University College London (UCL) spin-out Abcodia has raised £5.25m ($8.1m) in a venture round which will be used to bring the UK-based medtech’s early detection cancer test to the US.
Venture firm Scottish Equity Partners co-led the round along with Cambridge University’s university venturing fund Cambridge Innovation Capital, joined in participation by Albion Ventures and UCL Business, the technology transfer unit of UCL. The round brings the total invested in Abcodia to $10.2m.
The company, launched in 2010, is commercialising an ovarian cancer screening kit, Roca, which it says detects the condition in 86% of women before there are symptoms.
Julian Barnes, Abcodia’s CEO, said: “This is the first cancer screening test that we are bringing to market and we are excited about its proven high performance. The funding will help build operations and commercial teams in the UK and establish our US presence while continuing to grow our product pipeline focused on improving early cancer diagnosis.”
