The funding will allow the business to further develop its commercial offering and create four new jobs in the Manchester region. Funding will also support the development of new diagnostics across the dementia sector with the objective of transforming the prospects for cost-effective identification of subjects for clinical trials and for timely treatment.
Cytox has developed a simple and accurate genetic test (using blood or saliva) to predict future risk of cognitive decline and Alzheimer’s Disease (AD). The company’s interpretive software allows researchers to access the biology and genetics behind dementia, stratify patients to enable more cost effective and information rich clinical trials, and ultimately establish risk for cognitive decline and matching with the most appropriate targeted therapy.
Without new drug therapies, the economic and healthcare cost burden of dementia - including Alzheimer's disease - is estimated to exceed $1tn per year in the next decade [World Alzheimer’s Report 2015]. The ability to understand risk for the future development of AD is a key unmet need for those developing new treatments and managing patients. There is growing recognition in Pharma that the use of genetic testing to identify these people can play a major role in both the recruitment of subjects into clinical trials and ultimately, to identify those high-risk individuals most suited to these treatments once the new drugs are approved.
The management team has a considerable expertise: CEO, Dr Richard Pither brings 20 years’ experience developing diagnostic and therapeutic pharmaceutical products. Prior to joining Cytox, he held senior R&D and leadership positions in global pharmaceutical companies including GE Healthcare (Medical Diagnostics), UCB-Celltech, Lorantis and Amersham plc. Chairman, Dr Andrew Carr is an entrepreneur with a vast senior management experience working in larger companies including Amersham Biosciences, GE Healthcare and Thermo Fisher Scientific, as well as smaller biotechs including Teraview, deltaDOT and Akubio.
Andy Round, Investment Director at Maven, said, “The Cytox management team is highly experienced and has commericalised its test effectively. The business can identify subgroups within an Alzheimer population and is addressing a real need understanding the future risks for patients developing AD. We look forward to working with Richard and the team as the business continues to develop new diagnostics across the dementia sector.” We are excited to be investing in Cytox at this time and look forward to seeing the test being used for the benefit of patients.
Dr Richard Pither, CEO of Cytox Group, said “This investment from Maven is a strong endorsement of Cytox and our technology to improve success rates in the development of new Alzheimer’s drugs. It will enable Cytox to continue to expand into new markets, grow our commercial and business development opportunities, and become a lead provider of quality research tools in dementia."
Sue Barnard, Senior Manager at British Business Bank, said: “NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership with Maven and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies to unlock the North’s potential.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
If your business is in need of finance to help unlock its growth potential, NPIF Maven Equity Finance may be able to help. Contact Maven’s local team today on 0161 233 3500.
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