Spin-out secures investment for new cancer tests

A Glasgow spin-out which is pioneering a new test to detect brain cancer and other forms of cancer has secured a £1.2 million investment in a syndicated round including Mercia Fund Managers, the Scottish Investment Bank's Co-Investment Fund and EOS Technology Partners which led the transaction.

ClinSpec Diagnostics' blood test can provide 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 the research of Dr Matthew J. Baker at the University of Strathclyde.

Olga Kozlova, director of innovation and industry engagement at the University of Strathclyde, said: "The University of Strathclyde is delighted with the progress that ClinSpec has achieved over the last few years. Commercialisation of the University's technology is a key priority for the university and with the launch of Glasgow City Innovation District earlier this year we are committed to growing this area of activity".

The investment is in addition to funding secured from an Innovate UK grant and Scottish Edge Higgs Award, bringing the total to over £1.6 million. It will allow the company 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, ClinSpec is now led by CEO Dr Mark Hegarty. The company has already demonstrated the potential of the brain cancer test through a clinical study at Edinburgh's Western Infirmary. The technology can also be used to improve testing in the food, drug and oil industries.

Nicola Broughton, investment director and head of universities at Mercia, said: "I'm delighted to have completed this first investment into a Strathclyde University spin-out, alongside the Precision Medicine Investment Accelerator through Innovate UK. This investment shows our commitment to investing in world-class research from the region and follows Mercia's recent expansion in Scotland and the appointment of Investment Director Marcus Henderson who I worked with on this transaction."