AMLo Biosciences Secures £1.6 Million Investment to Advance Melanoma Testing
Deal News | Dec 06, 2024 | Northstar Ventures
AMLo Biosciences, an innovative company focusing on early detection of skin cancers, has received a £1.6 million investment to further advance its groundbreaking diagnostic test, AMBLor. This funding round was led by Northstar Ventures, with a matching contribution from Esperante Ventures. The company, a spin-out from Newcastle University, has gained the UKCA mark for its test, allowing its use in the UK’s healthcare systems while also introducing it in the US market. The AMBLor test is designed to identify early-stage melanomas of low-risk progression, optimizing patient care and reducing unnecessary medical interventions. Supported by the North East Innovation Fund and the European Regional Development Fund, Northstar Ventures has been backing AMLo since its inception in 2018. The test holds significant cost and efficiency benefits and aligns with AMLo's goal of providing better outcomes for melanoma sufferers amid rising global incidence of pigmented skin lesions.
Sectors
- Biotechnology
- Healthcare
- Venture Capital
Geography
- United Kingdom – AMLo Biosciences is a UK-based company operating initially in the UK market with its diagnostic test.
- United States – AMLo Biosciences is also expanding its operations and introducing its diagnostic test in the US market.
Industry
- Biotechnology – AMLo Biosciences operates within the biotechnology sector, specializing in medical devices for cancer detection.
- Healthcare – The development and commercialization of AMBLor test directly impacts the healthcare sector, offering advancements in cancer diagnosis and patient management.
- Venture Capital – Northstar Ventures, a venture capital firm, has significantly funded and supported AMLo Biosciences' efforts in commercializing its product.
Financials
- £1,600,000 – Total investment in AMLo Biosciences, £800,000 from Northstar Ventures and £800,000 from Esperante Ventures.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AMLo Biosciences | Target Company | Company | A medical device company specializing in early detection of skin cancers, spin-out from Newcastle University. |
| Northstar Ventures | Investor | Company | North East of England-based venture capital firm providing early-stage funding and support. |
| Esperante Ventures | Investor | Company | Venture capital firm matching Northstar Ventures' investment in AMLo Biosciences. |
| Marie Labus | CEO | Person | Chief Executive Officer of AMLo Biosciences. |
| Dr Alex Buchan | Investment Director | Person | Investment Director at Northstar Ventures. |