Uni of Bath spinout launches with €12m Series A for lung cancer innovations
University of Bath and Edinburgh spin-out Prothea Technologies, which aims to offer lung cancer biopsy and treatment in a single hospital visit, has secured Euros 12 million in Series A funding.
Lung cancer is the third most common form of cancer in the US and annually claims more lives than breast, prostate and colon cancer combined. Screening programmes aim to facilitate the early detection of suspicious lesions, but delivering value from these initiatives requires a significant increase in biopsy performance, presenting a challenge for hospitals already grappling with low biopsy yields and false negatives.
The round was co-led by Earlybird Venture Capital and Merieux Equity Partners, with participation from NRW.BANK and Old College Capital.
Law firm Osborne Clarke advised lead investors Earlybird and Merieux Equity Partners, together with NRW.BANK.
With the closing of the Series A financing, Prothea has in-licensed several patents from the Universities of Edinburgh and Bath to progress their programmes into the clinical phase. Prothea is developing a medical device consisting of a Microendoscope combined with an Image Processing System, which enhances visualisation by providing in situ analysis of lesion structure at a molecular level. The financing proceeds will allow Prothea to initiate its FIH clinical trial for the imaging and biopsy device in patients with potentially cancerous lung lesions and progress the FIH for the therapeutic laser ablation catheter. The Company’s clinical pipeline includes an advanced program supported by Wellcome, evaluating Prothea’s technologies to identify lung infections in intensive care patients, enabling earlier selection of optimal drug therapy.
The Company is led by CEO and exec-Chair Crispin Simon, formerly President of Smith and Nephew’s Endoscopy Division, and CSO/CMO Prof. Kev Dhaliwal, Professor of Molecular Imaging & Healthcare Technology and Consultant in Respiratory Medicine at the Royal Infirmary of Edinburgh.
Crispin said: “We’re delighted to have been able to combine a great team, multiple technology innovations and a strong investment syndicate, and look forward to putting our products at the service of doctors and their patients.”
Prof. Kev Dhaliwal, CMO and CSO, added: “Molecular-level data capture, combined with immediate therapy, holds huge potential in basic science and patient therapy. I’m grateful to the funders who have backed us over the years.”
Dr. John Yianni, Partner at Earlybird Venture Capital, said: “Earlybird Health supports companies dedicated to advancing patient outcomes, and Prothea’s innovative approach to early visualisation, diagnosis, and treatment of lung cancer aligns perfectly with our mission.”
Dr. Yoann Bonnamour, Director at Merieux Equity Partners, added: “Mérieux Equity Partners is always interested in multi-disciplinary platforms, and we’re impressed with how Prothea’s photonics technology gives doctors valuable insight at the molecular level.”
