Mercia EIS Funds

Glasgow-based diagnostics company targets growth following rebrand and relocation

15th June, 2021

Dxcover Limited is the new name for the cancer diagnostics company formerly known as ClinSpec Diagnostics.

ClinSpec Diagnostics, the Glasgow-based developer of liquid biopsies for the early detection of cancer, has relaunched as Dxcover Limited, as it targets growth.

A spin-out from the University of Strathclyde, Dxcover aims to be a world leader in liquid biopsy and artificial intelligence for early detection of cancer and other diseases. Since spinout in 2019, the company has raised £5.1m in funding to date to progress its multi-cancer development program, now rebranded as the Dxcover® Cancer Project. Investors in the technology include; Scottish Enterprise, Mercia Asset Management, Norcliffe Capital, SIS Ventures, Eos Advisory and the University of Strathclyde.

Following a period of growth and after reaching its round two funding target earlier this year, Dxcover is moving to new premises. It has taken on a 2000 sq ft lab and office space in the University’s Royal College Building in the heart of the Glasgow City Innovation District, home to many of the city’s fastest growing tech and science businesses.

At three times the size of Dxcover’s previous labs, the new site will accommodate the company’s ongoing growth, but will also permit its critical development work to continue while social distancing measures remain in place.

Dxcover CEO, Mark Hegarty, said: “This has already been a ground-breaking year for the company. We completed our Round 2 investment of £3.5m in February, moved into our new lab and offices, and now, with a very firm focus on future growth, we have rebranded as Dxcover. The new name with tagline The Future of Cancer Diagnostics, is both aspirational and a statement of our intent to help doctors discover cancer earlier with our liquid biopsy technology.”

Worldwide, 26,000 people die from cancer each day. The Covid-19 pandemic, and increased waiting times for cancer diagnosis and treatment has emphasized the need for new technologies which are simpler, faster and more cost-effective.

Dr Matthew J Baker, Chief Technology Officer at Dxcover and inventor of the spectroscopic liquid biopsy technology, said: “Over the course of the pandemic, we have been determined to safely continue with our lab and clinical work as much as possible. We’ve achieved that through a combination of working from home and being on site part time, but to continue to develop our multi-cancer platform, it’s important that we have the space to grow and maximise lab time.

“The Covid-19 pandemic has really shone a light on healthcare and the need for quick, effective diagnostic solutions. The new lab and office space will help us to maintain the momentum in the development of our Dxcover® Brain Cancer and Dxcover® Cancer projects”

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