Oct. 20 (Bloomberg) -- Sphere Medical Holding Plc, a U.K. developer of patient monitoring systems for hospitals, plans to raise as much as 15 million pounds ($24 million) in an initial public offering.

Shares will trade in London on the AIM exchange before the end of November, the Cambridge, England-based company said today in a statement. Sphere Medical will use the proceeds to fund product development, marketing and manufacturing.

Sphere Medical’s lead product, Proxima, is a disposable microchip attached to a patient that measures the levels of certain gases in the blood. The Proxima Generation 1 device, used in intensive-care units and operating rooms, has received certification from U.S. and European Union regulators. A second- generation device may be available in Europe this year, Sphere Medical said.

Investors in Sphere Medical include Artemis Investment Management Ltd., Edwards Lifesciences Corp., Fritas A/S, Sorin SpA and Springhill Management Ltd., according to the company’s website.

Peel Hunt LLP is Sphere Medical’s adviser and broker.

--Editors: Jerrold Colten, David Risser

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To contact the reporter on this story: Kristen Hallam in London at khallam@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net