Owlstone Medical, a leader in Breath Biopsy for early disease detection and precision medicine applications, announced the first closing of $27 million (circa £22 million) in its Series E funding round. The fundraiser was led by Ventura Capital, joined by Aviva Ventures, Horizons Ventures, and other existing investors. The close also saw the completion of the investment from the Gates Foundation.
The funding will support the ongoing development of Owlstone's proprietary Breath Biopsy 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 cancer, which is the most common cancer killer in the world responsible; further development and launch of the LIBRA test for the primary care and at-home diagnosis of chronic liver diseases; and commercialization of the OMED Health Breath Analyzer6, a hand-held, low-cost medical device for the diagnosis and monitoring of digestive diseases that affect hundreds of millions of people worldwide.
KEY QUOTES:
"The enormous potential of breath-based diagnostics is becoming clearer every day, with Owlstone as the main driver of progress in the space. Our initial thesis has been confirmed through Owlstone's recent partnerships with the U.S. Department of Defense, the Gates Foundation, and the FDA9. 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."
"Owlstone has made tremendous progress since their last fundraise. This includes their proprietary Breath Biopsy platform and VOC Atlas database, and in developing diagnostic solutions in high need clinical areas with products now reaching the market. Aviva Ventures has been an early investor in the business, and we remain confident in Owlstone and its future impact on healthcare."