Inogen Secures $22 Million in Financing
2/15/07 - Inogen, a leading developer of long-term oxygen therapy technologies, today announced that it has secured $22 million in funding from a group of investors led by Novo A/S. The company says the funds will support new manufacturing capabilities and Inogen's expansion into international markets.
Denmark-based Novo A/S and Michigan-based Arboretum Ventures are first-time investors in Inogen. The company says other participants in the financing round are existing investors Versant Ventures, Avalon Ventures, and Accuitive Medical Ventures.
“We believe that Inogen is at the forefront of a paradigm shift in home oxygen therapy. The Inogen One device has the potential to obviate the need for expensive home oxygen tank delivery services, while allowing COPD patients greater flexibility and freedom in their day-to-day lives. We are delighted to be involved with a company that is providing patients with such an innovative device,” said Heath Lukatch, a partner at Novo who will now serve on Inogen's board of directors.
Inogen's first product is the Inogen One portable oxygen concentrator, developed to meet the supplemental oxygen needs of those with chronic lung diseases.
“This latest financing round reflects our investors’ confidence in our approach to meeting the needs of a rapidly expanding COPD market,” said Kathy Odell, Inogen CEO. “As COPD prevalence escalates, Inogen will further expand its leadership in meeting the needs of patients and the clinical community. Inogen expects to continue its strong momentum by capitalizing on the increased adoption of portable oxygen concentrators and recent changes to Medicare reimbursement.”
Inogen: www.inogen.net and www.oxygenation.com
Novo A/S: www.novo.dk
Arboretum Ventures: www.arboretumvc.com
