AMLo Biosciences Secures £1.6 Million in Funding
Deal News | Dec 06, 2024 | Northstar Ventures
Innovative medical diagnostics company AMLo Biosciences has secured £1.6 million in funding, co-led by Northstar Ventures and Esperante Ventures. The investment supports AMLo's development of AMBLor, a novel prognostic test for early-stage melanoma. This diagnostic tool aims to identify the risks of progression in pigmented skin lesions, enhancing patient care by stratifying follow-up procedures according to urgency. The UKCA-marked AMBLor test is authorized for use across UK healthcare systems and shows promise for global application. The funding underscores the commitment of venture capitals like Northstar Ventures to backing technologies that address serious health challenges, as well as boosting AMLo's global expansion efforts.
Sectors
- Healthcare
- Biotechnology
- Venture Capital
Geography
- United Kingdom – AMLo Biosciences is based in the UK and has secured authorization for its diagnostic test for use across the UK healthcare system.
- United States – AMLo Biosciences is also operating in the U.S. and aims to expand its presence in the global market.
Industry
- Healthcare – This industry encompasses companies providing medical services, manufacturing medical equipment or drugs, providing medical insurance, and facilitating the provision of healthcare to patients. AMLo Biosciences operates within this sector with its development of diagnostic tests for skin cancer.
- Biotechnology – Involves using living organisms or their systems to develop or make products. AMLo Biosciences, through its innovative skin cancer diagnostic technologies, falls within this category.
- Venture Capital – Involves funding provided by investors to startup firms and small businesses with perceived long-term growth potential. Northstar Ventures is actively involved in this sector and has invested in AMLo Biosciences.
Financials
- £1.6 million – The total funding secured by AMLo Biosciences, with £800,000 from Northstar Ventures and the same amount from Esperante Ventures.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AMLo Biosciences Ltd. | Target Company | Company | A medical device company specializing in early detection of skin cancers with metastatic potential. |
| Northstar Ventures | Lead Investor | Company | A venture capital firm based in North East England providing initial and ongoing investment support to AMLo Biosciences. |
| Esperante Ventures | Co-Investor | Company | A venture capital firm participating in the funding round with Northstar Ventures. |
| Newcastle University | Research Partner | Company | The origin of AMLo Biosciences, contributing research and development of biomarkers for cancer detection. |