Zilico wins extra investment
CANCER diagnostic firm Zilico has secured a further £750,000 from The North West Fund for Biomedical. managed by SPARK Impact.
It follows a £750,000 investment in June by the fund’s manager SPARK Impact and £235,000 from new and existing investors, including Fusion IP.
Zilico was originally spun out from the University of Sheffield and Sheffield Teaching Hospitals NHS Foundation Trust. It will be moving to Manchester as a result of the funding.
The firm is developing a new smear test system for cervical cancer which gives immediate results, removing several weeks of waiting for a diagnosis.
The technology detects changes as cells progress from normal to precancerous and then to cancerous. It could help reduce the number of biopsies taken and reduce the time taken with current tests.
Chief executive Sameer Kothari said: “I welcome the ongoing support of the existing shareholders and I am also pleased to bring in new investors. This investment will significantly help with our launch plans of ZedScan in 2013.”
Zilico will use the investment to complete the manufacture of commercial devices and to establish its route to market for EU and other territories.
