Owlstone Medical Announces $27 Million USD First Close in Series E Financing Round
Summary
Led by Ventura Capital and joined by other investors including Aviva Ventures, the Gates Foundation and Horizons Ventures Funding will be used to accelerate commercialization and further clinical trials of Breath Biopsy diagnostic tests and point of care devices for lung cancer, liver disease, and digestive diseaseCAMBRIDGE, England--(BUSINESS WIRE)--Owlstone Medical (Owlstone), the global leader in Breath Biopsy\xae for applications in early disease detection and precision medicine, today announced a first closing of $27 million (circa \xa322 million) in its Series E financing round. The close also saw completion of the investment from the Gates Foundation1.The funds will be used to support the ongoing development of Owlstones proprietary Breath Biopsy\xae platform and the development and commercialization of novel diagnostic tests and point of care devices.These include in-human clinical trials currently underway for a screening test for the early-stage detection of lung cancer2, the most common cancer killer in the world responsible for 1.8 million deaths each year3; further development and launch of the LIBRA\xae test4 for the primary care and at-home diagnosis of chronic liver diseases, which account for over 2 million deaths worldwide annually5; and commercialization of the OMED Health\xae Breath Analyzer6, a hand-held, low-cost medical device for the diagnosis and monitoring of digestive diseases that affect 1 billion people globally7.Mo El Husseiny, Founder and Managing Partner at Ventura Capital, commented: The enormous potential of breath-based diagnostics is becoming clearer every day, with Owlstone as the main driver of progress in the space. We are pleased to support their ongoing development of Breath Biopsy, which has been proven by the first products approved in market in the US and UK.Tom Grant, Head of Venture Investments at Aviva Investors, said: Owlstone has made tremendous progress since their last fundraise. This includes their proprietary Breath Biopsy platform and VOC Atlas\xae database10, and in developing diagnostic solutions in high need clinical areas with products now reaching the market. The funds closed will enable us to progress our business to the next stage, advancing clinical trials and supporting the launch and commercialization of our pipeline of unique breath tests.