Funding raised

Medtech firm Carcinotech plans overseas growth

Moray Martin, Ishani Malhotra, and Ana Stewart

Medtech specialist Carcinotech, has secured a £1.6 million investment from Scotland-based investors to accelerate commercialisation and overseas expansion.  

TRICAPITAL led the investment round, succeeding initial seed round leader Gabriel Investments, alongside Eos Advisory, SIS Ventures, Gabriel, Alba Equity, and Scottish Enterprise.

Carcinotech, which is focused on treating cancers, is based at the Roslin Innovation Centre on the outskirts of Edinburgh and already has partnerships in place with industry organisations such as Cancer Research UK, global pharma groups and a major US-based clinical research organisation (CRO).

CEO and founder Ishani Malhotra says it will be looking to extend its commercial partnerships in Europe and North America. 

“Our next phase of growth will involve building international partnerships, growing the team, and appointing a scientific advisory committee to support the work of the main board,” she said. 

Moray Martin, chairman and managing partner of The TRICAPITAL Syndicate, said: “Carcinotech is one of the most exciting early-stage companies to come out of the Scottish life sciences sector in recent times.

“We can already see traction and momentum, and look forward to actively supporting Ishani and her team as they continue to scale.” 

Ana Stewart, partner at Eos Advisory, said: “Ishani and her team have developed pioneering oncology biotechnology with the potential to make a significant impact in discovery, screening, and pre-clinical testing.  It is exactly the kind of high impact company that Eos aims to support.”

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Siobhan Moore, investment manager at SIS Ventures, said: “Carcinotech aligns perfectly with our aim of supporting disruptive businesses with high growth and impact potential. We look forward to working with Ishani and her team through this next stage of the journey, alongside our co-investors.”

Albert Nicholl, chairman at Carcinotech, said: “Scotland has a world renowned track record in oncology R&D, and it’s great to see Carcinotech making an impression in international markets. 

“Ishani and her team are now positioned to step up activity in Europe and North America, and it’s great for the company to be doing that with such a supportive group of investors.”

Anderson Strathern and Thorntons acted for the investors on the investment round, while MBM Commercial acted for Carcinotech. 

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