Abcodia secures £5.35m to launch ovarian cancer test
Startups Awards-winning company has previously formed a strategic alliance with Cancer Research UK and Cancer Research Technology
Specialist biotechnology company Abcodia, winner of Innovative Business of the Year at the 2012 Startups Awards, has raised £5.25m to bring its ovarian cancer screening test ROCA® to market.
The funding round was led by Scottish Equity Partners (SEP) and Cambridge Innovation Capital (CIC), joining existing investors Albion Ventures and UCL Business.
Founded in 2010 as a spin-out from University College London (UCL), Abcodia is a specialist company that focuses on the clinical and commercial development of early detection cancer tests.
It intends to use the finance to accelerate the launch of its company’s first product in the UK and the US, the ROCA® test, an ovarian cancer screening test which it claims can detect 86% of women with the disease before there are symptoms.
Abcodia CEO, Julian Barnes, commented: “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.”
Jan Rutherford, partner at SEP, said:
“Abcodia is one of the most exciting businesses involved in the early detection of cancer. Its novel data driven approach, underpinned by its unique biobank and its strategic partnership with Cancer Research UK, has the potential to materially enhance the way biomarkers are developed, allowing earlier disease diagnosis and improved patient outcomes.
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“We are delighted to invest in such an innovative company and look forward to the launch of the ROCA test, initially through a number of private clinics in the UK this summer.”