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£5m investment helps Scottish dental biotech prevent decay

Investors in this round: Scottish National Investment Bank ; Investment Fund for Scotland

• New funding from the Scottish National Investment Bank and the Investment Fund for
Scotland to support tooth decay detection technology
• Investment will help medical device go to market after becoming the first produced in
Scotland to secure FDA premarket approval in the United States

2 April 2024 Edinburgh-based biotechnology firm, Calcivis, has secured £5m in funding to roll out its
cutting-edge dental technology.

The firm’s patented system enables early detection of tooth decay – which in turn can enable timely
preventive treatment – by deploying a biologic diagnostic agent in combination with an imaging
device.

Calcivis aims to revolutionise early-intervention diagnostics in dentistry. Its innovative technology
uses bioluminescence to highlight quickly and clearly where preventive measures are required
before decay becomes irreversible.

The company’s latest investment round was led by £4m in funding from the Scottish National
Investment Bank (“the Bank”), along with £1m from IFS Maven Equity Finance, which is managed by
Maven Capital Partners and is part of the Investment Fund for Scotland (IFS), delivered by the British
Business Bank.

Calcivis will use the funds to bring its flagship product to market in the US after the Food and Drug
Administration (FDA) granted premarket approval, which is the most stringent regulatory review of
the safety and effectiveness of medical devices. The system is the first Scottish medical device to
secure the prestigious certification from the FDA.

The US market is the largest for medical technology and Calcivis anticipates a subsequent launch in
the UK and other European markets. Through this investment, Scotland will benefit from the
potential returns of the multi-market launch, and the product will contribute to delivering the
nation’s health and wellbeing aims.

Adam Christie, CEO of Calcivis said: “Early diagnosis and treatment of tooth decay is essential,
allowing patients to reverse the damage to their teeth before it is too late. This investment will
enable us to launch our innovative product to global markets – first in the US and eventually in the
UK – leading to faster diagnoses and early intervention treatments.

“This technology has the potential to revolutionise prevention in oral health care, with cavities
impacting more than two billion people globally, according to the World Health Organisation. We
look forward to seeing where this product can go with the support of both the Scottish National
Investment Bank, and the Investment Fund for Scotland, through Maven.”

Paul Callaghan, Investment Director from the Bank said: “Calcivis is a shining example of how
Scotland is leading the way in developing cutting-edge technology that improves our health and
wellbeing. We are proud to help the company scale-up and enable its flagship product to reach
international markets, creating jobs in Scotland.

“As a development investment bank, we see Calcivis’ technology as fully aligned with our Innovation
mission, and the product’s launch in the UK has the potential to deliver substantial health benefits to
people in Scotland.”

David Milroy, Partner at Maven, said: “Tooth decay is the most common non-transmissible disease
globally and is believed to cost western economies over $300 billion annually, much of which is
spent treating, rather than preventing damage to our teeth. Maven is therefore delighted to be
supporting Calcivis’ revolutionary technology. We look forward to working with the Calcivis team as
they launch this exciting new product.”

Ken Cooper, Managing Director, Venture Solutions, at the British Business Bank, said: “Health tech
and life sciences are key areas of opportunity for the Scottish economy and, through the Investment
Fund for Scotland, we’re committed to supporting businesses with high-growth potential, such as
Calcivis.”

Calcivis is based at Edinburgh’s BioQuarter, where it continues to expand its research and
development operations and explore innovative, lower carbon manufacturing processes. Since it was
founded in 2012, Calcivis has raised more than £18m in funding. Investors include Scottish Enterprise
and Archangels, which is the world’s longest-running business angel investment syndicate and has
been involved with the company from the outset.

Sarah Hardy, Head of New Investments and Director at Archangels, said: “We are delighted to
welcome the Bank and the Investment Fund for Scotland through Maven, alongside our strong
syndicate of investors at this exciting juncture as we roll out a new level of preventive dentistry with
the revolutionary Calcivis product.”

ABOUT CALCIVIS
Calcivis is an Edinburgh-based dental biologic and device manufacturer, co-founded in 2012 by CEO
Adam Christie and CTO Bruce Vernon. The company combines product development, clinical and
commercial expertise with the aim of reducing the dental sector’s reliance on costly, complex and
painful surgical interventions. It is internationally focused through its relationships with leading
clinicians and other stakeholders in dental markets around the world.

The Calcivis Imaging System, which is UKCA marked, was developed with input from leading
international specialists in tooth decay and erosion. Since its development, multiple pre-clinical and
clinical studies have designed to support the company’s regulatory filing to the US Food and Drug
Administration (FDA).

£5m

£5m investment helps Scottish dental biotech prevent decay

£5m investment helps Scottish dental biotech prevent decay

By Archangels Archangel Investors Limited Profile 09 Apr 2024