ClinSpec Diagnostics, a University of Glasgow spin-out which is advancing a new test to detect brain cancer and other forms of cancer, secured £1.2m in funding.
Backers included Mercia Fund Managers, the Scottish Investment Bank’s Co-Investment Fund and EOS Technology Partners.
The investment, in addition to funding secured from an Innovate UK grant and Scottish Edge Higgs Award, brings the total to over £1.6m.
The company intends to use the funds to create seven jobs, further develop its brain cancer test and start work on a new test for prostate and pancreatic cancer.
Established in 2016 and led by CEO Dr Mark Hegarty, ClinSpec Diagnostics is advancing a blood test that can provide accurate results in ten minutes and could potentially improve brain cancer survival rates through earlier detection.
The technology, which uses infra-red light and incorporates machine learning, is based on research of Dr Matthew J. Baker at the University of Strathclyde.
The company has already demonstrated the potential of the brain cancer test through a clinical study at Edinburgh’s Western Infirmary. The technology also has much wider applications beyond medicine and can be used to improve testing in the food, drug and oil industries.