Broadfield advises Owlstone Medical funding

Owlstone Medical, a leader in Breath Biopsy for early disease detection and precision medicine, has secured US$27 million in Series E financing. The first closing was led by Ventura Capital and supported by Aviva Ventures, the Gates Foundation and Horizons Ventures. The funding will accelerate commercialisation and clinical trials of Breath Biopsy diagnostic tests and point-of-care devices for lung cancer, liver disease and digestive diseases affecting over one billion people worldwide.

Broadfield’s team was led by Cambridge Corporate Finance Partner Duncan Walker who said Owlstone is a long-standing client of the firm and they are thrilled to have advised on this significant funding round. He added that Owlstone is on an exciting journey developing breath-based diagnostics and it has been a privilege to have played a part in that journey.

Billy Boyle, co-founder and CEO at Owlstone Medical, expressed gratitude towards Duncan and the Broadfield team, saying their professionalism, advice and guidance is greatly appreciated. He emphasised that early diagnosis is a critical determinant of health outcomes and by enabling swift and non-invasive detection of disease, breath analysis has the potential to save lives and dramatically reduce the burden of illness in resource-constrained settings. He stated this investment is a testament to how Owlstone is uniquely positioned to transform disease diagnosis through their Breath Biopsy platform and the funds will accelerate both the discovery and validation of VOC biomarkers and the development of a fieldable, low-cost, simple-to-use device.

The Gates Foundation was advised by K&L Gates, Horizons Ventures by McDermott Will & Emery and Aviva Ventures by Eversheds Sutherland.