Oxford Cancer Analytics (OXcan), a medtech startup based in Oxford, UK, with operations in Toronto, has secured over $16 million CAD ($11 million USD) in Series A funding.
The financing will drive the development of OXcan’s protein-based blood test, designed to detect lung cancer in its early stages. The startup plans to roll out the technology in the US later this year, pending regulatory approval.
Addressing a Critical Need in Cancer Detection
Lung cancer is the leading cause of cancer-related deaths globally, often going undetected until late stages due to its asymptomatic early progression. Oxford Cancer Analytics blood test utilizes proteomics and artificial intelligence (AI) to identify protein biomarkers associated with early-stage lung cancer, enabling timely intervention and potentially saving lives.
“We’re starting with lung cancer because it is one of the biggest unmet needs in this space,” said Dr. Peter Jianrui Liu, CEO and co-founder of Oxford Cancer Analytics.
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Series A Details
The all-equity round was co-led by We Venture Capital, the corporate VC arm of Spain’s Werfen Diagnostics, and Toronto-based Cross-Border Impact Ventures (CBIV). Other participants included DigitalDx Ventures, Macmillan Cancer Support, Aurelium Ventures, and OKG Capital, as well as existing investors Eka Ventures and Civilization Ventures.
The funding brings Oxford Cancer Analytics’ total raised to $16.7 million CAD. New board members include Gemma Sturt of We Venture Capital and Annie Thériault, managing partner at CBIV.
Innovative and Cost-Effective Approach
OXcan’s patented methodology uses existing lab infrastructure, making it a cost-effective alternative to traditional DNA-based methods for early cancer detection. This approach relies on analyzing proteins in liquid biopsy samples, which include bodily fluids like blood, to determine a patient’s molecular risk for lung cancer.
Heinrich Roder, OXcan’s newly appointed Senior VP of R&D and a proteomics expert, noted:
“Detecting cancers early through liquid biopsy is challenging. Oxford Cancer Analytics unique approach holds significant promise to address this clinical need.”
Global Partnerships and Growth
Since its founding in 2020 by Oxford graduates Dr. Liu and Andreas Halner, OXcan has collaborated with over 20 healthcare centers across three continents, including Toronto’s University Health Network and Princess Margaret Cancer Centre. The startup also plans to expand its Toronto-based team, currently comprising 15 employees.
Future Outlook
While OXcan is initially focused on lung cancer, the company aims to expand its technology to detect other cancers in the future, further cementing its role in transforming cancer diagnostics and improving patient outcomes.vestor backing and scalable technology, the company is paving the way for a sustainable industrial future.
