Cambridge medtech firm Inotec raises $33m Series C

According to Inotec, the Series C financing will allow it to pursue the US rollout of NATROX O₂, the company’s flagship continuous topical oxygen therapy (cTOT) product. NATROX O₂ is a wearable device that delivers a continuous flow of oxygen directly to wounds, enhancing healing. Inotec said the technology can help treat chronic and persistent wounds such as diabetic foot ulcers, venous leg ulcers, pressure injuries, and non-healing surgical or traumatic wounds.

"Inotec AMD's global success is rooted in our dedication to patient-centric innovation, especially through our work with NATROX O₂," said Craig Kennedy, CEO of Inotec AMD.

“This latest round of financing underscores the confidence our investors have in our vision and our ability to make a significant impact in the wound care space providing life-altering improvements for our patients.”

Inotec claims the NHS spends a similar amount of money on wound care each year as it does on cancer treatment, with chronic wounds in particular presenting healthcare providers with ongoing challenges. In the US, wound care costs health services an estimated $97bn per year. Chronic wounds account for around half of that figure. Globally, it’s believed more than 100 million people suffer from chronic wounds.

The next major step for Inotec is to seek ‘national reimbursement’ in the United States for NATROX O₂ - essentially approval for the treatment to be covered by the public and private insurance plans that form the bedrock of the US healthcare system. 

“NATROX O₂ is already authorised to sell in 46 countries," said Pierre Socha, partner at Amadeus Capital, one of the leaders of the Series C funding round.

"It is becoming the reference advance therapy for the healing of chronic wounds across private and public health systems globally. Securing national coverage in the US is another step forward for the team."