UK Company Secures £1.8m Funding For New Screening Tech

Every brand active in the Life and Critical Illness sector knows how important testing and screening can be, so this is interesting news;

A Newcastle-based company has raised over £ 1.85 million of funding to help its quest to save more lives through better testing for prostate cancer. The funding includes £500,000 investment from the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures alongside investment from Prostate Cancer Research together with and investment of £250,000 from JR Holding ASI, and £305,000 from angel investors. On top of this investment Innovate UK awarded the company a grant of £750,000 to develop its disease screening activities.

Nanovery has developed a nanorobot platform to detect chronic illnesses like prostate cancer, liver disease, and severe conditions such as acute liver and kidney toxicity. Its new nanorobot advancements include technologies that will be applicable for detection across sectors including, but not limited to, the life sciences, pre-clinical drug development, agriculture bio, and food safety.

Nanovery is now working with Prostate Cancer Research to focus on developing much more reliable, simple, and accessible testing for prostate cancer. Considering the mortality rates for prostate cancer have not improved for 40 years, unlike other cancers, this is a timely partnership for both organisations.

Dr Jayne Spink, Translational Research Director at Prostate Cancer Research, said, “Early-stage prostate cancer diagnosis is so important because it directly impacts survival rates and quality of life. We are delighted to be supporting Nanovery. A quick and reliable test that is simple to use and delivers detailed information about the patient’s tumour would be a real game changer.”

Nanovery CEO Dr Jurek Kozyra says, “While the mortality rates for other cancers are improving, Prostate Cancer has gone in the opposite direction. There are a number of factors, from fewer men getting tested, especially since the pandemic, to unreliable tests. With our technology, we can provide low-cost, simple tests that are ultra-accurate. By developing and rolling out these tests, an earlier reliable diagnosis could help save thousands of lives.”

Khadija Ashfaq, Investment Manager at Northstar Ventures, said, “We’re so pleased to continue supporting Nanovery in developing a game-changing product that will lead to more rapid, affordable and personalised diagnostic tests. This innovative technology can change the way clinicians can help their patients and potentially impact the lives of many patients.”

George MacGinnis, Healthy Ageing Challenge Director at UK Research and Innovation, said: “This project is backed by an exciting new partnership, with Prostate Cancer Research joining forces with Northstar Ventures, making this the first time that a charity has joined forces with UK Research and Innovation as an equity funding partner. The project is developing a novel technology that offers a breakthrough in detecting cancer that affects increasing numbers of older men. It is opening up a new avenue for research charities to help the work they support to achieve the impacts they aspire to.

About alastair walker 12555 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.