Owlstone secures $27m in Series E financing round

Owlstone Medical’s fundraise was led by Ventura Capital, joined by Aviva Ventures, Horizons Ventures, and other existing investors. The close also saw completion of investment from the Gates Foundation.

In a statement, Mo El Husseiny, founder and managing partner at Ventura Capital, said: “The enormous potential of breath-based diagnostics is becoming clearer every day, with Owlstone as the main driver of progress in the space. Our initial thesis has been confirmed through Owlstone’s recent partnerships with the US Department of Defence, the Gates Foundation, and the FDA [US Food and Drug Administration].”

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The funds will be used to support the ongoing development of Owlstone’s proprietary Breath Biopsy platform and the development and commercialisation of novel diagnostic tests and point-of-care devices.

These include in-human clinical trials currently underway for a screening test for the early-stage detection of lung cancer, a disease that accounts for 1.8 million deaths each year; further development and launch of the LIBRA test for the primary care and at-home diagnosis of chronic liver diseases, which account for over two million deaths annually worldwide; and commercialisation of the OMED Health Breath Analyzer, a hand-held, low-cost medical device for the diagnosis and monitoring of digestive diseases that affect one billion people globally.

Billy Boyle, co-founder and CEO at Owlstone Medical, said: “Testament to the power of Breath Biopsy is the continued strong support we continue to enjoy from our investors. The funds closed will enable us to progress our business to the next stage, advancing clinical trials and supporting the launch and commercialisation of our pipeline of unique breath tests.”

The company says its aim is to save 100,000 lives by realising the potential of breath-based diagnostics through the development and application of Breath Biopsy, which measures volatile organic compounds (VOCs). These gaseous molecules originate from all parts of the body as the end product of metabolic processes and can be sampled quickly and non-invasively. The platform includes ReCIVA, a proprietary sample collection device that won the Royal Academy of Engineering’s MacRobert Award in 2018.