Inogen Secures $20 Million in Financing Led by Novo A/S
SANTA BARBARA, Calif., April 12, 2012 /PRNewswire/ -- Inogen, Inc., a manufacturer and accredited homecare provider of oxygen therapy equipment and services, announced that it has secured $20 million in equity financing from a group of investors led by Novo A/S. The funds will support Inogen's continued growth and build upon its position within the homecare community as a leading manufacturer and provider of innovative oxygen technology.
Since its accreditation as a national homecare provider for oxygen therapy in 2009, Inogen has setup thousands of individuals with its innovative oxygen technology. Inogen is proud to have changed the lives of oxygen therapy users by replacing their cumbersome legacy equipment with newer technology such as portable oxygen concentrators, thereby restoring their freedom and independence.
Raymond Huggenberger, Inogen CEO, said, "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."
Inogen plans to use the new capital primarily 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 to improve the quality of life of oxygen users around the world.
Denmark-based Novo A/S, wholly owned by the Novo Nordisk Foundation, is an existing investor in Inogen. Heath Lukatch, Novo Partner and Inogen Chairman of the Board, said, "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."
Inogen is innovation in oxygen therapy. Our mission is to improve freedom and independence for oxygen therapy patients through innovative products and services. As a manufacturer and Accredited Homecare Provider dedicated to oxygen therapy, Inogen is ideally suited to develop products tailored to oxygen therapy users and to provide superior service to those users in their homes.
SOURCE Inogen, Inc.
Released April 12, 2012