Breath Biopsy pioneer Owlstone reveals $27m first close of Series E

The raise was led by Ventura Capital, which has major operations in London, Dubai and Tokyo. It was joined by Aviva Ventures, Horizons Ventures and other existing investors. The close also saw completion of a previously publicised investment from the Gates Foundation, which in total was worth £6.5m.

The new funds are being 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, the most common cancer killer in the world responsible 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 worldwide annually; 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.

Mo El Husseiny, Founder and Managing Partner at Ventura Capital, commented: “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 U.S. Department of Defence, the Gates Foundation, and the FDA. We are pleased to support the company’s ongoing development of Breath Biopsy, which has been proven by the first products approved in market in the US and UK.”

Billy Boyle, co-founder and CEO at Science Park-based Owlstone Medical, added: “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.”