A Sunderland firm is gearing up to bring a revolutionary cancer diagnostics kit to the global market after becoming the North East Fund’s 100th investment.
Arquer Diagnostics, based at the North East Business and Innovation Centre, has secured the £1.8m it needs to go to the next stage with its ADXBLADDER kit.
Having already raised £1.4m, Arquer tapped into £400,000 of funding from the North East Innovation Fund, which is managed by Northstar Ventures. The investment will support the company in finishing its international clinical trial and commercialising its test kit across the UK, Europe and other regions worldwide.
Developed and perfected at its Sunderland headquarters , the diagnostics kit is based on the detection of minichromosome maintenance proteins (MCM5) in the urine as an indication of the presence of bladder cancer.
The North East Innovation Fund, managed by Northstar Ventures, is one of five funds which collectively make up the North East Fund, which has so far made investments totalling £17m.
Those deals have also triggered more than £20m of private co-investment in the businesses, meaning that around £40m has been invested in the region’s SMEs during the North East Fund’s first year of operation.
Jason Hobbs, CEO of the North East Fund, said: “Arquer Diagnostics is a highly innovative organisation that is flying the flag for the region and the UK in a very competitive global marketplace.
“They are developing a potentially life-saving portfolio of products at the forefront of medical science, and the investment secured from the Innovation Fund will allow them to take their bladder test to the commercial market whilst developing other exciting new products.
“Reaching our 100th investment is a fantastic achievement and we will continue to support the region’s many SMEs to achieve their full potential and encourage business growth. We are delighted to be part of Arquer Diagnostics’ ongoing development and continued success.”
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Alex Buchan, investment manager of Northstar Ventures, is on the board of directors at Arquer, which won the Innovation Award at the 2018 Durham, Sunderland and South Tyneside Business Awards.
He added: “I have been part of the Arquer Diagnostic Board for a few years and watched the development of the bladder test very closely.
“I am convinced that the adoption of ADXBLADDER in clinical routine will help urologists deliver more accurate diagnosies which ultimately will result in more lives being saved. I look forward to the next indications which they are working on that promise equally clinically-relevant outcomes.”
The North East Fund is a five-year, £120m investment programme which supports regional SMEs in achieving business growth through five separate funds – The Innovation Fund, Development Capital Fund, Venture Fund, Growth Capital Fund and Small Loan Fund.
It is anticipated that more than 600 businesses will benefit from the programme over a five year period with the possible creation of 3,500 jobs and a legacy of around £80m for further regional investment.
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