Owlstone Medical has secured $58m in Series D financing to continue the advancement of its breath biopsy platform.

With the latest financing, the company’s total funding reached more than $150m since its founding in 2016.

Led by returning investor Horizons Ventures, the financing round witnessed participation from existing and high-profile new investors from Asia, the Middle East and the US.

Owlstone Medical has developed an advanced platform in breath biopsy, which can be used both in routine diagnostic testing and biomarker discovery.

The company generates revenue by selling its research products and services to major pharmaceutical and academic organisations.

It is also having a portfolio of research use only (RUO) panels and diagnostic tests under development in lung cancer, liver disease, respiratory disease and digestive health

The firm will use the proceeds from the financing round to boost the development and commercialisation of these tests, in addition to facilitating further advancements in the Breath Biopsy platform.

Owlstone Medical co-founder and CEO Billy Boyle said: “Owlstone Medical continues to make tremendous progress, including major advancements in our Breath Biopsy platform such as the development of EVOC Probes.

“Strong progress in our Test pipeline with the launch of the Respiratory Diseases RUO Panel and the publication of key study results for liver disease; and entering into a partnership with Functional Gut Diagnostics for the provision of clinical tests for SIBO (small intestinal bacterial overgrowth) and food intolerance.”

In January this year, the company introduced the Respiratory Diseases RUO Panel, which is designed to support research to distinguish between types of chronic inflammatory airway disease including asthma, chronic obstructive pulmonary disease (COPD), and idiopathic pulmonary fibrosis (IPF).

The panel is intended to facilitate enhanced therapeutic decision making and monitoring.

In April 2018, Owlstone Medical agreed to deliver breath biopsy services to AstraZeneca to study disease drivers in asthma and COPD.