Header Breath Therapeutics

Breath Therapeutics

Breath Therapeutics is a spin-out from Munich-based PARI Pharma GmbH and specialises in advanced and first-in-class inhalation therapies for severe respiratory diseases. Breath Therapeutics uses proprietary drug formulations optimised for inhaled administration with exclusively licensed, high-performance nebulisers. Its lead programme develops a first-in-class inhalation therapy against Bronchiolitis Obliterans Syndrome (BOS).

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When ambition meets ambition

BOS is a high-medical-need orphan disease market opportunity with potential for attractive peak sales and margins. Given the limited number of centres in which BOS patients are treated, there is an attractive commercialisation opportunity in the EU/US with a lean organisational structure. Overall, we see an attractive risk-return profile.

We have followed this opportunity for more than a year and worked closely with the Breath team to orchestrate this spin-out. This carve-out is therefore a nice example of a mid-sized company inviting external expertise and financial resources to bring an in-house innovation to maturity.

Together, we build a leading company

Our financing, which is one of the larger rounds for a European start-up over the past few years, will enable Breath Therapeutics to conduct the phase III trials in Europe and the US, apply for marketing authorisation and prepare for commercialisation. Our sector experience in respiratory indications and in orphan diseases through prior investments in Prosonix and Prosensa will enable us to support Breath’s ambitions.


Inhalation therapies for respiratory diseases