The UK-based wound healing medtech firm, Inotec AMD raises £3.7 million as a part of Series C funding from Wealth Club.
The Cambridge University spinout will use this investment for commercial expansion in the US and other markets.
The investment was backed by high-profile backers including industry top-head Amadeus Capital Partners and bio-tech super angel Jonathan Milner, of Abcam fame.
Inotec patented the NATROX 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 three times more likely to heal, and the treatment could save health care systems 38%.
Since its inception in 1997, Inotec already supplies to the US Department of Veterans Affairs – the largest integrated healthcare provider in the US, similar in the size of UK’s NHS.
During the Covid-19 crisis, they expanded their offerings with the development of a digital health platform, NATROX Home Advantage, that offers clinicians to diagnose, treat and monitor patients virtually.
With this, the company reported a revenue of £0.4 million in the last calendar year by treating over 1,000 patients.
The global wound healing market is estimated to be approximately $25 billion by 2024. The UK spends as much on wound care patients as on cancer. Further, US spends $97 billion every year on wound care patients, including clinical time, hospitalisations and materials.
Still, there are numbers of products available which can manage the wound but not heal it. 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 fund raise. 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.”
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