Abcodia secures funding of £5.25 million ($8m) to launch the ROCA® test for the early detection of ovarian cancer
Abcodia announced that it has raised £5.25 million funding from existing and new investors to bring the world’s most sensitive and specific ovarian cancer screening test, ROCA® to market.
The financing was co-led by Cambridge Innovation Capital (CIC) and Scottish Equity Partners (SEP), who join existing investors Albion Ventures and UCL Business. Dr Robert Tansley, from CIC and Jan Rutherford, from SEP have been appointed to Abcodia’s Board.
Dr Julie Barnes, Abcodia’s CEO, welcomed the funding and commented: “The funding will allow Abcodia to launch the ROCA® test in the UK this summer and US markets later in 2015. This is the first cancer screening test that we are bringing to market and we are excited about its proven high performance. We feel passionately that the ROCA® test will make a real difference in the lives of women at risk of developing this aggressive form of cancer. 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.”
Dr Robert Tansley, Investment Director at CIC, said: “The major unmet need in early detection of ovarian cancer and the unprecedented clinical validation behind the ROCA® test provided a compelling body of evidence for CIC’s investment. We are excited to support this groundbreaking test and bring it to the market so women around the world can feel empowered with more knowledge and more options.”
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Source: One nucleus