Strathclyde cancer spinout secures funding injection
● Clinspec Dx plans to hire more staff on back of latest seven-figure investment
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.”