ClinSpec closes cash call for cancer blood test
Development team (L-R), David Palmer, Holly Butler, Matthew Baker and Mark Hegarty
ClinSpec Diagnostics, the Glasgow-based developer of a revolutionary blood test for the early detection of cancer, has reached its funding second round funding target of £3.5 million.
The company, a spinout from the Department of Pure and Applied Chemistry at the University of Strathclyde, has secured £1.1m from the university and from Norcliffe Capital, Eos Advisory and the founders.
It raised £2.4m last year from Mercia’s EIS Funds with Scottish Enterprise, profit with purpose investor SIS Ventures, Eos Advisory and the University of Strathclyde. The latest round brings total funds raised by the company to £5.1m.
The ClinSpec Dx blood test is based on research by Dr Matthew Baker. Through a combination of infra-red light and artificial intelligence, its ‘drop, dry, detect’ technology provides results in minutes.
Pioneering blood test
CEO Mark Hegarty said: “Achieving the £3.5m target enables us to accelerate our plans. We will shortly complete our move into new lab and office facilities and increase staffing to 15, bringing forward key operational and commercial appointments.
“Our two clinical studies on detection of brain cancer have been successful and papers are in draft for publication over the next six months. This, plus the development of our multi-cancer platform covering the most common cancers, will form the bedrock for Series A investment in 2022, with the target of commercial launch in 2024.”
Joining the board is Norcliffe Capital adviser Prof David Onions who said: “We were very impressed by the results from the clinical studies on brain cancer and the clear strategy of the company.”