Edinburgh-based Carcinotech has secured £1.6 million from a group of Scottish investors as its seeks to further accelerate commercialisation of its medical technology.
The company - which manufactures printers that create 3D tumours from cancer stem cells, primary cells, and established cell lines - is aiming to extend its commercial partnerships in Europe and North America in the coming year. It already works with Cancer Research UK, global pharma groups and a major US-based clinical research organisation.
The funding round was led by investment syndicate Tricapital, which succeeds initial seed round leader Gabriel Investments, with Eos Advisory, SIS Ventures, Gabriel, Alba Equity, and Scottish Enterprise also taking part.
READ MORE: University of Edinburgh spin-out raises venture capital
Ishani Malhotra, founder and chief executive of Carcinotech, said: “Our next phase of growth will involve building international partnerships, growing the team, and appointing a scientific advisory committee to support the work of the main board.
“Carcinotech’s in vitro models are very close to clinical biopsy samples because we use patient-specific cells and isolated cells from biopsies, which allow us to develop models representing cancer heterogeneity.”
Moray Martin, chairman and managing partner of Tricapital, said Carcinotech is one of the most exciting early-stage companies to come out of the Scottish life sciences sector in recent times.
"We can already see traction and momentum, and look forward to actively supporting Ishani and her team as they continue to scale,” he added.
Ana Stewart, a partner at Eos Advisory, said: “Ishani and her team have developed pioneering oncology biotechnology with the potential to make a significant impact in discovery, screening, and pre-clinical testing. It is exactly the kind of high impact company that Eos aims to support.”
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