A Newcastle-based company has raised over £ 1.85 million of funding to help its quest to save more lives through better testing for prostate cancer.
The funding includes £500,000 investment from the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures alongside investment from Prostate Cancer Research together with and investment of £250,000 from JR Holding ASI, and £305,000 from angel investors. On top of this investment Innovate UK awarded the company a grant of £750,000 to develop its disease screening activities.
Nanovery has developed a nanorobot platform to detect chronic illnesses like prostate cancer, liver disease, and severe conditions such as acute liver and kidney toxicity. Its new nanorobot advancements include technologies that will be applicable for detection across sectors including, but not limited to, the life sciences, pre-clinical drug development, agriculture bio, and food safety.
Nanovery is now working with Prostate Cancer Research to focus on developing much more reliable, simple, and accessible testing for prostate cancer. Considering the mortality rates for prostate cancer have not improved for 40 years, unlike other cancers, this is a timely partnership for both organisations.