New capital raise from existing investors, as well as new investors, Macmillan Cancer Support and Maven Capital Partners, to drive innovation and commercial opportunities
Dxcover Limited, a clinical-stage diagnostics company pioneering its multiomic spectral analysis (MOSA-Dx) for early detection of solid tumor cancers, has announced its next key stage of growth with the closing of significant funding to drive innovation and expand its commercial presence.
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From left-right: Dr Holly J Butler, Chief Technical Officer, co-founder; Dr David Eustace, General Manager; Professor Matthew J Baker, CEO, President, co-founder; Dr David S. Palmer, Chief Scientific Officer, co-founder. (Photo: Business Wire)
The investment round, which will total $6.2 million, underpins the confidence of the investors in Dxcover's mission to transform cancer diagnostics and save lives by delivering the earliest cancer diagnosis possible. This brings the total funding raised by Dxcover to $21.4M since spinning out from the University of Strathclyde in 2019.
This investment was led by existing investors Eos Advisory, alongside SIS Ventures, University of Strathclyde, and Norcliffe Capital. Notably, this round saw new investors the Investment Fund for Scotland ("IFS") managed by Maven Capital Partners and delivered by the British Business Bank, as well as Macmillan Cancer Support, join and further diversify the investor base, enhancing Dxcover's capability to accelerate growth.
With these acceleration funds, Dxcover will further advance the company's proprietary technologies and scale its operations as it expands into new markets and indications. Dxcover, who incorporated in the US in 2024, will establish their US headquarters in Nashville, Tennessee, to serve the US market, as well as commercializing their Brain Cancer Liquid Biopsy test across the UK and Europe.
"This round of investment will further advance our mission to transform cancer diagnostics. It will accelerate our expansion into the United States and drive commercialization and translation in the UK EU. This funding is a testament to our vision of improving outcomes and the quality of life by the earlier detection of cancer. It enables us to advance our differentiated technology and reach far more lives," said Professor Matthew J. Baker, Co-Founder, CEO and President of Dxcover.
Andrew McNeill, Managing Partner, Eos, said: "The Dxcover technology combines deep technical innovation with machine learning to radically change the diagnostic landscape. Over the last three years they have conclusively shown the accuracy and ease of use of their diagnostic test across multiple cancer indications. This is very much aligned with Eos' approach to investing in innovation that has the potential to impact positively in people's lives. More recently the team at Dxcover have focused on building a world class international team on both sides of the Atlantic. This funding round is very much about commercialization in both the UK and the US."
Felix Litzkow, Head of Impact Investments for Macmillan Cancer Support, said: "Macmillan is committed to doing whatever it takes to make sure people with cancer get the best possible care, right from the moment of diagnosis. For too many people affected by brain cancer, their experience is one of a long and anxious process that can involve countless visits to the doctor before they are referred into what are often stressful diagnostic tests. Dxcover's new blood test has the very real potential to improve people's experience of cancer care by speeding up brain cancer diagnosis and supporting healthcare decision making, while also relieving pressure on the NHS by reducing demand for complex and expensive scans."
Leadership Development
To accelerate its leadership in cancer diagnostics, Dxcover announced key leadership appointments, with co-founders Dr David Palmer and Dr Holly Butler assuming the roles of Chief Scientific Officer and Chief Technical Officer, respectively. Drs Palmer and Butler have extensive experience in development of Dxcover's proprietary technology and leadership of high growth teams. In addition, Dr David Eustace will take on the role of General Manager, assuming operational responsibility for UK and US sites. These positions reflect an expansion of the technical and leadership base, for the acceleration of Dxcover's plans to expand into other territories and indications.
About Dxcover Limited
Dxcover's proprietary PANAROMIC Platform shines light on the difficulty of early cancer diagnosis. By utilizing a multiomic spectral analysis (MOSA-Dx) approach to detect cancer, the platform can detect the presence of disease with minute volumes of liquid sample, with a turnaround time of one day. This technology goes beyond other liquid biopsy methods by harnessing the power of AI to capture the promise of the multiome, allowing early-stage detection of a range of solid tumors. Dxcover's unique AI algorithms are built on data; over 9000 patients and 250,000 spectra ensure robust diagnostic performance that can be tuned for high sensitivity or specificity. The test result is designed to be a valuable tool for clinicians to make rapid and appropriate patient management decisions. Dxcover's proprietary technology is patented globally.
Dxcover's HQ is in Glasgow, UK, with their USA HQ located in Nashville, Tennessee.
Dxcover's vision is to be the world leader in liquid biopsy and artificial intelligence in the early detection of cancer for better survival and quality of life. The mission is to deploy the Dxcover Platform for the triage of high-mortality and hard to diagnose cancers in high-risk populations, enabling access to value-based cancer care.
For further information https://www.dxcover.com/science
View source version on businesswire.com: https://www.businesswire.com/news/home/20250203637724/en/
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Finn Partners
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