Mills & Reeve advises PneumaCare on a further £1m investment
Mills & Reeve has advised cutting edge medical imaging company, PneumaCare Limited, on its latest investment round of £1 million. Among the investors were Sud Investments, Torteval, and business angels from Cambridge Capital Group and Cambridge Angels.
The Cambridge based company is a market leader in the design and development of respiratory diagnostic and monitoring equipment using novel non-invasive, non-contact 3D-imaging technology. Founded in 2009, it now boasts two CE-marked products and is currently progressing a range of clinical studies on human diseases in the area of lung function. These products, Thora-3DI and PneumaScan, are already being used in pre and post operative assessments, drug testing and device development by both public and private health care providers.
This latest round of funding will allow the company to expand its premises at the St. John’s Innovation Centre in Cambridge to enable increased production volumes and provide training facilities for its customers and distributors. It will also assist in the company’s commercial expansion plans.
According to PneumaCare’s Chairman, Dr Bill Mason, this round of financing will be “fundamental to PneumaCare’s aggressive plans for expansion in Europe and North America. He said: “once again, Mills & Reeve’s support was invaluable. Their understanding and knowledge of our business and their expertise in the healthcare market in which we operate has made them our trusted legal advisers.”
The Mills & Reeve team was led by corporate finance partner, Zickie Lim, assisted by corporate solicitor, Pippa Pearce. Zickie commented: “PneumaCare are an exciting business for whom we’ve acted from its inception. We’re thrilled to have helped them secure this additional financing which will enable them to scale up their commercial growth and sales plans for its PneumaScan and Thora-3DI products.”