Glasgow, Scotland-based remote monitoring device startup PneumoWave closed £7.5 million in a series A round and is now looking to transfer into larger operational premises to prepare for its proposed 2024 regulatory submission.
The round includes £2.3 million from existing PneumoWave investors Scottish Enterprise, IIG, Equity Gap, Alba Equity, and London and Scottish Investment Partners. New shareholder Scottish National Investment Bank is providing £5.2 million, with the round completed by Thairm Bio's Mark Bamforth.
Use of telecoms networks to send data from medical apparatus allows clinicians to support outpatients to a similar degree to hospital standard of care.
Specifically, PneumoWave's biosensor could facilitate remote treatment of patients who need to come off addictive opioid medicines. Earlier generations of clinicians prescribed opioids freely, however the industry has had a radical rethink since then.
Taking too many opioids can result in sunken lungs. PneumoWave says its device could help to assess potential lung damage sooner to prevent deaths from opioid overdoses. Another key indication is COPD, a serious long-term pulmonary disorder.
The startup is partnering with a number of academics, from a couple Scottish institutions, University of Dundee and University of Glasgow, in addition to King's College in London, and North Richmond Community Health in Australia.
Dr. Bruce Henderson, CEO and co-founder of PneumoWave, commented: "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. In addition, as a consequence of this investment, the company is moving to larger premises here at Eurocentral and will increase the team size from 18 to around 35, including a number of staff in the US."