Owlstone Medical, the developer of Breath Biopsy for applications in early disease detection and precision medicine, has closed a Series D financing round that significantly exceeded its $50 million target, securing $58 million in funding (c. £42 million), bringing the total raised by the company to over $150 million (c. £109 million) since its founding in 2016. The round was led by returning investor Horizons Ventures, which now takes a seat on the Board of Owlstone Medical and was joined in the financing by other existing and new investors from Asia, the Middle East and the US.

Owlstone Medical has developed a unique proprietary platform in Breath Biopsy capable of both use in routine diagnostic testing and in biomarker discovery and is currently generating revenue by providing research products and services to leading pharmaceutical and academic organizations as well as having a robust pipeline of research use only (RUO) panels and diagnostic tests in development in lung cancer, liver disease, and respiratory disease. The company said the financing would accelerate the development and commercialization of these tests and facilitate further advancements in the Breath Biopsy platform.