Rockley Photonics announces successful closing of business combination with SC Health

Rockley Photonics, (“the Company” or “Rockley”), a global silicon photonics technology company, announced the completion of its business combination with SC Health (“SC Health”). The combined company will retain the Rockley Photonics, name as a subsidiary of Rockley Photonics Holdings, which will commence trading on the NYSE under the new ticker symbol “RKLY”. The transaction was approved by SC Health’s shareholders, following which the High Court of Justice of England and Wales approved the Scheme of Arrangement.

The approximately $167.8 million in gross proceeds available to Rockley following the combination is expected to enable the Company to accelerate the commercial launch of its unique sensing platform and execute the 2023 and 2024 revenue projections as outlined in prior investor presentations. The platform is positioned to revolutionize consumer health and wellness by enabling continuous, non-invasive monitoring of multiple biomarkers, including core body temperature, blood pressure, body hydration, alcohol, lactate, and glucose, among others. Rockley is working closely and deeply with some of the world’s largest manufacturers of consumer electronics and wearables to provide them with a “clinic-on-the-wrist” digital health sensor system. Rockley’s end-to-end sensing platform will combine hardware and application firmware in a module for OEM manufacturers that can be augmented with cloud analytics for certain clinical/medical partnership applications, enabling these customers to provide meaningful and actionable insights to their users.

“Silicon photonics has tremendous potential to transform multiple industries through a broad range of applications, particularly in the health and wellness space by bringing laboratory-grade measurement on the wrist much closer to reality,” said Dr. Andrew Rickman, chief executive officer and founder of Rockley Photonics. “As we continue on the next phase of our growth as a public company, we are in a much stronger position to create solutions that can provide a new class of actionable insights, transform digital healthcare, and deliver life-changing benefits to people across the globe.”

A.J. Coloma, chief executive officer of SC Health, added, “Rockley’s technology is truly revolutionary. By giving access to personalized insights and information, Rockley’s unique sensing platform lets people self-manage their well-being. Easy, everyday access to this data has the power to transform the healthcare paradigm, moving away from costly chronic care and focusing on prevention and early intervention, thereby keeping people at the peak of health. Rockley is now well poised to further solidify their leadership position in the industry, and we are excited about the abundance of growth opportunities ahead, not only in the consumer health space, but also in medtech and beyond. We look forward to continuing to work alongside Andrew and his team to fully realize the myriad applications of the company’s technology.”