Glasgow medtech company secures £2.4m in funding round

A Glasgow-based company which has led efforts to improve the early detection of cancer has secured £2.4 million in its latest funding round.

Glasgow medtech company secures £2.4m in funding round

The funding round was led by Mercia’s EIS Funds with Scottish Investment Bank, the investment arm of Scottish Enterprise, profit-with-purpose investor SIS Ventures, EoS Advisory and the University of Strathclyde.

ClinSpec Diagnostics Limited (ClinSpec Dx), a spinout from the Department of Pure and Applied Chemistry at the University of Strathclyde, has developed a way of detecting cancer at an early stage using a simple blood test.



Since the company was established in 2016, studies on brain, prostate and pancreatic cancers have highlighted the technology’s potential as a multi-cancer early detection test.

This latest investment allows ClinSpec Dx to progress its multi-cancer development program, including completion of its second brain cancer trial, and the development of a multi-cancer algorithm covering the most common cancers.

ClinSpec Dx has raised £4 million to date, including a first round of seed funding in 2019 led by EoS Advisory alongside Mercia’s EIS Funds and the Scottish Investment Bank’s Co-Investment Fund, as well as grant funding from the Higgs EDGE Special Award, and from Innovate UK through the precision medicine accelerator fund.

ClinSpec DX remains open for a further £1 million to accelerate development, build value and prepare the groundwork for Series A funding.

Mark Hegarty, CEO of ClinSpec Dx, said: “Worldwide, 26,000 people die from cancer each day. Early detection is critical for effective treatment, but many cancers go undetected for too long. This funding is another significant step forward for ClinSpec Dx in our mission to detect cancer earlier and help to increase patient survival and quality of life.”

Kerry Sharp, director of the Scottish Investment Bank, said: “Having backed ClinSpec Dx since being alerted to the potential of its pioneering diagnostic technology through its involvement in Scottish Enterprise’s High-Growth Spinout Programme, we’re encouraging continued growth at the company by trebling our initial investment.”

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