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Early cancer diagnostics company Cyted raises £13.4 million in new funding

BGF News 05.18.2023

Cyted, an early cancer diagnostics company, has raised £13.4 million, in a round co-led by BGF and Morningside Ventures, with participation from private investors. The investment includes a £3.4 million non-dilutive grant from the NHS Cancer Programme.

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 esophageal cancer to NHS patients in primary and community care settings.

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 of its 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 roll-out in community settings since August 2022, including primary care sites.

We are thrilled to have the support of existing and new investors as we work to bring our diagnostic products to more markets. 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.

Marcel Gehrung, CEO, Cyted

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.”

Business funding in Cambridge

Since 2011, BGF has provided over £240m worth of patient capital to growing businesses in Cambridge. We invest across all sectors, while actively extending our support for earlier-stage life science and technology companies with ambitious growth plans. To find out more about the support we provide, please get in touch.

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