BIOCAPTIVA announces oversubscribed £2.1m fundraise
Additional seed financing raised to complete first in human trial with the BioCaptis
BIOCAPTIVA Ltd (“BIOCAPTIVA”), a company developing the BioCaptis – a revolutionary cell-free DNA (cfDNA) capture device designed to transform liquid biopsy testing for cancer management – announces an oversubscribed £2.1 million additional seed funding round.
The financing was led by existing investor Archangels, a leading business angel syndicate, with a long track record of successfully investing in early-stage Scottish life sciences and technology companies. It was joined by Scottish Enterprise and Cancer Research Horizon, the new innovation engine of Cancer Research UK, and new investor Old College Capital, the University of Edinburgh’s in-house venture investment fund. The investment will be used to fund the company through the first in human trials with the BioCaptis, expected to generate its first data before the end of 2022, and to prepare for regulatory trials which are planned to start in 2023.
BIOCAPTIVA’s BioCaptis can capture up to 100x more cfDNA than a conventional blood draw, increasing the quality and quantity of cfDNA available for liquid biopsy testing. This technology, by providing higher quantities of cfDNA, increases the types and stages of cancers amenable to liquid biopsy testing thereby greatly expanding the number of patients who could benefit from this approach to cancer management.
Jeremy Wheeler, CEO of BIOCAPTIVA, said “BIOCAPTIVA is at the forefront of developing technology to transform liquid biopsy testing in cancer management. We are pleased to have raised these additional funds as the company enters its next stage of development, with the BioCaptis beginning its first in human trials. These trials will allow us to generate important data before the end of 2022. This will be a key step before starting regulatory trials in 2023 as we move towards our goal of unleashing the full potential of liquid biopsy in cancer management to improve patient outcomes.”
Sarah Hardy, Director and Head of New Investments at Archangels, added: “In 2021, Archangels supported the spin-out of BIOCAPTIVA from the University of Edinburgh based on the technology developed from Professor Tim Aitman and Professor Mark Bradley’s research. Since then, the company has made remarkable progress and is poised to begin the first in-human trials with BioCaptis just over a year after its formation. We are pleased to lead this financing to support the company in generating its first in human data, and towards its ambition of ensuring that the BioCaptis device can play a key role in realizing the full potential of liquid biopsy testing for cancer management.”
Andrea Young, Fund Manager at Old College Capital, said “Old College Capital is delighted to support BIOCAPTIVA by joining this additional seed financing. The company’s technology is the result of collaborative research by two world-leading University of Edinburgh academics and its goals are perfectly aligned to the Old College Capital mandate. We look forward to working with BIOCAPTIVA and a strong syndicate of investors led by Archangels to make the BioCaptis device a success”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, added: “BIOCAPTIVA is an innovative and exciting company with strong growth prospects. Its BioCaptis device has the potential to really transform the way cancer is diagnosed, monitored and managed. We look forward to seeing how its first in human trials progress, followed by regulatory trials, so that one day soon this exciting new technology can be put to work for the benefit of patients.”