£4.2m package

Cancer drug tester Carcinotech plans US growth

David Milroy, Maven Capital Partners, Ishani Malhotra of Carcinotech and Sarah Newbould of BBB

A medical technology company has raised £4.2 million for expansion into the US, including the first support from the British Business Bank’s £150m Investment Fund for Scotland.

Edinburgh-based Carcinotech, which produces 3D technology used in cancer drug testing, has raised the new funding from a number of investors. Eos Advisory, Scottish Enterprise, Old College Capital, Investing Women, have provided the latest support alongside existing backers TRICAPITAL, SIS Ventures, Gabriel Investment, and Alba Equity. 

The BBB has provided a £750,000 equity package through appointed fund manager Maven Capital Partners.   

Carcinotech’s CEO and founder Ishani Malhotra, said: “Our vision is to be at the forefront of cancer drug testing and provide personalised medicine testing to every individual suffering from cancer to improve their treatment and chance of survival.”

In October, the company announced a partnership with Gothenburg-headquartered CELLINK.

“As part of ongoing commercialisation, we have built strong industry partnerships in Europe, and are now actively engaged in replicating these in North America,” said Ms Malhotra. 

Carcinotech has also strengthened its board, chaired by industry veteran Albert Nicholl, and launched a scientific advisory board last year with international oncology leaders.

Launched in October 2023 by the UK Government-backed British Business Bank, the Investment Fund for Scotland aims to boost the supply of early-stage finance to small and medium-sized businesses across the country.

Ken Cooper, managing director, Venture Solutions, at the British Business Bank, said: “Carcinotech has huge potential to transform the way cancer treatments are tested and developed with its advanced 3D bioprinting technology.

“We are especially pleased to see it is supporting a female-founder leading the effort to deliver this cutting-edge medical technology as well as the company’s international expansion.”

Anne Muir, director of portfolio at St Andrews-based investment firm Eos, said: “Ishani and her team are breaking new ground in oncology, they combine a deep knowledge of the field with technology-driven systems that are set to bring about greater efficiencies in cancer research workflows.”

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