Scottish Investment Bank and Innovate UK were among those backing University of Strathclyde brain cancer diagnosis spinout ClinSpec Diagnostics.
ClinSpec Diagnostics, a UK-based brain cancer detection test developer spun out of University of Strathclyde, has obtained more than £1.6m ($2.1m) of funding from a consortium featuring Scottish Investment Bank, the investment arm of devolved economic development agency Scottish Enterprise.
The round also featured government innovation vehicle Innovate UK, startup competition Scottish Edge, Mercia Fund Managers and EOS Technology Partners.
Founded in 2016, ClinSpec Diagnostics is working on a blood test to facilitate the early diagnosis of brain cancer, a form of the disease that often exhibits seemingly benign symptoms such as headaches.
ClinSpec’s approach, dubbed ClinSpec DX, indicates the type and severity of the brain tumour by applying infra-red light and serum diagnostics. The latest capital will enable it to advance to the next phase of clinical development.
ClinSpec believes its product could reach UK-based hospitals within three-to-four years and is also developing blood tests for other diseases, including pancreatic and prostate cancer.
The spinout’s founding research was undertaken at University of Strathclyde’s pure and applied chemistry department by Matthew Baker, reader and senior lecturer in chemistry, and David Palmer, lecturer in chemistry.
Scottish Enterprise previously supplied ClinSpec Diagnostics with approximately $784,000 through its High Growth Spinout Programme, though the investment had not been disclosed prior to the latest round.
