ClinSpec Diagnostics secures £1.1m from Norcliffe Capital and other backers to complete a £3.5m round
Norcliffe Capital led the latest investment as the cancer diagnostics firm reached its £3.5m target.
ClinSpec Diagnostics develops liquid biopsies for early cancer detection using infrared light and artificial intelligence. The Glasgow based firm operates as a spinout from the University of Strathclyde.
ClinSpec Diagnostics has secured £1.1m in funding from Norcliffe Capital, the University of Strathclyde, Eos Advisory and the company founders. The injection brings its second funding round to a total of £3.5m, following an initial tranche of £2.4m raised in 2020. The capital will support the company as it transitions into new laboratory and office facilities while expanding its headcount.
The business plans to use the resources to build upon successful clinical studies for brain cancer detection and advance its multi-cancer platform. These developments are intended to lay the groundwork for a Series A funding round slated for 2022, with a commercial launch anticipated in 2024.
From the founder
"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."
Mark Hegarty
CEO at ClinSpec Diagnostics
Use of funds
- 01Grow the team
- 02Scale operations
Investors
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About the company
ClinSpec Diagnostics
ClinSpec Diagnostics develops rapid liquid biopsies for early cancer detection.