Owlstone Medical, based in Cambridge, UK, has completed a new round of financing of $11.6 million to help them develop their disease respiratory analyzers. This round of financing came from existing investors, and when the company was founded in June last year, it also received $7 million in investment.
This round of financing will be used to commercialize Owlstone's respiratory biomarker equipment as the company's equipment is popular with more medical personnel and is being used in the diagnosis of lung and colon cancer.
Owlstone's Respiratory Analyzer uses asymmetric field ion mobility spectroscopy to detect volatile organic compounds and metabolites from a person's breathing and body fluids. This testing technology allows doctors to diagnose diseases at a very early stage in a non-invasive manner. Compared to the traditional way, patients can get treatment earlier.
“Getting this round of financing represents not only the market's recognition of our FAIMS technology, but also the recognition of a new diagnostic method for respiratory biopsy.†Co-founder and CEO Billy Boyle said: “We are in our LuCID lung cancer test. Great progress has been made, and we will recruit 3,000 patients in 21 locations in the UK and Europe to upgrade to the world's top respiratory disease trials. The commercial operation of our equipment may lead the clinic to an unprecedented level. It is easy to find lung cancer with pharmacists."
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