52North raises £3.2Mn in new funding
52North, the University of Cambridge spin-out, has secured £3.2 million in new funding.
The spinout’s technology, Neutrocheck, is a finger-prick blood test and app for chemotherapy patients. It helps identify whether a cancer patient is at risk of neutropenic sepsis, a life-threatening complication associated with cancer treatment.
Patients provide a finger-prick blood sample using Neutrocheck, which runs on the company’s Aster platform. The company says Aster is a portable platform that can measure cells and biomarkers from a single sample in a rapid, easy-to-use format.
It has been reported that two in five neutropenic sepsis hospital visits have been ‘false alarms’. Neutrocheck said its technology can help spot the complication earlier to reduce pressure on hospital wards.
The funding, co-led by Macmillan Ventures and Hargreave Hale AIM VCT, will be used to support clinical validation, regulatory progression, and help introduce the technology to UK markets.
Macmillan Ventures is a newly launched venture investment arm of Macmillan Cancer Support. Existing investors include Cedars Sinai Intellectual Property Company, Cancer Research Horizons, the University of Cambridge and OKG Capital.
The round also includes a grant from Innovate UK’s Investor Partnerships programme, which combines grant funding with private investment to help innovative UK companies accelerate commercialisation and growth. The latest financing brings total equity funding raised by the company to more than £7.5 million.
This marks the first time Macmillan Cancer Support has co-led an investment round. Hargreave Hale AIM VCT joins as a new investor with a £1 million commitment, the largest investment from a new investor in 52North’s history.
Umaima Ahmad, CEO and Co-founder of 52North, said: “This round is another powerful vote of confidence in our platform and the team behind it, and our focus on delivering practical and innovative solutions to address major and meaningful gaps in healthcare. To have Macmillan lead its first ever deal, and to welcome Hargreave Hale with the largest commitment from a new investor to date, tells us the mission to transform urgent cancer care is one that our partners share.
Felix Litzkow, Head of Macmillan Ventures and incoming Board Director at 52North, said: “52North’s platform is exactly the kind of innovation Macmillan Ventures was created to back technology that has the very real potential to spare people going through cancer treatment the anxiety of avoidable emergency hospital admissions and give them a greater sense of confidence and control during their treatment.”
Anna Salim, Portfolio Manager at Hargreave Hale AIM VCT, said: “We believe the company is at an important point in its development, and we are delighted to join a strong syndicate of healthcare investors and strategic partners in supporting its next stage of growth.”
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