Medical technology company Abcodia has raised £5.25m in a Series B funding round co-led by Scottish Equity Partners (SEP) and Cambridge Innovation Capital (CIC).
The move sees the two new parties join current investors Albion Ventures and UCLB in raising capital for the pioneering work in the field of early ovarian cancer detection.
The money means Abcodia will now be able to launch the ROCA® test in US and UK in 2015, as well as the establishment of a US presence. The test has been described as “the world’s most sensitive and specific ovarian cancer-screening test”. It will be the first Abcodia product to reach the market later this year.
Other projects Abcodia is working on, in co-operation with University College London, include leading technology developments in disease lifecycle. They involve using the world’s largest serum biobank and clinical database ever developed to evaluate potential tests for the early detection of disease, including all major cancers.
Abcodia CEO Dr Julie Barnes said those working on the project are “excited about its proven high performance”.
“We feel passionately that the ROCA® test will make a real difference in the lives of women at risk of developing this aggressive form of cancer,” she said.
“The funding will help build operations and commercial teams in the UK and establish our US presence while continuing to grow our product pipeline focused on improving early cancer diagnosis.”
The investment from SEP follows the VC house’s pattern of investing in high-growth and technology enabled businesses. Healthcare, along with IT and energy, is one the areas the firm is focusing on.
SEP partner Jan Rutherford called Abcodia “one of the most exciting businesses involved in the early detection of cancer”.
“Its novel data-driven approach, underpinned by its unique biobank and its strategic partnership with Cancer Research UK, has the potential to materially enhance the way biomarkers are developed, allowing earlier disease diagnosis and improved patient outcomes,” she said.
“We are delighted to invest in such an innovative company and look forward to the launch of the ROCA test, initially through a number of private clinics in the UK this summer.”
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