Zilico, a Manchester, UK-based developer of a cervical cancer diagnostic system, raised a $19m in total funding.
The company will receive minimum royalties of $12m and investments totalling $7M.
Backers included the MaxHealth Medicine Group (stock code: 836163 (NEEQ) and Deepbridge Capital (UK).
Zilico intends to use the funds to continue its global expansion plans for ZedScan™ across the UK, Europe, and China and take the product through its regulatory trials in the US.
Led by Sameer Kothari, CEO, the company develops ZedScan™, a cervical cancer diagnostic system currently in routine use across a number of UK hospitals and supported service evaluations in France, the Netherlands, Poland and Finland.
Zilico’s product portfolio is centred on its patented Electrical Impedance Spectroscopy (EIS) technology, applicable to a wide range of neoplastic conditions.
Following the deal, MaxHealth Medicine Group, with its headquarters in Wuxi, will lead the registration of ZedScan™ with the Chinese Food & Drug Administration (CFDA).