Spirometrix Raises $17.4 Million Series C Financing

PLEASANTON, Calif.–(BUSINESS WIRE)–Spirometrix,
an emerging technology healthcare company focused on research,
development and commercialization of novel breath analysis devices for
applications in disease diagnosis and management, announced today the
closing of $17.4 million in the first round of a Series C financing. The
financing was led by Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
(600196.SH, 02196.HK), with participation from return backers NGK
Spark Plug Co., LTD (NTK); South Valley Angels; Iconical;
Ohio Innovation Foundation; and, Carmen Innovation LLC.

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Spirometrix Inc., founded in 2011 by Dr. Solomon Ssenyange and Ryan
Leard as a personal mission to aid asthma patients in the management of
their ailment, focuses on the development and commercialization of novel
breath analysis devices for application in diagnosis and management
of asthma. In recent years, non-invasive measurement and
monitoring of the fraction of exhaled nitric oxide
(FeNO) in exhaled breath has become established as the
biomarker of asthma. The sensor based technology was licensed from
Professor Prabir Dutta’s innovative laboratories at The Ohio State
University as the company was founded. Spirometrix is the vanguard
of this significant opportunity: Including the Series C investment,
Spirometrix has now raised a total of $29 million in three rounds of
funding.
“We are extremely pleased not only to have Shanghai Fosun Pharmaceutical
as a major financial and strategic partner in China, but also that our
Series A and B lead investors have participated in this third round of
financing,” said J. Dean Zikria, CEO of Spirometrix. “This Series
C funding underwrites a launch-pad for Spirometrix to commercialize its
initial product, the Fenom PRO Point-of-Care Breathalyzer, a
first-of-its-kind offering in asthma that comprises several sensors as
well as a digital ecosystem designed to prompt evidence that may lead to
enhanced clinical decision support.” The Spirometrix respiratory digital
ecosystem includes data from other devices as well as the environment,
such as local pollen count, local pollution index and air quality—which
allow for algorithmic analysis that leads to pattern recognition and
pattern management in asthma —for the first time.
“Fosun’s investment in Spirometrix is further evidence of the
significant opportunity not only in the USA and EU but also in the
growing Chinese market, for the use of our product and the data insights
gained from over 20 million Chinese citizens who could potentially use
our product,” said Zikria. “In addition, Series C funds will be used to
finalize the development of a handheld breathalyzer for use by asthma
patients in measuring their FeNO levels at home. This device will be the
first of its kind in the world.” Zikria also added that the current
funding will finance product launches in both the EU and USA within one
year.
“FeNO monitoring in the management of asthma patients at the point of
care has the potential to optimize asthma therapy, improve compliance of
medication use and decrease the need for emergency visits and
hospitalization,” added James Wolfe, M.D., Clinical Professor of
Medicine at Stanford University and a Scientific Advisor to Spirometrix.
“It should be noted that both American Thoracic Society and European
Respiratory Society have issued guidelines recommending FeNO testing for
the assessment, management, and long-term monitoring of asthma.”
“Lately, air pollution in China has triggered public consciousness to
proactively manage health, especially in regard of respiratory health
and wellness. By investing in Spirometrix, we hope to empower the public
with a tool that not only better diagnoses asthma, but also actively
monitors and manages this chronic disease,” said Chen Qiyu,
Chairman of Fosun Pharma.
About the Fenom PRO™ Point-of-Care Breath Analyzer
The
Spirometrix Fenom PRO™ Point-of-Care Breath Analyzer is a portable,
battery-operated device that comprises a solid-state senor which uses an
electrochemical reaction to yield a millivolt output, which is then
translated by an algorithm into nitric oxide (NO) levels. At the
physician’s office or in the hospital, the patient breathes into the
Fenom PRO™ device for about 10 seconds. The device then measures the NO
content in the lungs, yielding a result in about 30 seconds. The Fenom
PRO™ device connects automatically to a cloud-based decision repository
and support system that will offer ‘big data’ insights about the 250⁺
million people worldwide who suffer from asthma. Spirometrix expects CE
marking for European regulatory approval of the Fenom PRO™ this summer
and to commence clinical trials for FDA approval later this fall.
About the Fenom HOME™ At-Home Breath Analyzer
In addition to
the Fenom PRO™ Point-of-Care Breath Analyzer, Spirometrix also is
developing the Fenom HOME™ At-Home Breath Analyzer, the world’s
first handheld device designed to provide exhaled nitric oxide
information to an asthmatic individual. Like Fenom PRO™, the portable
and battery-operated Fenom HOME™ device uses an electrochemical reaction
to yield a millivolt output, which is then translated by an algorithm
into exhaled nitric oxide (FeNO) levels. The patient breathes into the
Fenom HOME™ device for about 10 seconds. The device then measures the NO
content in the lungs, yielding a result in about 30 seconds. The Fenom
HOME™ device also connects automatically to a cloud-based decision
repository and support system. Spirometrix expects to commence clinical
trials with Fenom HOME™ by year-end.
About
SPIROMETRIX
Founded in 2011, the Pleasanton, Calif.-based
Spirometix Inc.’s mission is to provide cost-effective, non-invasive
products for the diagnosis and management of chronic diseases
such as asthma, COPD, and chronic pulmonary hypertension by using a
nexus of consumer technologies for preventative healthcare through its
proprietary set of sensors and algorithms.
About Shanghai Fosun Pharmaceutical (Group)
Co.,Ltd.
Established in 1994, Shanghai Fosun
Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”; stock code: 600196.SH,
02196.HK) is a leading healthcare Group in the PRC. Fosun Pharma
strategically covers important segments of the healthcare industry
value-chain, including pharmaceutical manufacturing and R&D, healthcare
services, medical diagnosis, medical devices manufacturing and agent, as
well as pharmaceutical distribution and retail, making contribution to
improving people’s health. Fosun Pharma maintains a National Recognized
Enterprise Technology Centre and a highly capable international R&D
team, focusing on innovation and research of therapeutic areas including
cardiovascular system, central nervous system, blood system, metabolism
and digestive tract system, anti-infection and anti-tumor. With its
commitment to innovation for good health and creating a better future,
Fosun Pharma will continue insisting on the strategic development
approach of “organic growth with external expansion and integrated
business operation,” striving to be one of the first-class enterprises
in the global healthcare market.
CAUTION: The Fenom PRO™ Point-of-Care Breath Analyzer and the Fenom
HOME™ At-Home Breath Analyzer are investigational devices that provide
exhaled nitric oxide information to a physician at point-of-care or to
an asthmatic individual. Fenom PRO™ and Fenom HOME™ are breath monitors
limited for use by Federal Law (USA) to healthcare professionals in
clinical trials to help manage asthma patients and are not available for
sale at this time.