A Glasgow-based medical device specialist has secured a £1.7 million investment round.
The funding will support Nebu-Flow to further the commercialisation and delivery of next generation respiratory pharmaceuticals.
The company’s nebuliser has been developed to provide a number of advantages over existing technologies in a global nebuliser market valued at over $1 billion.
A nebuliser is a machine that helps people to breathe in medicine as a fine mist through a mask or a mouthpiece.
Overall, the worldwide inhalable drug market is estimated to be worth over $43 billion in 2022.
The oversubscribed funding round was led by Edinburgh-based investment service Foresight Group via its Foresight Williams Technology joint venture between Foresight and Williams Advanced Engineering, Science Creates Ventures, Ascension Life Science Fund, and SIS Ventures.
Nebu-Flow was co-founded by chief executive Dr Elijah Nazarzadeh to address the challenges in drug delivery for respiratory disorders, which are the main cause of death and disability worldwide.
Nazarzadeh led research into the development and commercialisation of nebuliser technology at the University of Glasgow, before founding Nebu-Flow as a spin-out company in 2019.
She said: “Our technology enables efficient respiratory delivery of a wider range of drugs that are hard to nebulise. Many of these drugs, like biologics, are potentially life-saving.
“We are pleased to have the support of Foresight and our other investors, whose ambitions for the business are very much aligned with our own.”
The company believes its technology could also potentially help deliver cutting-edge treatments including in areas like gene therapy, while improving outcomes for patients with life limiting conditions such as cystic fibrosis and chronic obstructive pulmonary disease.
Bill Yost, investment manager at Foresight, said: “We are excited to announce our support for such a forward thinking and innovative business. Nebu-Flow’s development of delivery mechanisms tailored to specific drugs represents an opportunity to expand the market and improve patient outcomes.
“Foresight Williams Technology’s expertise will offer significant value as the company develops its products, and we look forward to working with the team at Nebu-Flow during the next stage of their growth.”
Dr John Pritchard was recently appointed as Nebu-Flow’s chair. He brings over 25 years’ of experience working with GSK, AstraZeneca, Philips, where he was involved in the delivery of multiple products to market, and received the Virginia Commonwealth University award for outstanding research and discovery in respiratory drug delivery in 2018.
He said: “Elijah leads a highly motivated team developing pioneering technology, positioned to make a significant impact in global markets, and I look forward to continuing to guide and support the company as it enters its next phase of growth.”
Nebu-Flow plans to hire for a number of additional positions this year, including scientific, research, product design, and developer roles.