Cambridge-based Oncologica is seeking £6 million in funding to advance its urine-based screening test for prostate cancer. The company has engaged FRP Corporate Finance to identify potential investors for this round, which aims to finalize clinical trials and secure regulatory approval for the technology.
The funds will support the completion of clinical trials and the pursuit of regulatory approvals for Oncologica's innovative early-detection technology. Prostate cancer is the most common cancer in men in the UK, affecting approximately one in eight men during their lifetime. The disease is most prevalent in men over 50, with incidence increasing with age, and is responsible for 12,000 deaths annually.
Addressing Limitations of Current Prostate Cancer Testing
Current methods for prostate cancer detection include prostate-specific antigen (PSA) blood tests, imaging scans, and prostate biopsies. While PSA tests and scans can indicate potential issues, they often lack the specificity needed to definitively diagnose prostate cancer. Biopsies, while more accurate, can detect low-risk cancers that may not require treatment, leading to unnecessary interventions.
Oncologica's urine test is designed to differentiate between aggressive prostate cancers and those that are unlikely to pose a significant threat. This distinction is crucial in preventing overtreatment and reducing the burden on patients and healthcare systems.
Expert Perspectives on the Innovation
Dr. Marco Loddo, co-founder and scientific director of Oncologica, emphasized the test's precision: "This accuracy ensures men are not subjected to unnecessary, costly, and invasive procedures." Professor Gareth Williams, co-founder and medical director, added, "Our urine test will revolutionize early detection rates and patient outcomes."
Dan Bowtell, a partner at FRP, highlighted the significance of Oncologica's work, stating that the innovation exemplifies the UK's leadership in life sciences.
