Biotech business Nanovery to ramp up expansion on back of £1.85m investment
Summary
A Newcastle biotech business developing nanorobots to help diagnose deadly diseases at an early stage is set to ramp up plans for commercialisation on the back of a successful NHS trial and \xa31.85m investment.Nanovery was launched in 2018 by Dr Jurek Kozyra, who wanted to create a more efficient diagnostics solution for serious diseases, with the goal to bring more regular testing to clinicians and patients. The test is based on DNA nanotechnology and the company says it costs less than tissue biopsy, while reducing risk to patients. The findings demonstrated that the Nanovery process achieved the same level of accuracy as the traditional methodology but delivered results faster and more cost-efficiently.Simon Rock, the principal scientist at the NHS North East Innovation Lab, said: The results from the Nanovery trial were very positive and lay the foundations for this ground-breaking technology which could one day transform the time and costs associated with the diagnosis of conditions such as cancer and liver disease. Considering the mortality rates for prostate cancer have not improved for 40 years, unlike other cancers, this is a timely partnership for both organisations.Khadija Ashfaq, investment manager at Northstar Ventures, said: Were so pleased to continue supporting Nanovery in developing a game-changing product that will lead to more rapid, affordable and personalised diagnostic tests. Sloobie Skiwear partners with Hirestreet to bring rentals to the slopes Family firm Ringtons toasts rising revenues but warns of impact of inflation Newcastle care home company expands with double acquisitions in the region Cussins to build on success after \xa314m funding deal Care agency Happiest at Home to create 50 jobs after sealing \xa3100,000 investment