3D printed micro-tumour specialist Carcinotech raises £4.2m and expands in US

Carcinotech has raised £4.2 million of funding as the company looks to build on its traction in the UK and Europe, with US expansion planned later this year. Carcinotech’s Carcino3D technology enables the manufacture of 3D printed micro-tumours using cells derived from patient biopsies and blood samples to precisely simulate the tumour microenvironment thereby accelerating ethical drug screening and the delivery of more effective cancer treatments to market.

Ishani Malhotra, CEO and Founder of Carcinotech, said: “Our vision is to be at the forefront of cancer drug testing and provide personalised medicine testing to every individual suffering from cancer to improve their treatment and chance of survival.  Working with global partners, leading pharma companies, surgeons, pathologists, and clinicians, Carcinotech aims to significantly accelerate oncology drug development.”

In October, Carcinotech announced a partnership with Gothenburg-headquartered CELLINK, leveraging CELLINK’s bioprinting solutions and Carcinotech’s expertise in producing bioprinted living tumours to develop cutting-edge cancer models.

Ishani Malhotra added: “As part of ongoing commercialisation, we have built strong industry partnerships in Europe, and are now actively engaged in replicating these in North America.” 

Carcinotech has also strengthened its board, chaired by industry veteran Albert Nicholl, and launched a scientific advisory board last year with world renowned oncology leaders.

Eos Advisory (Eos) led the investment alongside IFS managed by Maven Capital Partners, Scottish Enterprise, Old College Capital, Investing Women Angels, and existing investors TRICAPITAL, SIS Ventures, Gabriel Investment Syndicate, and Alba Equity.  The Maven investment is via the Investment Fund for Scotland, which Maven manages through its Maven Equity Finance division on behalf of the British Business Bank.

Anne Muir, Director of Portfolio at St Andrews-based investment firm Eos, said: “Ishani and her team are breaking new ground in oncology, they combine a deep knowledge of the field with technology-driven systems that are set to bring about greater efficiencies in cancer research workflows.  At Eos, we back innovative companies that positively impact the world and we are excited to continue our support as Carcinotech builds on its commercial traction and enters its next phase of growth from a base in Scotland.”

Dr David Milroy, Partner at Maven, said: “Carcinotech’s progress over the last 12 months has been impressive and the company is ideally placed to capitalise on the need for more predictive, non-animal models for testing of anti-cancer drugs and the huge opportunity for personalised medicine in cancer treatment. Carcinotech’s models are reproducible and provided in a familiar format for high-throughput screening, key requirements for adoption by the pharmaceutical industry for the testing of drug candidates. I am very much looking forward to working with Ishani and her team and to drawing on Maven’s vast experience of backing SMEs to help scale this important business.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “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. It’s great to see the company expand into the lucrative US market and further develop its potentially life-saving technologies. Human health is a key opportunity area for Scotland and we believe that innovative, scaling companies like Carcinotech have an important role to play in transforming our economy.”

Globally, an estimated 19.3 million cancer cases occurred in 2020 alone, with a fatality rate of almost 10.0 million cancer deaths, with breast (11.7%), lung (11.4%), colorectal (10%) and prostate (7.3%) being the most fatal. While cancer continues to affect millions, there are still a limited number of effective therapies available, and those that are available, have a high degree of variation from patient to patient.

-ENDS-

Notes to editors:

About Eos

St Andrews-based Eos invests into predominantly Scottish science and technology companies that are addressing key global issues.  The Eos Innovation Fund (EIS), which is the cornerstone of the firm’s investment model, enables Eos to invest £15-20 million per annum from the seed to Series A stage.

About Maven Capital Partners UK LLP      

Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active SME investors in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £710 million funds under management and available to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.  www.mavencp.com

About the Investment Fund for Scotland  

Operated by the British Business Bank, the Investment Fund for Scotland (IFS) provides a mix of debt and equity funding. IFS will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the various support and funding organisations from Scottish government as well as local intermediaries such as accountants, fund managers and banks, to support Scotland’s smaller businesses at all stages of their development. The funds in which the IFS invests are open to businesses with material operations, or planning to open material operations, in all areas of Scotland including but not limited to North Eastern Scotland, Highlands and Islands, Eastern Scotland, West Central Scotland and Southern Scotland. Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor the British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).   www.investmentfundscotland.co.uk 

About Old College Captial

Old College Capital (OCC) is the University of Edinburgh’s venture investment fund. OCC manages Edinburgh’s early-stage investment activities and shareholdings; supporting exciting ideas and technologies emerging from the University. OCC invests from pre-seed to series A stages, to accelerate the journey of startups and spinouts looking to make a positive impact on people and our planet. OCC is part of Edinburgh Innovations, the University of Edinburgh’s commercialisation service.