PulmoBioMed  - a Northumbria University spin-out which has developed a new lung test that could lead to earlier diagnosis of asthma and other conditions - has raised £1.4m to help commercialise its technology and target the US market.  The investment round was led by the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, and included Northumbria University, SFC Capital and private investors in the USA, EU and UK. The company has also secured a £700,000 grant from Innovate UK to help it demonstrate the benefits of its technology.