US-based medtech Liberate Medical has raised $6.2m in a Series B financing round co-led by Scientific Health Development and an unnamed investor.
The Series B funding adds to a previous total of $1.45m raised by the company through venture financing, according to GlobalData’s deals database.
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The company said it will put the funds towards its pivotal clinical trial investigating the use of its respiratory muscle stimulator device, VentFree.
According to Liberate Medical, the device is “the only non-invasive, breath synchronised, neuromuscular electrical stimulator intended to prevent expiratory muscle atrophy in mechanically ventilated patients”.
The electrotherapy device stimulates the abdominal wall muscles to prevent muscle atrophy and help patients come off mechanical ventilators.
Liberate Medical received emergency use authorisation (EUA) from the US Food and Drug Administration (FDA) for the device in May 2020 to aid with respiratory symptoms presented in the Covid-19 pandemic. Now, the company is conducting a trial, called PREVENT, to demonstrate if the device reduces the duration of invasive mechanical ventilation in patients that are having difficulty moving to independent breathing.
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By GlobalDataPrevious studies using the device in mechanically ventilated patients have been conducted in Europe and Australia. Liberate Medical says results from the trial will be used to support FDA clearance. The device already has CE marking.
A market model by GlobalData estimates the respiratory devices and anaesthesia market will be worth $17.1bn by 2030.
Liberate Medical CEO Angus McLachlan stated: “[Scientific Health Development and our strategic partner’s] support and expertise will be instrumental as we conduct the PREVENT trial and prepare for full commercialisation of VentFree.”
