The Scotsman

Strath­clyde cancer spinout se­cures fund­ing in­jec­tion

● Clin­spec Dx plans to hire more staff on back of lat­est seven-fig­ure in­vest­ment

- By SCOTT REID sreid@scots­ Business · Medicine · Venture Capital · Investing · College · Higher Education · Banking · University of Strathclyde · Glasgow · Secret Intelligence Service · United Kingdom · Ecuador · Investment Banking · Gabon

A Univer­sity of Strath­clyde spinout busi­ness fo­cused on the early de­tec­tion of cancer has re­ceived a ma­jor seven-fig­ure fund­ing in­jec­tion.

Glas­gow-based Cl in­Spec Di­ag­nos­tics( Cl in­SpecDx ), which was spun out from the univer­sity’ s depart­ment of pure and ap­plied chem­istry in 2016, has de­vel­oped a way of de­tect­ing cancer at an early stage us­ing a sim­ple blood test.

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

The £2.4 mil­lion fund­ing round was led by Mer­cia’ s EIS Funds along­side the Scot­tish In­vest­ment Bank, which forms part of Scot­tish En­ter­prise, profit-with-pur­pose in­vestor SIS Ven­tures, E oS Ad­vi­sory and the Univer­sity of Strath­clyde it­self.

Clin­spec Dx has raised £4m to date, in­clud­ing a first round of seed fund­ing led by E oS Ad­vi­sor y along­side Mer­cia’s E IS 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.

The firm re­mains open for a fur­ther £1 m to ac­cel­er­ate devel­op­ment, build value and pre­pare the groundwork for a Se­ries A fund­ing round.

Led by chief ex­ec­u­tive Mark He g arty, the busi­ness plans to hire a fur­ther five em­ploy­ees to strengthen the scientific and op­er­a­tions teams, tak­ing its to­tal head­count to 14.

He ga rtys aid :“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.”

Kerr y Sharp, di­rec­tor, Scot­tish In­vest­ment Bank (SIB), said :“Hav­ing backed Cl in

SpecDx since be­ing alerted to the po­ten­tial of its pio - neer­ing di­ag­nos­tic tech­nol­ogy through its in­volve­ment in Scot­tish En­ter­prise’s HighGrowth Spinout Pro­gramme, we’re en­cour­ag­ing con­tin­ued growth at the com­pany by tre­bling our ini­tial in­vest­ment.

“Clin­spec Dx is a text­book ex­am­ple of the type of com­pany SIB was estab­lished to sup­port; it’s in­no­va­tive, am­bi­tious, has its sights set on in­ter­na­tional ex­pan­sion and, cru­cially, is de­vel­op­ing a plat­form prod­uct that could prove vi­tal in sav­ing lives.”

O lg aKozl ova, di­rec­tor of in­no­va­tion and in­dus­try en­gage­ment, the Univer­sity of Strath­clyde, said: “2019/20 saw the Univer­sity in­vest more in spin-out and strate­gic part­ner com­pa­nies than ever be­fore.

“Clinsp ec Dx is one of the bright est stars among the many growth com­pa­nies hosted by the Univer­sity in the Glas­gow City In­no­va­tion District.”

Pro­fes­sor Steve How­ell, Clin­spec Dx chair­man, added: “We have had tremen­dous sup­port from all our share­hold­ers. I would like to thank them for their con­tin­ued sup­port.”

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