ClinSpec Diagnostics reaches funding target of £3.5m

Glasgow-based ClinSpec Diagnostics has secured an additional £1.1m investment, reaching its round two funding target of £3.5m.

ClinSpec, a spin-out company from the University of Strathclyde’s Department of Pure and Applied Chemistry, is aiming to develop liquid biopsies for the early detection of cancer.

The new £1.1m investment from the latest funding round comes from a range of investors, including Norcliffe Capital Limited, the University of Strathclyde, Eos Advisory and the founders.

The first £2.4m was secured in 2020, with that funding round led by Mercia’s EIS Funds with Scottish Enterprise, SIS Ventures, Eos Advisory and the University of Strathclyde.

ClinSpec’s liquid biopsy is designed to analyse blood using infrared light, with the signals of cancer detected in minutes by the company’s AI algorithms.

The liquid biopsy has the potential to indicate the type and severity of the tumour, which could enable doctors and clinicians to prioritise and fast-track the most appropriate and effective treatments, according to the company.

“Achieving the £3.5m target enables us to accelerate our plans. We will shortly complete our move into new lab and office facilities and increase staffing to 15, bringing forward key operational and commercial appointments,” said Mark Hegarty, chief executive officer of ClinSpec Diagnostics.

“Our two clinical studies on detection of brain cancer have been successful and papers are in draft for publication over the next six months. This, plus the development of our multi-cancer platform covering the most common cancers, will form the bedrock for Series A investment in 2022, with the target of commercial launch in 2024,” he added.