ClinSpec Dx secures £2.4M funding boost for its cancer testing technology
by Startacus Admin
Major funding secured by Glasgow-based ClinSpec Dx to help further develop its innovative, impactful and early detection cancer testing technology
Efforts to improve the early detection of cancer have received a significant boost with a £2.4 million funding deal to support the further development of innovative testing technology.Glasgow-based ClinSpec Diagnostics Limited (ClinSpec Dx), a spinout from the University of Strathclyde, has developed a way of detecting cancer at an early stage using a simple blood test. This latest investment allows ClinSpec Dx to progress its multi-cancer development program, including completion of its second brain cancer trial, and the development of a multi-cancer algorithm covering the most common cancers and also expand its scientific and operations teams.
Through a combination of infra-red light and artificial intelligence, the ClinSpec Dx blood test and its ‘drop, dry, detect’ technology provides results in minutes.
Earlier diagnosis of cancer results in significantly higher survival rates, increasing the availability of treatment options and improving chances of recovery and a better quality of life. The blood test also has the potential to indicate the type and severity of the tumour, allowing doctors and clinicians to prioritise and fast-track the most appropriate and effective treatments.
The funding round was led by Mercia’s EIS Funds with Scottish Investment Bank, the investment arm of Scottish Enterprise, profit with purpose investor SIS Ventures, EoS Advisory and the University of Strathclyde.ClinSpec Dx has raised £4 million to date and remains open for a further £1 million to accelerate development, build value and prepare the groundwork for Series A funding.
Mark Hegarty, CEO, ClinSpec Dx said: “Worldwide, 26,000 people die from cancer each day. Early detection is critical for effective treatment, but many cancers go undetected for too long. This funding is another significant step forward for ClinSpec Dx in our mission to detect cancer earlier and help to increase patient survival and quality of life.”
Kerry Sharp, Director, Scottish Investment Bank, said: “ClinSpec Dx is a textbook example of the type of company SIB was established to support; it’s innovative, ambitious, has its sights set on international expansion and, crucially, is developing a platform product that could prove vital in saving lives.”
Rob Halliday, Fund Manager, SIS Ventures said: “ClinSpec Dx has developed a hugely exciting, impactful and disruptive technology which has the potential to meaningfully impact the lives of millions around the world”.
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Published on: 7th September 2020
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