52North, the University of Cambridge spin-out behind the Aster™ biomarker platform, has secured £3.2 million in new funding to accelerate its mission to help transform urgent cancer care and bring its core product, Neutrocheck® to market.
Neutrocheck® is a rapid finger-prick blood test that allows for the remote triaging of chemotherapy patients who may be at risk of neutropenic sepsis, a life-threatening complication which currently drives tens of thousands of emergency hospital visits each year, even though research suggests that around two in five of these visits could be ‘false alarms’[1].
The new funding will support clinical validation, regulatory progression and preparations for the introduction of Neutrocheck® to the UK market to help take pressure off emergency hospital wards and reduce the anxiety caused by unnecessary hospital visits for people living with cancer.
The latest funding round is co-led by Macmillan Ventures, the newly launched venture investment arm of Macmillan Cancer Support, and Hargreave Hale AIM VCT, alongside existing investors including Cedars Sinai Intellectual Property Company, Cancer Research Horizons, the University of Cambridge and OKG Capital. The round also includes a grant from Innovate UK’s Investor Partnerships programme, which combines grant funding with private investment to help innovative UK companies accelerate commercialisation and growth. The latest financing brings total equity funding raised by the company to more than £7.5 million.
This marks the first time Macmillan Cancer Support has co-led an investment round, lending the weight of its charitable funding, and deep understanding of the challenges facing people living with cancer in the UK, to support innovative new solutions that could help transform UK cancer care.
Hargreave Hale AIM VCT joins as a new investor with a £1.0 million commitment, representing the largest investment from a new investor in 52North’s history and reflecting the VCT’s strategy of supporting ambitious UK innovators whose technologies have the potential to create lasting societal and economic value.
At the core of 52North is the Aster™ platform, a proprietary biomarker detection technology designed to move critical diagnostic insight out of the hospital and into the hands of patients and their care teams. Neutrocheck® represents the first application of the Aster™ platform, demonstrating its potential to support earlier intervention closer to home, improve decision-making and help reduce pressure on emergency services.
Umaima Ahmad (pictured), CEO and Co-founder of 52North, said: “This round is another powerful vote of confidence in our platform and the team behind it, and our focus on delivering practical and innovative solutions to address major and meaningful gaps in healthcare. To have Macmillan lead its first ever deal, and to welcome Hargreave Hale with the largest commitment from a new investor to date, tells us the mission to transform urgent cancer care is one that our partners share.
“The investment will enable us to advance clinical validation, progress regulatory milestones and prepare Neutrocheck® for market launch, bringing us closer to a future where patients can access faster, more convenient and more personalised urgent cancer care.”
Felix Litzkow, Head of Macmillan Ventures and incoming Board Director at 52North, said: “52North’s platform is exactly the kind of innovation Macmillan Ventures was created to back – a technology that has the very real potential to spare people going through cancer treatment the anxiety of avoidable emergency hospital admissions and give them a greater sense of confidence and control during their treatment. This is the first investment we have led, and we are proud to do so alongside partners who share our commitment to turning the most promising cancer care innovations of today, into better cancer care for tomorrow.”
Anna Salim, Portfolio Manager at Hargreave Hale AIM VCT, said: “52North combines a differentiated diagnostics platform with a clear pathway to addressing a costly and clinically important problem in cancer care. Neutrocheck® has the potential to enable faster risk stratification for patients receiving chemotherapy, improving outcomes while easing pressure on healthcare systems. We believe the company is at an important point in its development, and we are delighted to join a strong syndicate of healthcare investors and strategic partners in supporting its next stage of growth.”
Reference
[1] Morelli-Batters M, Mohammed S, Brown S et al. Neutrophil level alongside other clinical features can help predict clinical outcome in cancer patients presenting with suspected neutropenic sepsis. Peer-reviewed data presented at the Society for Acute Medicine Conference, November 2022. A study of around 630 patients presenting to Cambridge University Hospitals NHS Foundation Trust found that 39% of patients with suspected neutropenic sepsis were either not admitted, or discharged within 24 hours from the hospital, signifying a potential ‘false alarm’ when it comes to sepsis. According to personal correspondence from representatives of the research team, the findings are likely to be applicable to other hospitals trusts.
