to the critical care market offering innovative, near real time, point of care diagnostic and monitoring products to enable closer control of therapeutic response and improve patient outcomes and reduce the overall cost of care.

The Company's strategy is focused on developing the Proxima (CE marked device) platform for measuring blood gases, electrolytes and metabolites. The Company is already marketing its Proxima product directly to the critical care market, which includes the ICU and OR, with a dedicated field sales force in the UK. Sphere has plans to follow in Germany and Benelux via a direct sales force in Europe and proposes to work with partners for worldwide distribution.

Proxima delivers near real time analysis of blood gases and electrolytes metabolites, at the patient's bedside. Proxima can be used on patients across a wide therapeutic range, enabling faster clinical decision making and improved patient outcomes, whilst potentially reducing costs for healthcare payers.

Sphere Medical entered into a collaboration agreement with Ortho-Clinical Diagnostics, Inc. in 2013 for the development of Proxima and enhancement of Sphere's operational and production capabilities.

Sphere Medical has a number of partnerships with industry leading medical device companies and has received a strategic investment from Ortho-Clinical Diagnostics (now part of Carlyle Group).

For further information, please visit www.spheremedical.com