NEW YORK — ClinSpec Diagnostics said on Thursday that it has raised an additional £1.1 million ($1.5 million), bringing the total value of a financing round initiated last year to £3.5 million.
An initial tranche of £2.4 million was raised in September with investments from Mercia's EIS Fund; Scottish Investment Bank; SIS Ventures; EoS Advisory; and the University of Strathclyde. The new funding is being provided by Norcliffe Capital Limited, the University of Strathclyde, Eos Advisory, and ClinSpec's founders.
The company said it has raised £5.1 million to date.
Glasgow, Scotland-based ClinSpec — a spinout of the University of Strathclyde — said it will use the money to further develop a rapid blood-based test that uses infrared spectroscopy and artificial intelligence for early-stage cancer detection. The test is slated for commercial launch in 2024.
"Achieving the £3.5 [million] target enables us to accelerate our plans," ClinSpec CEO Mark Hegarty said in a statement. "We will shortly complete our move into new lab and office facilities and increase staffing to 15, bringing forward key operational and commercial appointments."
He added that the company is also preparing to publish clinical studies demonstrating the test in brain cancer and is planning a Series A funding round for 2022.