Oxford, UK and Toronto-based Oxford Cancer Analytics (OXcan) has set out to help spot one of the deadliest forms of cancer earlier.
The doctor-led, pre-revenue medtech startup has secured over $11 million USD ($16 million CAD) in Series A funding to fuel the development and deployment of its protein-based blood test product for early-stage lung cancer detection, which it hopes to begin rolling out in the United States (US) later this year, pending regulatory approval.
“It’s good to have that stamp of approval from the specialized VCs.”
Dr. Peter Jianrui Liu, OXcan
In an interview with BetaKit, OXcan co-founder and CEO, Dr. Peter Jianrui Liu, noted that while it is not the most common type of cancer, by number of deaths caused, “Lung cancer is number one.” Liu said a big part of the reason why is that lung cancer is typically not detected until later stages because earlier stages are often asymptomatic.
Early lung cancer detection is paramount to ensuring survival. By using proteomics and artificial intelligence to analyze liquid biopsy tests, which look for tumour cells and cancer DNA in bodily fluids like blood, OXcan hopes to play a role in identifying lung cancer earlier, ensuring access to more treatment options and saving lives.
“We’re starting [with] lung cancer because it is one of the biggest unmet needs in this space,” Liu said, noting that OXcan intends to tackle other types down the road.
OXcan’s all-primary, all-equity Series A round closed this month and was co-led by We Venture Capital, the corporate venture capital (VC) arm of large Spanish diagnostic firm Werfen, and Toronto’s Cross-Border Impact Ventures, which targets women and children-focused healthtech startups and announced the final close of its first, $90-million fund around this time last year.
“It’s good to have that stamp of approval from the specialized VCs,” Liu said, noting that he expects We Venture Capital’s expertise and resources to prove especially helpful as the startup looks to launch its product in the UK and European Union in the future.
The financing was also supported by fellow new investors DigitalDx Ventures, Macmillan Cancer Support, Aurelium Ventures, and OKG Capital, existing backers Eka Ventures and Civilization Ventures, and several undisclosed angels. It brings OXcan’s total funding to $16.7 million. Liu declined to share the company’s valuation.
We Venture Capital senior investment manager Gemma Sturt and CBIV managing partner Annie Thériault have joined OXcan’s board of directors.
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OXcan was founded in 2020 by two Oxford University graduate students, Liu, a Canadian medical doctor by training with experience in cancer research, and president and COO Andreas Halner, who holds the Oxford equivalent of a PhD in clinical medicine and machine learning (ML).
The startup is developing a proteomics and ML software platform and blood test solution that searches for specific protein biomarkers associated with lung cancer and assesses patients’ molecular risk of having the disease. OXcan is currently working with over 20 healthcare centres across three continents to develop its tech.
According to Liu, using proteins for early cancer detection has demonstrated improved outcomes compared to more traditional DNA-based approaches. He claimed that OXcan’s patent-filed approach is also more cost-effective because it relies on existing laboratory infrastructure, rather than requiring the company to build its own specialized labs.
Liu described OXcan’s offering as a detection tool rather than a diagnostic one, noting patients that receive a positive indication from OXcan are referred to existing clinical pathways for further assessment. “We initially want to use this as a way to improve screening for lung cancer,” he said.
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While OXcan is headquartered in Oxford, the startup is also incorporated in Canada, where it has conducted some of its research in collaboration with the University Health Network’s Princess Margaret Cancer Centre and others. OXcan currently has a presence in Toronto—where Liu and CPO Daniel Szulc are located—and plans to grow its now 15-person team’s Canadian division going forward.
To aid its efforts to take its tech to market, OXcan has also hired Heinrich Roder as senior vice-president of research and development. Roder brings expertise in proteomics specifically as it relates to liquid biopsy for lung cancer, having previously founded and led Nasdaq-listed American diagnostic firm Biodesix as CTO.
“Having developed blood-based proteomic tests for lung cancer for over two decades, I appreciate the difficulty of detecting cancers early through liquid biopsy,” Roder said in a statement. “Convinced that OXcan’s unique approach can address this clinical need, I feel privileged to join the team.”
Feature image courtesy Oxford Cancer Analytics.