Xgenera raises £3.5m to develop novel multi-cancer early detection test
Southampton, UK - December 3, 2024 - Xgenera has secured £3.5m in funding, with investment from Empirical Ventures, Ascension Ventures and lead investor QantX, alongside a substantial £2.5m grant from the National Institute for Health and Care Research (NIHR). This investment marks a pivotal advancement in cutting-edge tumour detection methods.
Dr. Andy Shapanis, CEO and Founder of Xgenera, completed his PhD in Oncology and Cancer Biology at the University of Southampton, where he collaborated with co-founder Professor Paul Skipp. Together, they developed miONCO, a novel diagnostic approach for malignancy screening. This revolutionary test utilizes microRNA technology to identify 12 of the most prevalent and life-threatening cancers at early stages, often before symptoms manifest.
Dr. Shapanis explained, “Detecting tumors in their initial stages can dramatically improve patient outcomes and healthcare economics. By identifying predictive biomarkers and validating our concept against clinical data from 20,000 patients, we’ve successfully pinpointed a considerable number of malignancies with remarkable sensitivity.”
Professor Skipp added, “The miONCO test has demonstrated exceptional specificity, potentially leading to more efficient and cost-effective screening programs. This could result in substantial savings for the NHS by reducing unnecessary follow-up procedures.”
Xgenera has partnered with YouSeq, a global leader in advanced PCR technology, to elevate the concept and develop an affordable test with high clinical value.
Dr Johnathan Matlock, General Partner of Empirical Ventures said: “The promise of a broad MCED screening tool has been identified as the panacea for cancer detection for a significant period of time due to the size of the potential market. We believe Xgenera has the right technology at the right time based around recent advances in computational speed and power, post-COVID knowledge moats related to qPCR scale-up and novel biomarkers such as microRNAs to capitalise on this potential. Dr Andy Shapanis is an expert in bioinformatics and has the skillset to bring this much needed technology to market.”
Richard Haycock, CEO of QantX, commented: “Traditionally, diagnosing cancer has been challenging, often relying on the appearance of later-stage symptoms. Swift identification is crucial not only for improving patient survival rates but also for minimizing the impact on families and alleviating strain on the healthcare system. We’re thrilled by the potential of this transformative technology to reshape oncological screening practices.”
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About Xgenera
Xgenera is dedicated to transforming cancer diagnosis through their groundbreaking multi-cancer early detection (MCED) test. With a mission to save lives by identifying cancer at its earliest stages, Xgenera leverages cutting-edge technology and advanced algorithms to detect a wide range of cancers with exceptional accuracy. Backed by data from large patient cohorts and ongoing research, Xgenera's MCED test will enable clinicians to detect cancer earlier, when treatment options are most effective, thereby improving patient outcomes and ultimately reducing the global burden of cancer.
For more information about Xgenera and their innovative detection technology, visit www.xgenera.com
About Empirical Ventures
Empirical Ventures leads pre-seed and seed rounds for deep science startups creating century-defining technologies. Co-founded by Dr. Ben Miles (physics) and Dr. Johnathan Matlock (chemistry), they have extensive experience as scientists, entrepreneurs, and investors. The team are looking for exceptional science-led startups that are using the latest technological advances to solve some of the most pressing challenges facing society and our planet. Empirical fills a key need in the DeepTech landscape in the UK by leading due diligence on deep science startups, helping to de-risk early-stage investments for their investors and co-investors. Empirical Ventures operates as an appointed representative of SFC Capital Partners.
For more information about Empirical Ventures and its mission, please visit empiricalventures.vc.
