Owlstone Medical, a pioneer in breath biopsy technology, has announced the initial closing of a $27 million Series E financing round. Led by Ventura Capital, with participation from Aviva Ventures, Horizons Ventures, and the Gates Foundation, the funding aims to accelerate the development and commercialization of breath-based diagnostics for early disease detection and precision medicine.
The investment will support ongoing clinical trials for the early detection of lung cancer, a leading cause of cancer-related deaths globally. Additionally, funds will be allocated to the development and launch of the LIBRA test for chronic liver diseases and the commercial rollout of the OMED Health Breath Analyzer for digestive diseases.
Advancing Breath Biopsy Technology
Owlstone Medical's Breath Biopsy platform analyzes volatile organic compounds (VOCs) in exhaled breath to detect biomarkers associated with various diseases. This non-invasive approach offers the potential for earlier and more accurate diagnosis, addressing critical unmet needs in disease management.
Billy Boyle, co-founder and CEO of Owlstone Medical, expressed gratitude for the investor support, stating that the funds will enable the company to advance clinical trials and commercialize its breath tests. The company's proprietary Breath Biopsy platform and VOC Atlas database have demonstrated significant promise, with products now reaching the market and validating their innovative approach.
Clinical Applications and Partnerships
The LIBRA test targets chronic liver diseases, which affect millions worldwide. The OMED Health Breath Analyzer is designed for cost-effective diagnosis and monitoring of digestive diseases, impacting approximately one billion people globally. Owlstone Medical has also established strategic partnerships with institutions like the U.S. Department of Defense and the FDA.
Mo El Husseiny, Founder and Managing Partner at Ventura Capital, praised Owlstone’s leading role in the breath-based diagnostics field. Tom Grant, Head of Venture Investments at Aviva Investors, highlighted Owlstone’s progress, including its proprietary platforms and the commercial introduction of products in the US and UK markets.
Owlstone Medical's advancements represent a significant step forward in revolutionizing disease detection and precision medicine, offering a non-invasive and potentially more effective approach to early diagnosis and monitoring.
