Owlstone Medical has raised a total of $50 million for its Breath Biopsy platform. The Cambridge, England-based company said it has raised about $73 million since it was founded in 2016.
The funds have been raised to expand commercial opportunities in precision medicine including through the launch of targeted Breath Biopsy kits, and to enable further investment in the technology platform to support the development of additional high value applications.
“The closing of this round of financing marks a significant milestone for Owlstone Medical as it places us in a very secure financial position with a balance sheet sufficient to pursue all of our strategic commercial and development plans over the next several years, which we will execute through a combination of internal efforts and partnerships with industry leaders,” Billy Boyle, co-founder and CEO at Owlstone Medical, said in a release. In this round, Owlstone Medical sought participation from organizations that in addition to capital investment would also be able to provide strategic support for the business. With these long-term investors now in place, the company said it is in a position to benefit from improved access to key markets such as China, to clinical and academic researchers to support product development efforts, to high-quality manufacturing partners, and to additional international funding sources.
In March of last year, Owlstone brought its earnings to about $23.5 million.