Cambridge-based Cyted, an early cancer diagnostics company, announced on Wednesday, May 17, that it has secured £13.4M (approximately €15.4M) in a round of investment co-led by BGF and Morningside Ventures with participation from private investors.
The investment includes a £3.4M (approximately €3.9M) non-dilutive grant from the NHS Cancer Programme announced last month.
Cyted says the newly secured financing will enable it to expand its operations in existing markets and enter the US market.
Additionally, the funds will be used to further develop Cyted’s research and development programmes focused on gastrointestinal cancers and diseases.
“We are thrilled to have the support of existing and new investors as we work to bring our diagnostic products to more markets,” says Cyted CEO Marcel Gehrung.
“This funding demonstrates a vote of confidence in our technology. Early-stage cancer is a major global health issue, and we believe that our technology has the potential to make a real difference in the lives of even more patients and their families,” adds Gehrung.
The company’s primary goal is to provide early-detection tests for oesophageal cancer to NHS patients in primary and community care settings.
The NHS Cancer Programme grant, provided with the support of SBRI Healthcare, will be used by Cyted to offer further tests in the community in Lancashire and South Cumbria, the East of England, and the Wessex NHS region.
It follows a £500K grant from SBRI Healthcare in Spring 2022 for a separate project providing community testing in the North-West of England.
A global public health concern
Esophageal cancer is a global public health concern characterised by late diagnoses and long waiting times for endoscopies, which significantly affect survival rates.
Early diagnosis and improved monitoring of individuals with Barrett’s oesophagus, who face a higher risk of developing esophageal cancer, are crucial in ensuring timely treatment.
By identifying cancer at its earliest stages, Cyted’s technology minimises the need for unnecessary endoscopies and has the potential to substantially enhance patient outcomes and save lives.
Cyted: Offers novel diagnostic tests
Founded by Professor Rebecca Fitzgerald OBE and Dr. Marcel Gehrung in 2020, Cyted provides novel diagnostic tests to drive the earlier detection of cancer.
The company’s diagnostic platform combines a non-invasive test with data-driven biomarkers for early detection and risk stratification of cancers and inflammatory diseases.
Its first application is in esophageal cancer, claims the company.
To date, the company has delivered over 15,000 tests to diagnose and monitor patients suffering from Barrett’s oesophagus, a precursor to esophageal cancer, in more than 80 sites across the UK.
The test has also been undergoing rollout in community settings since August 2022, including primary care sites.
What do the investors have to say?
Lucy Edwardes Jones from BGF says, “Cyted is one of the most innovative companies at the intersection of diagnostics and cancer. The company is addressing a real-world issue with a simple and scalable solution.”
She adds, “Their technology is already being used across the UK health system with the potential to have a significant impact on patients around the world.”
“We are excited to continue our commitment to Cyted’s fight against upper gastrointestinal cancers,” says Anthony Aiudi from Morningside.
“Cyted’s technology will revolutionise the way we detect and monitor the earliest stages of the disease. The proven clinical adoption and traction over recent years demonstrate an exciting opportunity for early cancer diagnostics and targeted screening,” says Aiudi.
