GenoME, a health technology company based in Belfast, has raised 1.4 million pounds for its diagnostics platform for ovarian cancer early detection.
The investment comes after the company raised 300,000 pounds in a pre-seed round in 2021, which helped it meet UK regulatory milestones. GenoME will use its new funds to finish testing its technology while it seeks EU regulatory approval.
The company intends to expand into additional disease areas and extend its technology to screen for additional types of cancer.
According to Dr. Shannon Beattie, CEO of GenoME Diagnostics, a significant portion of ovarian cancer cases are currently being discovered in advanced stages, resulting in a very poor survival rate for patients. Early detection of cancer increases the likelihood of intervention and increases patient survival.
Dr. Shannon Beattie added that such milestones will be crucial in starting discussions with public health agencies and enabling the team to take their tests to market. Their ultimate long-term goal is to participate in public screening programs at some point; However, disease monitoring and diagnosis is their primary market.
QUBIS, Queen’s University Co-Fund NI’s commercial investment arm, provided the funding, which is responsible for numerous Northern Ireland funding rounds. Stuart Gaffikin, an investment manager at Clarendon Fund Managers, said that, Co-Fund NI is really pleased to be supporting this investment into GenoME in order to assist its team with the development of a technology that has the potential to change lives.
Stuart Gaffikin added that they hope this investment will help the company reach the next phase of development in its pursuit of improving the cancer diagnosis process.
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