Owlstone Medical Closes Series E Financing Round with $27M

Owlstone Medical, the global leader in Breath Biopsy for applications in early disease detection and precision medicine, today announced a first closing of $27 million in its Series E financing round. Funding was led by Ventura Capital, joined by Aviva Ventures, Horizons Ventures, and other existing investors. 

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 commercialization of our pipeline of unique breath tests.”

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

In-human clinical trials are currently underway for a screening test for the early-stage detection of lung cancer¹.

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 Defence², the Gates Foundation, and the FDA³. We are pleased to support their ongoing development of Breath Biopsy, which has been proven by the first products approved in market in the US and UK.”

Owlstone will also further develop and launch the LIBRA test for the primary care and at-home diagnosis of chronic liver diseases, and the commercialization of the OMED Health Breath Analyzer, a hand-held, low-cost medical device for the diagnosis and monitoring of digestive diseases.

References:

¹ https://www.owlstonemedical.com/breath-biopsy-tests/evolution/

² https://www.owlstonemedical.com/about/news/2023/mar/17/oml-wins-diu-contract/

³ https://www.owlstonemedical.com/about/news/2024/sep/30/owlstone-fda-research-collaboration-agreement-vocatlas/