Digital health company PneumoWave has announced the closing of a £7.5m Series A financing.
The round will enable clinical validation and regulatory submission of the company’s biosensor technology platform for remote wireless diagnosing and monitoring potentially fatal respiratory changes in high-risk patient groups.
PneumoWave co-founder and CEO, Dr Bruce Henderson, said:
“We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support.
“Working with leading international centres, we will now be able to accelerate our clinical validation leading to a planned regulatory submission in early 2024.
“We believe our platform will provide an invaluable tool for increasing the effectiveness of opioid use disorder treatment programmes as well as respiratory disorders in general.”
PneumoWave is a development stage digital health company, with locations in Scotland and the US.
Its proprietary digital technology provides real-time physiological data and patient-centric digital biomarkers and focuses on preventing deaths and reducing hospital admissions from respiratory causes.
Paul Callaghan, Director Innovation, at investor the Scottish National Investment Bank, said:
“The Bank’s support for PneumoWave will help their aim of being able to remotely diagnose and monitor high-risk patients with respiratory conditions. This commercial investment has the potential to positively impact significant public health issues in this country and beyond.”
PneumoWave’s technology is being developed as part of an international research programme in collaboration with the University of Dundee, King’s College London, University of Glasgow and NRCH and Department of Health in Victoria, Australia.
Mark Bamforth of investor Thairm Bio, said:
“This is a great opportunity to support the PneumoWave team to bring their platform to the US to help deliver more effective treatment programmes for both opioid use and general respiratory disorders.”