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Image courtesy of Inotec AMD
A Cambridge University tech spinout has raised £3.7m as part of a series C funding. Wound healing medtech firm Inotec AMD says it will use the funds to help it expand in the United States and other commercial markets.
Inotec’s patented NATROX® Oxygen Wound Therapy is a simple, yet very clever and groundbreaking device, which delivers continuous pure humidified oxygen directly to a wound to stimulate healing. It can even help heal previously untreatable wounds, including those that have been open for months or years, like diabetic foot ulcers. It also works in any setting, at home or in-clinic.
With NATROX®, wounds are three times more likely to heal than they would left to their own devices, and the firm says the treatment could save health care systems as much as 38%.
Since it was founded in 1997, Inotec already supplies to the US Department of Veterans Affairs, the largest integrated healthcare provider in the US — similar to the size of the NHS.
During the Covid-19 crisis, Inotec expanded its offerings, launching NATROX Home Advantage, a digital health platform that helps clinicians to diagnose, treat and monitor patients virtually.
Inotec’s latest round of investment is supported by a number of high-profile backers, including global technology investor Amadeus Capital Partners and biotech super angel Jonathan Milner (of Abcam fame).
The global wound healing market is a huge business, estimated to be worth approximately $25bn by 2024. In the UK alone, as much is spent on patient wound care as cancer. In the US, $97bn is spent every year on wound care alone.
Alex Davies, founder of Wealth Club (whose members invested £3.7mn) said: “Here you have a patented product that is proven to address a serious problem that’s costing governments around the world $billions every year–not to mention transforming patients’ lives.
“Add to this that the people behind it have previously launched over 250 medical products and technologies and were responsible for some of the biggest success stories in the wound care industry. One can see how the contract with the US Department of Veterans Affairs could be the springboard to win similar contracts with other healthcare providers around the world. There could be great things ahead for Inotec, making this a very exciting investment opportunity in our view.”
In November 2020, Inotec expanded its global headquarters in Cambridge, adding more office space and state-of-the-art meeting rooms to its base in the Cambridge Research Park.
Find out more here: https://www.natroxwoundcare.com/