NEW YORK ─ Breath testing firm Owlstone Medical on Tuesday announced the closing of an oversubscribed $58 million Series D financing round to support platform development and commercialization of tests for lung cancer, liver disease, respiratory disease, and digestive health.
The Cambridge, UK-based company said that the capital raised exceeded its target of $50 million and brings the total amount it has raised since its founding in 2016 to more than $150 million. Returning investor Horizons Ventures led the financing round and now has a seat on Owlstone Medical’s board of directors. Current and new investors from Asia, the Middle East, and the US also participated in the financing.
Owlstone Medical is developing its Breath Biopsy platform for routine diagnostic testing and biomarker discovery. The firm said it is generating revenue by providing research products and services to pharmaceutical and academic organizations, and it has a pipeline of research-use-only panels and diagnostic tests in development for lung cancer, liver disease, and respiratory disease.
The company is developing exogenous volatile organic compound probes for its Breath Biopsy platform and has launched a research-use-only panel for respiratory diseases, Billy Boyle, cofounder and CEO of Owlstone Medical, said in a statement.
Owlstone Medical previously entered a partnership with Functional Gut Diagnostics to provide clinical tests for small intestinal bacterial overgrowth and food intolerance.