Inogen announced that a group of investors led by Novo A/S has provided $20 million in equity financing to support the continued growth and its position in the home care community.
Based in Santa Barbara, CA, the company is a manufacturer and provider of oxygen therapy equipment and services.
“Inogen is well positioned for sustained growth over the coming years and this latest round of financing will ensure our operations continue to exceed customer expectations as the demand perpetuates for Inogen’s products and services,” said Raymond Huggenberger, CEO of Inogen.
The new capital will primarily be used to expand its sales and patient support resources, spread awareness among oxygen therapy users and also further solidify its market position by investing in R&D and the commercialization of innovative new products said the company in a statement.
Denmark-based Novo A/S, wholly owned by the Novo Nordisk Foundation, is an existing investor in Inogen.
“Inogen has created a unique success model rooted in patient satisfaction that is rarely found in the therapeutic oxygen industry and Novo is proud to support Inogen’s vision and its substantial growth to meet market demand,” said Heath Lukatch, Novo Partner and Inogen Chairman of the Board.
Written by John Yedinak