Carcinotech has raised $5.3 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-tumors, using cells derived from patient biopsies and blood samples to precisely simulate the tumor microenvironment, 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 personalized 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 tumors to develop cutting-edge cancer models.
Ishani Malhotra added: “As part of ongoing commercialization, 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.
St Andrews-based Eos Advisory (Eos) led the investment alongside the Investment Fund for Scotland (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.
Globally, an estimated 19.3 million cancer cases occurred in 2020 alone, with a fatality rate of almost 10 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.