Scottish-based medtech company Carcinotech has raised £4.2m to expand its world-leading 3D printing technology for tumours into the US market. Using cells derived from patient biopsies and blood samples, the Carcino3D technology manufactures 3D-printed micro-tumours. These serve as a simulation for a tumour microenvironment and can be used to test cancer therapies.
In 2020, over 19 million people worldwide were diagnosed with cancer, and variants of the disease caused almost ten million deaths. While a variety of treatments are available, their efficacy can vary significantly depending on the patient. As populations continue to age, cancer is only expected to become more prevalent. Carcinotech’s offering will be vital to the development of new life-saving treatments and contributing to personalised medicine.
The £4.2m investment was led by Eos Advisory (Eos) in partnership with IFS, managed by Maven Capital Partners, Scottish Enterprise, Old College Capital, and InvestingWomen Angels. Pre-existing investors TRICAPITAL, SIS Ventures, Gabriel Investment Syndiacate, and Alba Equity also contributed to the fund.
Working from the University of Edinburgh, Carcinotech has already secured industry partnerships in Europe but intends to build an equally strong network in North America. With the demand for predictive, non-animal models for testing anti-cancer drugs on the rise, the company is positioning itself to be a leader in oncology technologies.
“Our vision is to be at the forefront of cancer drug testing and provide personalised medicine testing to every individual suffering from cancer to improve their treatment and chance of survival,” explains Ishani Malhotra, CEO and founder of Carcinotech. “Working with global partners, leading pharma companies, surgeons, pathologists, and clinicians, Carcinotech aims to significantly accelerate oncology drug development.”
Securing this investment is yet another milestone for the Scottish startup after the company partnered with Swedish bioprinting company CELLINK in October 2023. Together, the companies are pooling resources to produce bioprinted living tumours that can be used as models for cancer.
“Carcinotech has gone from strength to strength since we first supported it as a startup in 2018, and we’re proud to have been a part of its incredible journey to date,” says Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise. “It’s great to see the company expand into the lucrative US market and further develop its potentially life-saving technologies.
“Human health is a key opportunity area for Scotland, and we believe that innovative, scaling companies like Carcinotech have an important role to play in transforming our economy.”
To learn more about how the Scottish healthcare industry is shaping up to meet future challenges, download the document below.
