Breath Therapeutics is a German-based biotechnology company which is developing drug-aerosol therapeutics in pulmonary orphan indications. Its lead program targets a lethal orphan respiratory disease called Bronchiolitis Obliterans Syndrome (BOS) which mainly affects lung transplant patients. Breath Therapeutics is spin-out from German Pari Pharma GmbH.

BOS is commonly understood as chronic graft rejection and is the main reason for the poor five-year survival rates after lung transplantation. There are no approved drugs for the indication. The lead program consists of a proprietary formulation of cyclosporine A which is delivered through a high performance nebulizer that enables remote adherence monitoring. There are more than 20,000 people currently living with a lung transplant and round half of them will die in the next five years. The funds from Gilde and a syndicate of European investors will be used to fund clinical studies in Europe and the US to obtain market registration.