GlycoScoreDX raises £1m seed funding towards development of revolutionary new diagnostic test for prostate cancer
Published on 07/06/2021
North East-based diagnostics company and Newcastle University spinout, GlycoScoreDx (“GlycoScore”), has secured £630,000 in equity funding alongside an additional £360,000 in grant funding to support business establishment and early development of its proprietary Prostate Cancer test.
The GlycoScore Prostate Cancer test is a simple, reliable blood test which can be used to accurately diagnose and risk-assess prostate cancer. The test detects a unique panel of three protein biomarkers that are important in disease progression. A subset of these markers can also be used to differentiate between low-grade and high-grade prostate cancer.
The bulk of the funding has been provided by Northstar Ventures, from the North East Innovation Fund supported by the European Regional Development Fund, and the Northern Accelerator Seed Investment Fund (NASIF), and the British Innovation Fund (managed by Milltrust International Group). Additional investment was provided by Milltrust Ventures and Oxbridge Capital.
The funding will be used to establish the business within the Centre for Life, Newcastle, and to initiate formal product development activities. It is anticipated that the test will be ready for commercialisation in under two years and that additional tests for other Oncology indications, based on GlycoScore’s underlying technology, will follow on.
GlycoScoreDx CEO, Allan Brown, commented “We are very grateful for the investment announced today, enabling us to accelerate development of our GlycoScore Prostate Cancer test which we believe will deliver significant healthcare benefits to patients and change the future of prostate cancer diagnosis”.
Matthew Hobbs, Director of Research at Prostate Cancer UK, said “Prostate Cancer is the most commonly diagnosed cancer in the UK but the tests we currently use to diagnose it are simply not good enough. The current tests send many men without cancer for further investigations they don’t need, causing them distress and unnecessary side effects, and adding cost to the NHS. At the same time, those current tests also miss far too many aggressive cancers entirely. Improving diagnosis of prostate cancer is therefore of utmost importance and is a strategic priority for Prostate Cancer UK.
“That’s why we’re delighted that the research we funded to develop a new test led to such impressive early results and that GlycoScore has now secured the funding needed to take this research to the next level. We look forward to supporting the company through those next steps to ensure this exciting new research makes a difference to men as quickly as possible.”
Alex Buchan, Investment Director, NorthStar Ventures, said, “We’re pleased to be supporting the development of this innovative business in the North East, it is also another great example of the expertise and ambition that is prevalent in University spinouts here in the region."
Guy Pengelley, Investment Director for the British Innovation Fund, added, “We are delighted to complete this milestone investment into GlycoScore, continuing the British Innovation Fund’s mission to invest into the most promising university spinouts and scientific expertise in the UK. We look forward to working alongside GlycoScore on development of the Prostate Cancer test and improving outcomes for the significant proportion of men worldwide who will sadly develop this disease in their lifetime”.
Lizzie Withington, Company Creation Manager at Newcastle University said: “GlycoScore is another fantastic example of the importance of creating spinouts from world-class research in the North East’s universities. Northern Accelerator set out to create successful businesses that not only create high quality jobs in the region, but take discoveries such as this life-changing test from Dr Jennifer Munkley’s research, enabling them to make an impact in the real world.”
For more information please contact:
Dr Allan Brown – Chief Executive Officer
M: +44 (0)7799 111086