Scotland- Scottish medtech firm Carcinotech has successfully secured a £4.2 million investment, as it looks to build its traction in the UK and Europe, with US expansion planned later this year.
The Edinburgh-based company will in the groundbreaking move, propel its cutting-edge 3D printing technology for tumors in the markets, which are by far the worlds most established.
The Carcino3D technology, utilizing cells sourced from patient biopsies and blood samples, enables the creation of 3D-printed micro-tumours, serving as a simulated environment for testing cancer therapies.
Amid the global backdrop of over 19 million cancer diagnoses and almost ten million deaths in 2020, Carcinotech’s innovation is poised to revolutionize cancer treatment.
Acknowledging the variability in treatment efficacy among patients, the company’s technology contributes to the advancement of personalized medicine, a critical element in addressing the escalating prevalence of cancer, particularly with aging populations.
The substantial investment, spearheaded by Eos Advisory in collaboration with IFS (managed by Maven Capital Partners), Scottish Enterprise, Old College Capital, and InvestingWomen Angels, as well as contributions from existing investors TRICAPITAL, SIS Ventures, Gabriel Investment Syndicate, and Alba Equity, underscores confidence in Carcinotech’s potential.
Operating from the University of Edinburgh, Carcinotech has already forged partnerships in Europe and now seeks to establish a robust network in North America. Capitalizing on the growing demand for predictive, non-animal models for testing anti-cancer drugs, the company positions itself as a frontrunner in the field of oncology technologies.
Ishani Malhotra, CEO and founder of Carcinotech, articulates the company’s vision, stating, “Our vision is to be at the forefront of cancer drug testing and provide personalized medicine testing to every individual suffering from cancer to improve their treatment and chance of survival.”
With aspirations to accelerate oncology drug development, Carcinotech collaborates with global partners, pharmaceutical companies, surgeons, pathologists, and clinicians.
This investment milestone follows Carcinotech’s strategic partnership with Swedish bioprinting company CELLINK in October 2023. Together, the companies combine their resources to produce bioprinted living tumours, serving as models for cancer research.
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, commends Carcinotech’s trajectory, stating, “Carcinotech has gone from strength to strength since we first supported it as a startup in 2018, and we’re proud to have been a part of its incredible journey to date.”
Emphasizing the significance of human health as a key opportunity for Scotland, Sharp underscores the transformative role innovative companies like Carcinotech play in the region’s economic landscape.