PulmoBioMed Ltd.

Revolutionary lung condition diagnostic technology access global investment funding thanks to research funding and business strategy support

Northumbria University spin out PulmoBioMed Ltd. developed a unique, entirely non-invasive, patent-protected technology to help diagnose lung conditions such as Asthma, Pneumonias, and Lung Cancer. With support from Innovation SuperNetwork, they were able to fund research and improve business strategy, helping them reach new markets and finance opportunities.

Background

Lung fluids contain molecules which can inform clinicians of the state of lung health or disease. The only way clinicians can access these lung fluids is through intubation under anaesthesia: a high-risk, high-cost process that is rarely used. Yet many diseases (COPD, lung fibrosis, cystic fibrosis) can be diagnosed and monitored by analysing deep lung fluids. Unfortunately, diagnosis is often missed, slow, or even wrong, causing delays, and a trial-and-error approach to treatment.

PulmoBioMed solved the problem of accessing deep lung fluids safely and economically by developing a new non-invasive sampling method. Lung fluids are exhaled in the form of aerosols droplets that are visible as a white cloud on a cold day. Their technology captures the last part of a person’s exhaled breath, eliminating at the same time any saliva, or contamination from the operator or the environment. This additionally improves reliability, in a hand-held, easy to use format that is compatible with all tests, in an affordable manner. During the pandemic, after being tested in a European Centre of Excellence hospital and a primary healthcare centre in Brazil, it was discovered that PulmoBioMed’s product was able to detect COVID-19 in 100% of symptomatic cases. It remains the only breath-based tool to achieve this, receiving outstanding feedback.

With the decline of the pandemic, however, it became apparent that further discussions with investors, customers, and key opinion leaders would be needed in order to demonstrate value in areas other than COVID-19.

Pulmo BioMed Inhaler

Looking for Support

PulmoBioMed approached Innovation Supernetwork in the summer of 2022 seeking support in attracting investment to the business, to help them scale the manufacturing of their product and commence sales in the clinical world.

Innovation SuperNetwork helped PulmoBioMed to apply for a small, £10,000 grant. This grant helped the company to evaluate and demonstrate that inflammatory markers for other lung diseases such as Asthma and COPD were also detectable in deep lung fluid samples captured with PulmoBioMed technology, the same way as COVID 19.

 

‘[Innovation SuperNetwork] helped us to develop our value proposition for our customers through training and results, and to attract matched non-diluting funding to our seed raise, ultimately helping secure an over-subscribed equity round.’

Professor Sterghios A. Moschos, CEO and Founder, PulmoBioMed Ltd

 

Impact

As a result of the grant, they were able to use their research to de-risk the value proposition of the technology. Armed with these results, Innovation SuperNetwork helped PulmoBioMed prepare to apply for an Innovate UK Combined Investor Partnership grant for a £1 million project to evidence the value of the product in diagnosing and typing asthma.

The small grant, successful Combined Investor Partnership grant, and data generated with the Innovation Supernetwork’s direct support helped PulmoBioMed  raise £1.45 million in equity investment from US, EU, and UK investors (45% oversubscribed) during one of the toughest and most adverse years for the sector.

As well as investment support, Innovation SuperNetwork’s business strategy experts have helped PulmoBioMed to nail down and refocus their market to a larger, more stable segment with clearly defined unmet clinical and societal need. This, alongside their new data, has allowed them to drive sales and contracts, increase their number of direct hires (with 3 additional vacancies currently hiring) and increase the diversity of their team.

Find out more about how Innovation SuperNetwork can help your innovate and grow through Access to Finance support programmes

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