ClinSpec Diagnostics Raises £2.4M Funding
Summary
The round was led by Mercia’s EIS Funds with Scottish Investment Bank, the investment arm of Scottish Enterprise, profit with purpose investor SIS Ventures, EoS Advisory and the University of Strathclyde. They also plan to hire a further five employees to strengthen the scientific and operations teams, taking its total headcount to fourteen. Led by CEO Mark Hegarty, ClinSpec Diagnostics Limited is a spinout from the Department of Pure and Applied Chemistry at the University of Strathclyde, which has developed a way of detecting cancer at an early stage using a simple blood test. Since the company was established in 2016, they have conducted studies on brain, prostate and pancreatic cancers, which have highlighted the technology’s potential as a multi-cancer early detection test. The company remains open for a further £1 million to accelerate development, build value and prepare the groundwork for Series A funding.