Owlstone Medical has secured the first closing of its Series E financing round, securing $27m (approximately £22m) to advance the development of its Breath Biopsy platform and the commercialisation of new diagnostic tests and point-of-care devices.
Ventura Capital led the round with participation from Horizons Ventures, Aviva Ventures, and current investors, along with an investment from the Gates Foundation.
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Owlstone Medical co-founder and CEO Billy Boyle said: “Testament to the power of Breath Biopsy is the continued strong support we continue to enjoy from our investors.”
The investment will also bolster the company’s ongoing projects, including in-human clinical trials for a lung cancer screening test and will progress the development of a non-invasive breath test called ‘LIBRA’ for chronic liver diseases.
Designed for the early identification of liver cirrhosis in high-risk individuals, the LIBRA test involves the process of limonene-based beverage ingestion followed by breath collection after 40 minutes.
Additionally, the proceeds will be used for the commercialisation of the handheld OMED Health Breath Analyzer, used for diagnosing and monitoring digestive conditions.
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By GlobalDataThe company noted that its Breath Biopsy technology offers a non-invasive method to identify volatile organic compounds (VOCs) in exhaled breath, which can serve as biomarkers for early disease detection, patient stratification, treatment monitoring, and measuring exposure to hazardous substances.
The platform encompasses products and services for the collection and analysis of breath samples, utilising gas chromatography and mass spectrometry for the VOCs’ quantification and detection.
Aviva Investors Venture Investments head Tom Grant said: “Owlstone has made tremendous progress since their last fundraise. This includes their proprietary Breath Biopsy platform and VOC Atlas database10, and in developing diagnostic solutions in high need clinical areas with products now reaching the market.”
In September 2021, the company raised $58m in a Series D financing round.
