Natrox

What Natrox does

Natrox (legal entity Inotec AMD Limited) is a privately held, UK-headquartered medical device company founded in 2003 and based at Cambridge Research Park. It develops, manufactures, and commercializes a single core product: NATROX O2, a wearable Class II medical device that generates and delivers continuous pure humidified oxygen (Continuous Topical Oxygen Therapy, cTOT) directly to chronic, non-healing wounds 24/7. The technology is small, silent, battery-powered, and portable, addressing tissue hypoxia in diabetic foot ulcers, venous leg ulcers, pressure ulcers, and surgical wound dehiscence. Level 1 RCT evidence (n=145 across 19 US sites, published in Journal of Wound Care 2021) demonstrated a 71% greater healing rate and 73% greater reduction in wound size versus standard of care alone over 12 weeks.

The company sells through a hybrid direct enterprise/government channel and exclusive distribution model. Named institutional anchors include the US Veterans Health Administration (accessed via a Federal Supply Schedule contract awarded July 2021 covering 1,293 facilities serving 9 million+ veterans), NHS Supply Chain and NHS Shared Business Services in the UK, and exclusive distributor InterMed Medical for Australia and New Zealand (effective May 2021). End customers are wound care specialists, podiatrists, vascular surgeons, and nurse practitioners operating in hospitals, wound care centers, nursing homes, and home-care settings. Revenue is generated primarily from hardware device sales supplemented by recurring consumables; pricing is not publicly disclosed. Marketing is built around KOL-driven clinical evidence dissemination via webinars, peer-reviewed publications, conference presence (SAWC, EWMA, Wounds UK, GWC), and an extensive clinical evidence library.

Natrox has raised approximately $48.9M in funding across multiple rounds since 2012, including a $33M Series C in December 2024 led by Amadeus Capital Partners, Meltwind Advisory, Puhua Capital, and Wealth Club. It operates through wholly-owned subsidiaries Inotec AMD Inc. (Hickory, NC, USA) and a Malaysian office supporting Asia-Pacific clinical operations, with end markets across North America, Europe, Oceania, Southeast Asia, South America, and Africa. The company is led by CEO Craig Kennedy, with a KOL-heavy senior team including CMO Dr. Thomas Serena, CSO Dr. Gregory Schultz, and Director of Global Medical Affairs Dr. Windy Cole.

Name

Natrox

Legal name

Inotec AMD Limited

Website

https://natroxwoundcare.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Natrox (Inotec AMD Ltd.) is a UK-based medical device company that develops and sells NATROX O2, a wearable Class II device delivering continuous topical oxygen therapy for chronic, non-healing wounds. It serves wound care clinicians, hospitals, government health systems (US VA, NHS), and patients across multiple continents via direct sales and exclusive distributors.

Ownership category

akta.pro rank

Product category

Wound Care Medical Devices

NAICS

Surgical Appliance and Supplies Manufacturing (339113), Surgical and Medical Instrument Manufacturing (339112), Medical Equipment and Supplies Manufacturing (3391)

SIC

Surgical & Medical Instruments & Apparatus (3841), Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Negative Pressure Wound Therapy (NPWT) Systems & Accessories (HLAHALAB)

Keywords

• Chronic wound care
• Topical oxygen therapy
• Wound healing devices
• Diabetic foot ulcer treatment
• Medical device manufacturing

Headquarters

HQ city

Cambridge

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Medical Device Sales: Sale of NATROX O2 wearable topical oxygen therapy medical device (Class II). Sold directly to healthcare providers and through distribution partners. Government contracts (VA FSS) and NHS supply chain. Device is supplied to patients via clinical settings or home use with clinical support.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Natrox (Inotec AMD Ltd.) designs, manufactures, and sells the NATROX® O₂ wearable Class II medical device that delivers Continuous Topical Oxygen Therapy (cTOT) directly to chronic, non-healing wounds. The battery-powered, portable device is sold to healthcare providers, hospitals, and government health systems to treat diabetic foot ulcers, venous leg ulcers, pressure ulcers, and surgical wound dehiscence.

Product overview

Natrox is a specialist wound care company (Inotec AMD Ltd.) offering a single core product: the NATROX® O₂ Continuous Topical Oxygen Therapy device. This is a wearable medical device that delivers continuous oxygen directly to wounds to promote healing in chronic, non-healing wounds. The product is designed for use across the care continuum in both clinical and home settings.

Differentiator

Problem solved

Functional benefit

Brands

• NATROX® O₂: Continuous Topical Oxygen Therapy (cTOT) device for wound healing - a wearable medical device that delivers continuous pure humidified oxygen directly to wounds to stimulate healing in chronic, non-healing wounds

Products and services

• NATROX® O₂ Continuous Topical Oxygen Therapy A wearable Class II medical device that generates and delivers continuous pure humidified oxygen directly to wounds 24/7 to stimulate healing in chronic, non-healing wounds. Small, silent, battery-powered and fully portable, enabling treatment in clinical or home settings without travel or mobility restrictions.

Quantifiable outcome

• 71% greater wound healing rate and 73% greater reduction in wound size compared to standard care alone in diabetic foot ulcer patients
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Veterans Health Administration (VA)coreChannel Partner/ Reseller/ Distributor · 27 July 2021Inotec was awarded the Federal Services and Supply (FSS) contract to sell NATROX O2 to Veterans Health Administration Hospitals across the USA. The VA is the largest integrated health network in the country, treating more than 9 million veterans annually at 1,293 VA health care facilities. This government contract enables VA clinicians to access NATROX therapy for Veteran patients with chronic wounds.
• InterMed MedicalcoreChannel Partner/ Reseller/ Distributor · 20 July 2021Inotec AMD Ltd appointed InterMed Medical as exclusive distributor for Australia and New Zealand. The distribution agreement began in May 2021 with NATROX availability starting soon after. InterMed is a well-established distribution company supplying the healthcare market in New Zealand since 1980 and Australian healthcare market since 2013. Given the low population densities in these regions, InterMed's remote care capabilities are particularly valuable.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• AOTI (Advanced Oxygen Therapy Inc.): AOTI markets the Topical Wound Oxygen (TWO2) therapy system, a direct cTOT competitor to NATROX O2. Both companies target chronic diabetic foot ulcers and other non-healing wounds with continuous topical oxygen delivery, making AOTI the most directly comparable peer in clinical positioning, technology class, and end customers.
• EO2 Concepts: EO2 Concepts manufactures the TransCu O2 system, a continuous topical oxygen wound therapy device that directly competes with NATROX O2 in the same cTOT category, serving the same chronic wound and DFU patient population through similar clinician channels.

Emerging players

• GWR Medical: GWR Medical offers the Hyper-Box topical oxygen therapy system for wound healing, overlapping with NATROX O2 in the topical oxygen / cTOT category but with a less portable, more clinic-based delivery model, making it a relevant emerging or niche peer.
• MiMedx: MiMedx is a wound care and regenerative medicine company selling placental tissue allografts for chronic and surgical wounds, directly competing with NATROX O2 in advanced adjunctive therapies for diabetic foot ulcers and other hard-to-heal wounds in US hospital and outpatient settings.

Broad incumbents

• Smith+Nephew: Smith+Nephew is a global medical device incumbent with a large advanced wound management portfolio (dressings, NPWT, biologics) and direct overlap in the chronic wound care customer base that Natrox targets, though it does not currently focus on cTOT.
• Mölnlycke Health Care: Mölnlycke is a leading global wound care and surgical solutions company whose dressings, antifriction products, and negative pressure systems are routinely used alongside NATROX O2 in chronic wound treatment pathways, making it an adjacent broad incumbent in the same hospital purchasing decisions.
• ConvaTec: ConvaTec is a major wound, ostomy and continence care company serving hospitals, home care, and community settings with overlapping chronic-wound customers; it competes for the same clinician and institutional budget that Natrox targets with NATROX O2.
• Coloplast: Coloplast is a global wound and skin care incumbent whose chronic wound dressings and ostomy products are sold into the same patient and clinician segments as NATROX O2, particularly across Europe where both companies have established reimbursement positions.
• 3M Health Care (KCI / Acelity): 3M's KCI business owns the V.A.C. negative pressure wound therapy franchise, the dominant NPWT platform globally. NPWT is the most clinically and commercially entrenched alternative to cTOT in advanced wound care, making 3M/KCI the principal reference competitor when clinicians choose between NPWT and NATROX O2.
• Organogenesis: Organogenesis is a wound care and regenerative medicine company selling skin substitutes and biologics (e.g., Apligraf, Dermagraft) that compete for the same advanced chronic wound treatment budgets as NATROX O2, especially in DFU and VLU pathways.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Natroxwoundcare
• YouTubeyoutube.com/channel/NATROX
• Facebookfacebook.com/natroxwoundcare
• LinkedInlinkedin.com/company/natroxwoundcare
• Instagraminstagram.com/natroxoxygen

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Natrox