The Lund University spinout, which is working on diagnostics technology for applications in oncology, will use the proceeds to pursue a recruitment drive.
Saga Diagnostics, a Sweden-based oncological diagnostics spinout from Lund University, has secured €1m ($1.2m) in a seed round featuring LU Holding, the university’s investment arm.
Other investors included Torna Kapital and the philanthropic Gunnar Nilsson Cancer Foundation, as well as angel investors Christer Fåhraeus and Simon Fredriksson.
Saga Diagnostics offers molecular genetics-based tests marketed as an efficient and sensitive diagnostic evaluation of cancer. The technology, sold to industry and academic researchers, sifts out tumour-derived DNA strands, known as ctDNA, from naturally occurring instances.
Saga Diagnostics was co-founded by Lao Saal, project manager for translational oncogenomics at Lund University’s Department of Clinical Sciences, and Anthony George, then a PhD student from Saal’s department.
Saal now acts chief executive of Saga, which will use the seed money to grow its headcount in anticipation of increased demand. The spinout has already appointed a 30-year pharmaceutical and life science veteran, Åke Nilsson, as director of corporate and business development.
George, now chief technical officer of Saga, said: “Åke is a terrific addition to the team, and we look forward to accelerating our growth through strategic partnerships worldwide.”
Saga Diagnostics was spun out in 2016 with an undisclosed angel investment from LU Innovation, the university’s tech transfer office.
