Oxy’Nov Inc. (OxyNov), the developer of FreeO2 technology, has raised $500,000 in venture capital funding from Desjardins–Innovatech.
Quebec City based OxyNov is preparing to launch its FreeO2 automated oxygen adjustment device. In particular, this technological innovation will optimize the management of patients living with chronic obstructive pulmonary disease (COPD).
The FreeO2 system was invented by Dr. François Lellouche (M.D., Ph.D.) of the Institut universitaire de cardiologie et de pneumologie de Québec and Dr. Erwan L’Her (M.D., Ph.D.) of the Université de Bretagne Occidentale, in Brest, France. The device has been tested on over 500 patients in Québec and France. The studies showed an improvement in treatment efficacy and patient comfort and safety, fewer complications, a lighter workload for care staff and shorter treatment periods and hospital stays.
“This investment by Desjardins–Innovatech and the guidance provided by CTS Santé come at the right time to support our ambitious plans to commercialize our devices in European and North American hospitals,” said Jean-Luc Balzer, President of OxyNov.
photo credit: Michael Schwarzenberger via pixabay