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Owlstone Closes $50M to Develop, Commercialize Breath Biopsy Platform

NEW YORK (360Dx) – Owlstone Medical today announced that it has completed a $50 million financing round to support the development and commercialization of a breath biopsy platform for early disease detection.

The funding includes a previously announced round valued at $15 million and brings the total raised by Cambridge, UK-based Owlstone to about $73 million since its founding in 2016.

Aviva Ventures, the venture capital arm of Aviva, an insurance firm, and Horizons Ventures, the private investment arm of Hong Kong investor Li Ka-shing, led the initial raise of $15 million. Horizons Ventures led the $35 million funding raise and it included investments from Ventura Capital and Foxconn Technologies Group.

Owlstone Medical said that during this round of financing, it sought participation from organizations that would be able to provide strategic support in addition to capital for its business.

The firm said that with long-term investors in place, it is poised to benefit from improved access to key geographic markets, such as China; clinical and academic researchers that support product development; high-quality manufacturing partners; and sources of additional international funding.

The firm said that its funding will support expanding commercial opportunities in precision medicine and the launch of targeted breath biopsy kits, and enable further investment in its technology platform to support the development of applications.

Billy Boyle, cofounder and CEO of Owlstone, said in a statement that closing this round of financing marked a significant milestone for the firm and placed it in a secure financial position with a balance sheet sufficient to pursue its strategic commercial and development plans over the next several years. He said that the firm anticipates executing its business plans through a combination of internal efforts and partnerships with industry leaders.

He said that the firm is seeking to accelerate entry into China, a key market.