ClinSpec DX raises £2.4m to develop cancer test
Top team: David Palmer, Holly Butler, Matthew Baker and Mark Hegarty
A university spin-out has received £2.4 million from existing investors to support the further development of its cancer testing technology.
Glasgow-based ClinSpec Diagnostics, which came out of the Department of Pure and Applied Chemistry at the University of Strathclyde, has developed a way of detecting cancer at an early stage using a simple blood test.
Since the company was established in 2016, studies on brain, prostate and pancreatic cancers have highlighted the technology’s potential as a multi-cancer early detection test.
The funding round was led by Mercia’s EIS Funds with Scottish Investment Bank, the investment arm of Scottish Enterprise, alongside SIS Ventures, EoS Advisory and the University of Strathclyde.
To date, ClinSpec Dx has raised £4m, including a first round of seed funding in 2019 led by EoS Advisory alongside Mercia’s EIS Funds and the Scottish Investment Bank’s Co-Investment Fund, as well as grant funding from the Higgs EDGE Special Award, and from Innovate UK through the precision medicine accelerator fund.
The company remains open for a further £1m to accelerate development, build value and prepare the groundwork for Series A funding.
This latest investment allows it 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.
The business plans to hire a further five employees to strengthen the scientific and operations teams, taking its total headcount to 14.
CEO Mark Hegarty 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.”