Newcastle biotech firm secures seven-figure funding to "save thousands of lives"

As part of Bdaily’s coverage of World Health Day (April 7), we hear from Nanovery, a Newcastle based company which has raised over £1.85m of funding to help its quest to save more lives through better testing for prostate cancer.

The funding includes £500k investment from the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures alongside investment from Prostate Cancer Research together with and investment of £250k from JR Holding ASI, and £305k from angel investors.

On top of this investment Innovate UK awarded the company a grant of £750k to develop its disease screening activities. Nanovery has developed a nanorobot platform to detect chronic illnesses like prostate cancer, liver disease, and severe conditions such as acute liver and kidney toxicity.

Its new nanorobot advancements include technologies that will be applicable for detection across sectors including, but not limited to, the life sciences, preclinical drug development, agriculture bio, and food safety.

Nanovery is now working with Prostate Cancer Research to focus on developing much more reliable, simple, and accessible testing for prostate cancer. Considering the mortality rates for prostate cancer have not improved for 40 years, unlike other cancers, this is a timely partnership for both organisations.

Dr Jayne Spink, translational research director at Prostate Cancer Research, commented: “Early-stage prostate cancer diagnosis is so important because it directly impacts survival rates and quality of life.

“We are delighted to be supporting Nanovery. A quick and reliable test that is simple to use and delivers detailed information about the patient’s tumour would be a real game changer.”

Nanovery CEO Dr Jurek Kozyra added: “While the mortality rates for other cancers are improving, Prostate Cancer has gone in the opposite direction. There are a number of factors, from fewer men getting tested, especially since the pandemic, to unreliable tests.

“With our technology, we can provide low-cost, simple tests that are ultra-accurate. By developing and rolling out these tests, an earlier reliable diagnosis could help save thousands of lives.”

Khadija Ashfaq, investment manager at Northstar Ventures, concluded: “We’re so pleased to continue supporting Nanovery in developing a game-changing product that will lead to more rapid, affordable and personalised diagnostic tests. This innovative technology can change the way clinicians can help their patients and potentially impact the lives of many patients.”

By Matthew Neville – Senior Correspondent, Bdaily

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