The enterprise, which is headquartered on the Maxim Office Park at Eurocentral, says it goals to “rework the best way sufferers with respiratory situations handle their well being and stay their lives”. A key precedence is decreasing the variety of deaths ensuing from Opioid Induced Respiratory Depression, a situation the agency says will be deadly except detected early.
PneumoWave chief govt and founder Dr Bruce Henderson mentioned the enterprise is on the collection A funding stage, elevating £7.5 million, which will probably be used to proceed scientific trials – it has a pipeline of ten scientific trials that it’s supporting – with submitting for related regulatory clearances additionally on the agenda.
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He additionally mentioned PneumoWave, which at present has 20 workers – 18 in Scotland and two within the US – is prone to double the dimensions of its group over the 18 to 24 months of the collection A part. On the playing cards are 15 technical hires within the UK and three to 5 business hires within the US.
As for the high-growth potential of the latter market, Dr Henderson, a forensic medical expert, mentioned there are about 75,000 deaths a yr within the nation from unintended opioid overdoses, “and we consider the overwhelming majority are preventable”. He added that the enterprise’ know-how is completely new, and there are two to 3 million sufferers within the US with opioid use dysfunction, and an extra 5 million on excessive dose prescription opioids.
PneumoWave, which is already integrated within the US, will initially give attention to one state, but to be confirmed, and look to open an workplace on the east coast. “We are in discussions with business companions within the US to attempt to drive gross sales after we attain the market.”
The improvement stage digital well being firm, which final yr rebranded from Altair Medical, additionally sees sturdy potential in Scotland. Dr Henderson mentioned it has had a lot help from the Scottish Government and the NHS in Scotland.
PneumoWave chief govt and founder Dr Bruce Henderson. Picture: Ashley Coombes/Epic Scotland.
Additionally, PneumoWave is certainly one of angel funding syndicate Equity Gap’s investee firms. Last yr it secured £2.25m of pre-series A funding, with its investor syndicate led by Alba Equity and included Equity Gap, Intuitive Investment Group, London and Scottish Investment Partners, and Scottish Enterprise.
Earlier this yr PneumoWave introduced that the University of Dundee was beginning a scientific trial of its wearable biosensor system. That adopted the information that its monitoring platform was being utilized in a scientific trial led by Professor Sir John Strang – a world key opinion chief on the opioid disaster, says Dr Henderson – at King’s College London.
The PneumoWave CEO acknowledged that its providing can allow cost-effective therapy, serving to sort out what’s a trillion-dollar-a-year drawback within the US alone. In abstract, he added: “We’re getting close to to the thrilling half the place we hope that originally of 2023, we can have our first scientific trials that take a look at end-to-end overdose detection and alerting and prevention of demise.
The agency’s wearable biosensor system that goals to assist decrease opioid overdose deaths. Picture: contributed.
“We will then construct on that and take that by regulatory clearance into 2024. We hope to have our product launch second half of 2024 within the UK and US.”
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