Firm that uses oxygen therapy to heal previously untreatable wounds raises £3.7 million
Cambridge University spinout Inotec AMD, a global MedTech wound care business with unprecedented healing rates, has raised £3.7 million in investment from Wealth Club as part of a larger Series C round.
The funding is intended to support commercial progress in the US and other markets.
The company counts high-profile names amongst its backers, including sector specialists Amadeus Capital Partners and bio-tech super angel Jonathan Milner, of Abcam fame.
Inotec’s patented NATROX® wearable technology applies oxygen therapy to previously untreatable wounds – even those that had been open for months or years (e.g., diabetic foot ulcers) – in any setting, at home or in-clinic. Wounds are 3 times more likely to heal, and the treatment could save health care systems 38%.
Trading since 2018, Inotec already supplies the US Department of Veterans Affairs – the largest integrated healthcare provider in the US, similar in size to the NHS. The onset of the Covid-19 crisis was the catalyst to expand the offering with the creation of a digital health platform, NATROX® Home Advantage, that allows clinicians to diagnose, treat and monitor patients without them having to visit a clinic or hospital.
So far, over 1,000 patients have been treated and the company has generated £0.4 million in revenue in the last calendar year.
The opportunity could be vast: the global wound care market is estimated to be worth approximately $25 billion by 2024. The UK spends as much on chronic wound care as it does on cancer. The US spends $97 billion every year on wound care patients once clinical time, hospitalisations and materials are included. Yet, whilst there are some products that contain or manage wounds, none can heal them – NATROX® is proven to heal or improve 88% of previously untreatable wounds.
Craig Kennedy, CEO of Inotec AMD comments:
“Wealth Club was recommended to us by our cornerstone investor Amadeus Capital Partners. The deal team at Wealth Club showed great expertise in understanding our business and the investment opportunity. They were always available and on top of their process, and they worked seamlessly alongside all other parties involved in the transaction ensuring a successful fundraise. They were a fantastic partner to have on board our £10 million Series C round and we highly recommend them.”
Alex Davies, founder of Wealth Club (whose members invested £3.7 million) comments:
“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.”
