Oxford Cancer Analytics (OXcan), a British-Canadian medtech company, has secured $11 million to develop a lung cancer detector.
The funding round was led by We Venture Capital and Cross-Border Impact Ventures, with participation from return investors Eka Ventures, Civilization Ventures, and new investors DigitalDx Ventures, Aurelium Ventures, OKG Capital, and several prominent angel investors.
This investment brings OXcan’s total funding to $16.7 million, positioning the company to commercialize a new generation of minimally invasive liquid biopsy blood tests for early cancer detection, starting from lung cancer.
Simultaneously with the funding round, senior executives from We VentureCapital and Cross-Border Impact Ventures have joined the OXcan board of directors.
The Problem Medtech Company, OXcan Solves
Lung cancer is the number one cause of cancer deaths worldwide. Although over 70% of cases are diagnosed beyond the localized stage, there is a 12-fold increase in five-year survivorship between those detected at stage one and those detected at stage four, highlighting the role of early detection in improving patient outcomes. OXcan addresses this critical problem by developing a simple blood test to detect these deadliest cancers early.
OXcan began from breakthrough innovations in combining advanced proteomics and tailored machine learning to transform early cancer detection using a blood test known as liquid biopsy.
Related Post: Koalaa, a Black-owned London-based Startup, Has Closed a $1.2M Investment Round
In 2020, Dr. Peter Jianrui Liu, CEO, and Dr. Andreas Halner, COO, experts in oncology innovation and machine learning, founded OXcan. The team began applying cutting-edge research methods to liquid biopsy data.
Published in the peer-reviewed journal iScience, Cell Press, OXcan’s initial machine learning solution doubled detection rates across eight cancer types by narrowing thousands of proteins to key biomarker signatures.
Today, OXcan stands at the forefront of early cancer detection with a patented approach, a state-of-the-art proteomics lab, and a platform dedicated to advancing the field of liquid biopsy.
“The power of the OXcan proteomics biomarker discovery platform and the data generated by OXcan stand out against the backdrop of other liquid biopsy companies, indicating a truly superior performance in the identification of early-stage lung cancer,” says Louise Warme, MD, Head of WeVenture Capital. “We have been very impressed by the team to date and look forward to supporting the company in the next phase of its growth to offer its first product to patients.”
How OXcan Will Detect Lung Cancer?
OXcan produced a protein-based blood test that will identify molecular signatures for high-risk lung cancer patients. It fills a gap in the liquid biopsy space as the protein-based blood test detects cancers with the highest mortality rate.
The company’s diverse, global biobank allows for more reliable biomarker identification across different populations, to help ensure the test will be effective worldwide. Additionally, OXcan uses advanced proteomics technology to detect a larger number of proteins, providing a more comprehensive view of the disease.
Related Post: Teen Named TIME’s 2024 Kid of the Year for Cancer Soap
Dr. Daniel Szulc, Chief Product Officer at OXcan, says, “OXcan is working with leading lung cancer screening programs worldwide to develop products that will be fully integrated with existing clinical pathways to enhance lung cancer screening, accelerate adoption, improve patient outcomes, and reduce healthcare system burdens from lung cancer.”
Since OXcan’s last funding in 2023, the company has established global partnerships with a versatile test that can be deployed internationally using scalable platforms. OXcan from over 20 healthcare centers on three continents – including pioneers in existing lung cancer screening paradigms – to develop and deploy the technology.
OXcan has quickly expanded its team to 15 members, with a strong presence across the United Kingdom, the United States of America, and Canada. The fresh funding will be used for test deployment to improve patient outcomes by enabling cancer detection earlier.
Main Image: left to right: Peter Jianrui Liu, CEO; Brad Wilson, Chairman; Andreas Halner, President and COO, Oxford Cancer Analytics
