Inotec clinches £7m to advance chronic wound technology globally
Inotec AMD, a Cambridge medtech business that has developed a device to heal and treat complex chronic wounds, has secured £7 million in a funding round led by Praetura Ventures.
The Cambridge Research Park business has developed Natrox, a cutting-edge product that uses pure humidified oxygen to treat a range of chronic wounds, from diabetic and venous ulcers to non-healing surgical wounds.
Following several successful clinical trials, Inotec AMD is looking to expand its foothold in the US, Asia, the Middle East and Europe.
The business currently provides products to the NHS and health providers in key markets including the US, Italy, Southeast Asia and the Middle East. UK-based Praetura Ventures has invested £2.75m in the latest round.
Existing investor Amadeus Capital Partners, Puhua Capital, Boundary Capital and a group of high-net-worth angel investors joined Praetura.
Inotec AMD is headed up by CEO Craig Kennedy and chairman Dr Adrian Parton. Headquartered in Cambridge, the business also has a US office in North Carolina.
The funding will enable Inotec AMD to build on its recent growth and target new international markets. Dr Andy Round, director and life sciences specialist at Praetura Ventures, will join Inotec AMD’s board.
Inotec AMD is the third life sciences business in Praetura Ventures’ portfolio, following investments in Ostara Biomedical, a biotechnology development company focused on mammalian reproductive biology; and Liverpool ChiroChem, a specialist business that develops the chemical building blocks for use in biopharmaceutical drug design and development.
Craig Kennedy said: “The UK alone spends £3.1 billion 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.
“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. Our next step is to continue our momentum and expand into new territories.”
The global wound care market continues to grow rapidly, with a recent report by market research company MarketsandMarkets predicting it will be worth $24.8bn by 2024, up from $19.8bn this year.