Early cancer diagnostics company Cyted raises $16.8m in new funding
$16.8 million raised as part of Series A financing including both equity and grant funding for cancer diagnostic technology
17 May 2023
Financing includes a $4.2m (£3.4m) NHS Cancer Programme grant
Patients across UK already benefiting from early cancer test
New investment will be used for commercial growth and R&D programmes
Cambridge, UK, 17 May 2023, 15.00 GMT: Today, the early cancer diagnostics company Cyted announces a funding round of $16.8 million (£13.4m) co-led by BGF and Morningside Ventures with participation from private investors. The investment includes a £3.4m ($4.2m) non-dilutive grant from the NHS Cancer Programme, announced last month.
The financing will be used to scale in existing markets, as well as entering the US market, and further develop Cyted’s research and development programmes across gastrointestinal cancers and diseases. It will support the expansion of Cyted’s work providing early detection tests for oesophageal cancer to NHS patients in primary and community care settings.
The NHS Cancer Programme grant, provided with the support of SBRI Healthcare, will be used by Cyted to offer further tests in the community in Lancashire and South Cumbria, the East of England and the Wessex NHS region. It follows a £500,000 grant from SBRI Healthcare in Spring 2022 for a separate project providing community testing in the North-West of England.
Cyted’s innovative diagnostic platform combines a non-invasive test with data-driven biomarkers for early detection and risk stratification of cancers and inflammatory diseases. Its first application is in esophageal cancer.
Founded only three years ago, the company has already delivered over 15,000 tests to diagnose and monitor patients suffering from Barrett’s esophagus, a precursor to esophageal cancer, in more than 80 sites across the UK. Created by a team including Professor Rebecca Fitzgerald OBE and Dr Marcel Gehrung, both from the University of Cambridge, Cyted is a prime example of bringing ground-breaking science to industry. The test has also been undergoing rollout in community settings since August 2022, including primary care sites.
Esophageal cancer is a global public health priority, with late diagnoses and long waiting times for endoscopies leading to poor survival rates. Earlier diagnosis and better monitoring of Barrett’s esophagus patients, who are at higher risk of developing esophageal cancer, can help ensure that cancer is caught early and treated. By identifying cancer in its earliest stages, Cyted's technology helps to reduce the number of unnecessary endoscopies, has the potential to significantly improve patient outcomes and save lives - and is already doing so.
"We are thrilled to have the support of existing and new investors as we work to bring our diagnostic products to more markets" said Cyted CEO Marcel Gehrung. "This funding demonstrates a vote of confidence in our technology. Early-stage cancer is a major global health issue, and we believe that our technology has the potential to make a real difference in the lives of even more patients and their families".
The company plans to use the funding to strategically expand its team, scale geographically, and pursue new development efforts. Cyted is committed to making early cancer detection accessible to everyone, ensuring that patients at risk of cancer get the care they deserve.
Lucy Edwardes Jones from BGF said: “Cyted is one of the most innovative companies at the intersection of diagnostics and cancer. The company is addressing a real-world issue with a simple and scalable solution. Their technology is already being used across the UK health system with the potential to have a significant impact on patients around the world.”
"We are excited to continue our commitment to Cyted’s fight against upper gastrointestinal cancers," said Anthony Aiudi from Morningside. "Cyted's technology will revolutionise the way we detect and monitor the earliest stages of disease. The proven clinical adoption and traction over recent years demonstrate an exciting opportunity for early cancer diagnostics and targeted screening".