Inotec has secured £7m funding.

The Cambridge firm has developed a Natrox device which uses pure humidified oxygen to heal and treat complex chronic wounds.

Following 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.

CEO Craig Kennedy said: “The UK alone spends £3.1 billion treating chronic wounds each year, while the US spends $50 billion.

“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.”

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UK TECH INVESTMENTS IN 2020

Praetura Ventures led the investment round.

Existing investors Amadeus Capital Partners, Puhua Capital, Boundary Capital and a group of high-net-worth angel investors joined lead investor Praetura Ventures in the round.

Dr Andy Round, director and life sciences specialist at Praetura Ventures, will join the firm’s board.