Global epidemic and public health challenge, diabetes kills more people each year than breast cancer and prostate cancer combined. It is a major cause of serious complications leading to blindness, kidney failure, heart attack, stroke and lower limb amputation, and WHO predicts it will be the seventh cause of death by 2030.
Early detection is the key to long-term disease management and increased life expectancy. However, screening currently relies on blood or urine tests that require disposable plastic products with associated expensive treatment, logistics and resources – and have come under heavy criticism for producing false positives or failing to detect the disease.
Changing the scenario and taking on the challenge of fighting the disease, an innovative diagnostic startup is harnessing the ability of infrared light for its early diagnosis. The medical technology company with offices in Cambridge, Norwich and Basingstoke, Glyconic has secured £ 1.5million in a corporate investment program (EIS) funding round ahead of a Series A round next year.
It has raised well in excess of the planned £ 850,000 in an increase led by investment platform Wealth Club and existing investors, Deepbridge Capital and Boundary Capital.
Game-changing screening tool
Demand from private investors and Wealth Club angel investors pushed the total amount to £ 1.5million. The increase will fund a large-scale trial program of Glyconics’ revolutionary point-of-care diabetes screening tool, Glyconics-SX, before seeking regulatory approval and CE marking.
The portable, non-invasive device exploits the use of miniaturized infrared (IR) spectrometry for the early diagnosis of diabetes – detecting biomarker changes in a patient’s nail in seconds and without the need for plastic to use unique.
News of the oversubscribed round of subscription follows the hiring of internationally renowned diabetes expert Dr Päivi Paldánius, who will be its first Chief Medical Officer (CMO) as the team prepares to move to the next clinical phase.
Glyconics has already received a coveted EU Certificate of Excellence for its technology and has been listed as one of the ’80 Outstanding Pioneer European Startups Driving Seismic Change in the Post-Pandemic World’.
Dr Kam Pooni, CEO of Glyconics, said: “Glyconics offers a transformational, cost-effective, rapid and non-invasive approach to diabetes screening – and this is a testament to this pioneering device and the entire Glyconics team that this increase has been so significantly exceeded. -subscriber. We are delighted to continue with our existing investors and of course to welcome our new Wealth Club investors and other private investors to the fold. “
Dr Adrian Parton MBE, Partner at Boundary Capital Partners, said: “We were delighted to help major investors pitch Glyconics for this round and plan to participate in other rounds through our brand new Impact Fund. Life which ends at the end of March 2022. “
Alex Davies, CEO of Wealth Club, said: “Glyconics presents an opportunity where the investment could have a positive impact on healthcare and society. What struck a chord with many Wealth Club investors is that Glyconics’ technology promotes earlier diagnosis of a disease that has affected them, themselves or their friends and family – and, like as we all know, untreated diabetes can lead to more serious complications such as kidney disease and increased cancer risk. The funds we have helped Glyconics raise should help the company take a further step towards its important goal of accessible and early disease detection.
Savvas Neophytou, Partner and Head of Life Sciences at Deepbridge Capital, said: “Deepbridge has been a lead investor in Glyconics for all cycles since 2017, and we have committed over £ 700,000 to date. This next round of funding should help them prepare for their initial EC submission, which will be the next milestone in their marketing journey.