Cambridge-based PneumaCare recently announced it has closed on 1 million pounds – roughly $1.6 million U.S. dollars – to finance future endeavors. According to PneumaCare, existing investors, including Sud Investments, Torteval, and business angels from Cambridge Capital Group and Cambridge Angels, supported the fundraising.
As part of the financing, PneumaCare plans to expand its premises at the St. John’s Innovation Centre in Cambridge so as to increase production volumes, provide training facilities for customers and distributors, and to support commercial expansion.
In addition to the finance allotment, the company also announced the appointment of Edward Benthall to PneumaCare’s board of directors. Benthall is a former partner at Charterhouse Capital Partners, a private equity firm based in London. He also is an active participant in the Cambridge business angel community, through his membership of the Cambridge Capital Group. What’s more, Benthall currently serves as chairman of Cambridge Enterprise and the recently launched Cambridge Innovation Capital Fund.
“This financing from our existing investor base is fundamental to PneumaCare’s aggressive plans for expansion in Europe and North America,” said Dr Bill Mason, chairman of PneumaCare in a released statement. “Our recent appointment of industry veteran CEO, Mark Harwood, has given our investors confidence that the company is geared for expansion and growth. We have two CE-marked products which are now entering the commercial phase, and a range of clinical studies are in progress in UK and Europe. These will provide proof of clinical efficacy for a wide spread of human diseases in the area of lung function.”