Strathclyde spin-out lands £1.2m to advance brain cancer detection test
A university spin-out is to progressdevelopmentofapioneering brain cancer detection test after securing sevenfigure funding.
Clinspec Diagnostic, based at the University of Strathclyde’s Technology & Innovation Centre, has landed a £1.2 million investment to further develop a “revolutionary” blood test which could potentially improve brain cancer survival rates through early detection of the disease.
The sum was raised in a syndicated round including Mercia Fund Managers, the Scottish Investment Bank’s Coinvestment Fund and transaction leaders EOS Technology Partners.
It comes the day after Clinspec revealed that its low-cost blood test, which can provide accurate results in ten minutes, could be available to patients in UK hospitals within three to four years.
The company recently demonstrateditspotentialthrough a clinical study at Edinburgh’s Western Infirmary.
This fresh investment boost adds to funds secured from an Innovate UK grant and Scottish Edge Higgs Award, bringing the total to £1.6m. This will allow the company to create seven jobs, advance its brain cancer detection tool, and begin work on tests for prostate and pancreatic cancer.
Clinspec’s test, which uses infra-red light and machine learning technology, can also be used to improve testing in the food, drug and oil sectors.
The spin-out’s technology is based on the research of Matthew Baker at the University of Strathclyde.
Olga Kozlova, the university’s director of innovation and industry engagement, said: “The University of Strathclyde is delighted with the progress that Clinspec has achieved over the last few years.
“Commercialisation of the university’s technology is a key priority.”