Inotec AMD, the company behind an innovative device to heal and treat complex chronic wounds using ure humidified oxygen, has secured £7m in a funding round led by Praetura Ventures.
The device can be used to treat a range of chronic wounds, from diabetic and venous ulcers to non-healing surgical wounds.
Following several successful clinical trials, the company now plans to use the investment to expand in the US, Asia, the Middle East and Europe.
Craig Kennedy, CEO, Inotec AMD, said “The UK 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.”
“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.”
“We’ve been impressed by Andy and the Praetura team’s understanding of the barriers and opportunities in our sector, and we’re confident that their support will help us to accelerate our growth strategy.”
Andy Round, director at Praetura Ventures, said “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.”
The global wound care market continues to grow at a rapid rate, with a recent report by market research company MarketsandMarkets predicting it will be worth $24.8bn by 2024, up from $19.8bn this year.
