DestiNA Genomics raises €1,200,000 to develop novel tests for cancer and infectious diseases

DestiNA Genomics, a University of Edinburgh spin-out company, has successfully completed a €1.2 million equity investment that will transform the company’s capabilities to commercialise novel tests for cancer and infectious diseases.

The funding round was led by the Vitro Group of Spain, in conjunction with its subsidiary and DestiNA’s technology partner Master Diagnostica, the Scottish Investment Bank (the investment arm of Scottish Enterprise), and with additional support from Old College Capital and private investors in the UK, Spain, Belgium and Saudi Arabia. The Scottish Investment Bank had previously invested in the company through its Scottish Seed Fund.

Dr David Whitcombe, DestiNA’s new chairman and a founder of the successful molecular diagnostic company DxS Diagnostics said: “It’s going to be an exciting time developing our chemistry onto the Master Diagnostica ‘e-Brid’ platform, and I’m looking forward to working alongside a very capable and enthusiastic team.”

DestiNA will be collaborating closely with Master Diagnostica in the coming months, to integrate its revolutionary chemistry with their diagnostic platform, for an improved colon cancer assay. It represents a truly a pan-European effort, and a model for the future. DestiNA has also been developing direct collaborations with other research and commercial groups in the UK and Italy.

The investment represents a significant milestone for the company.

Since the company’s incorporation, the support of Scottish Enterprise through its Proof of Concept, SMART: SCOTLAND programme and investment has been critical to getting to the next stage of trade funding and collaborations in Europe.

Kerry Sharp, head of the Scottish Investment Bank, said: "We are pleased to be part of this investment into a forward-thinking company addressing important unmet medical needs with homegrown technology. The Scottish Investment Bank is committed to supporting innovative Scottish companies with international ambitions to commercialise their technology. We look forward to continuing to work with DestiNA to help realise its ambitious growth plans."

The global molecular diagnostics market is estimated to reach about $8 billion by 2017/18, with an annual growth rate of around 10%, driven by rising incidence of cancer and infectious diseases, doctor and patient demand for improved testing, and the need for earlier diagnosis to reduce chronic health care costs.

Jorge Bensadón Belicha, Vitro Group’s International Director and non-executive director with DestiNA said “We are excited with the possibilities of the DestiNA technology to significantly improve the performance of a variety of tests using our platform, but beyond this, we see other important opportunities for the DestiNA technology, and have been pleased to invest.” The DestiNA technology emerged from the invention and patent of Dr Juan Diaz Mochon and Professor Mark Bradley in the School of Chemistry at the University of Edinburgh. The ‘SMART Nucleobase’ patent has now been approved for grant in the US and Europe among other countries.

Murray Jack, partner at law firm HBJ Gateley, advised DestiNA Genomics in relation to the fund raising.