PneumaCare completes £1m financing
PneumaCare, a young Cambridge UK medical technology business, has closed a new £1 million financing round to underpin expansion in Europe and North America.
The respiratory monitoring medical imaging company says the round was supported by existing investors including Sud Investments, Torteval and business angels from Cambridge Capital Group and Cambridge Angels.
In parallel with the financing, the company has announced the appointment of Edward Benthall to the board.
Benthall is a former partner at Charterhouse Capital Partners, a private equity firm based in London. He is also an active participant in the Cambridge business angel community through his membership of the Cambridge Capital Group. He is currently chairman of Cambridge Enterprise and the recently launched Cambridge Innovation Capital Fund.
As part of the financing, PneumaCare is expanding its premises at the St John’s Innovation Centre in Cambridge to enable increased production volumes, provide training facilities for its customers and distributors and to support commercial expansion generally.
Chairman Dr Bill Mason said: “This financing from our existing investor base is fundamental to PneumaCare’s aggressive plans for expansion in Europe and North America.
“Our recent appointment of industry veteran CEO, Mark Harwood, has given our investors confidence that the company is geared for expansion and growth.
“We have two CE-marked products which are now entering the commercial phase, and a range of clinical studies are in progress in UK and Europe. These will provide proof of clinical efficacy for a wide spread of human diseases in the area of lung function.”