A Manchester-based investor has led a £7m funding round for medtech business Inotec AMD.
Praetura Ventures invested £2.75m in the latest round, joined by Amadeus Capital Partners, Puhua Capital, Boundary Capital and a group of angel investors.
Inotec AMD, which is headquartered in Cambridge and has an office in North Carolina, has developed a device that uses pure humidified oxygen to treat a range of chronic wounds, from diabetic and venous ulcers to non-healing surgical wounds.
The firm, which currently provides products to the NHS as well as in the US, Italy, South East Asia and the Middle East, said it is looking to “expand its foothold” and target new international markets, after it completed “several successful clinical trials”.
Craig Kennedy, Inotec AMD chief executive, said: “The 海角视频 alone spends £3.1bn treating chronic wounds each year, while the US spends $50bn.
“Add to this the significant escalation in costs, not to mention the considerable distress to patients and families if the only course of treatment for non-healing wounds is amputation.
“It’s clear that there’s a real need for innovation and new solutions in this area.”
He continued: “We’re proud to have developed a product with the potential to revolutionise wound care and significantly minimise pain and suffering for millions of patients worldwide.
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“Our next step is to continue our momentum and expand into new territories.”
Dr Andy Round, director and life sciences specialist at Praetura Ventures, will join Inotec AMD’s board.
He said: “We’re always keen to back exciting businesses led by highly-skilled, respected and entrepreneurial management teams.
“We’ve been taken aback by the determination of the team at Inotec AMD to change wound care for the better.”
He added: “It’s especially important in the current climate that medtech entrepreneurs can flourish and bring their products to market quickly, which is where our support and expertise comes in.
“We’re confident that our extensive experience will help accelerate the team’s growth and allow them to provide ground-breaking treatment to more patients worldwide.”
Inotec AMD is the third life sciences business in Praetura Ventures’ portfolio, after it invested in biotechnology development company Ostara Biomedical and Liverpool ChiroChem, which develops the chemical building blocks for use in biopharmaceutical drug design.
Since 2019, Praetura Ventures has raised more than £22m to invest in early-stage business in the north and across the 海角视频, it said.