MEDTECH BUSINESS INOTEC AMD SECURES £7M VC INJECTION
20th February 2020, 11:59 am
Inotec AMD, a fast-growing medtech business that has developed an innovative device to heal and treat complex chronic wounds, has secured £7m in a funding round led by Praetura Ventures.
The 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.
Manchester headquartered 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 Ventures in making up the £7m round.
Inotec AMD is headed up by CEO Craig Kennedy and chairman Dr Adrian Patron MBE. The business is headquartered in Cambridge and 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, CEO at 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: “We’re always keen to back exciting businesses led by highly skilled, respected and entrepreneurial management teams.
“We’ve been taken aback by the determination of the team at Inotec AMD to change wound care for the better. 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.
“We’re confident that our extensive experience will help accelerate the team’s growth and allow them to provide ground-breaking treatment to more patients worldwide.”
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.
Since 2019, Praetura Ventures has raised more than £22m to invest in early-stage business in the North and across the UK. Its current portfolio includes AI and machine learning business, Peak and online delivery platform Sorted. Other recent investments include Patchwork, a rapidly growing healthtech start-up on a mission to solve the NHS staffing crisis and SteamaCo, a technology provider to energy suppliers in emerging markets.
Matt Noon and Katy Oakes from Hill Dickinson LLP advised Praetura Ventures.
Osborne Clarke advised Inotec AMD.
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