By Kristy Dorsey
ClinSpec Diagnostics, which is developing a simple blood test for the early detection of a variety of cancers, has completed its second funding round as it prepares to move an expanded team into new lab and office facilities in Glasgow’s city centre.
The fresh tranche of £1.1 million has been provided by Norcliffe Capital, the University of Strathclyde, Eos Advisory and the company’s four founders, Mark Hegarty, Matthew Baker, Holly Butler and David Palmer. The deal will see David Onions, advisor to Norcliffe Capital, join the ClinSpec board as a non-executive director.
The new money follows on from £2.4m secured in the autumn of 2020 from Mercia’s EIS Funds, Scottish Enterprise, SIS Ventures, Eos Advisory and the University of Strathclyde. To date, ClinSpec has raised a total of £5.1m.
READ MORE: ClinSpec secures £2.4m for early cancer detection technology
Set up in 2016, ClinSpec’s technology uses a drop of blood to detect the presence of cancer within minutes. Studies on brain, prostate and pancreatic malignancy have indicated its potential in the early detection of a variety of cancers, when more treatment options are available and better outcomes are likely to be achieved.
“Our two clinical studies on detection of brain cancer have been successful and papers are in draft for publication over the next six months,” said Mr Hegarty, the company’s chief executive. “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.”
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Currently based in the University of Strathclyde’s Technology & Innovation Centre, the spin-out company is on the verge of moving into dedicated offices as it prepares to take on three new staff to boost its headcount to 15.
The technology is said to have the potential to detect the type and severity of cancer, allowing doctors to prioritise and fast-track the most effective treatments. The company’s initial target market will be primary care practitioners in the United States.
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