Innovative individualised prognostic test producer AMLo Biosciences has received £800,000 of investment from North East based VC Northstar Ventures, matched by Esperante Ventures, completing a total round of £1.6 million.
A spin-out from Newcastle University, the company has developed a simple to use diagnostic test called AMBLor®. The test allows clinicians to ascertain whether early-stage melanomas are at low-risk of progression. By using the test, clinicians can more efficiently detect the level of urgency in cases meaning that patients at genuine risk can be prioritised. Those with lower risk could suffer less anxiety and a reduced follow-up process, creating more personalised follow-up schedules. This is of particular benefit to the healthcare sector as whilst only a low percentage of melanomas actually progress past the early stage, all are handled as if the same level of risk is involved. AMBLor® has significant benefits in terms of both the cost and effectiveness of freeing up appointments and healthcare workers’ time whilst wasting fewer medical resources involving invasive procedures.
The company has recently gained the UKCA mark for the AMBLor® test which means that the kit can now be used throughout the UK in both the public and private healthcare systems. The company is also operating in the US, with genuine potential to take the product out to the global market.
As the incidence of pigmented skin lesions is believed to be over 1 million cases per year globally, the funding underpins the commitment by Northstar Ventures to supporting AMLo in the drive to find solutions to the challenges cancer patients face. Northstar Ventures’ funds are provided by The North East Innovation Fund supported by the European Regional Development Fund.
Dr Alex Buchan, Investment Director, Northstar Ventures, said: “We have supported AMLo since the company’s inception in 2018, an indication of how strongly we are committed to their aim to alleviate the challenges faced by the medical profession and provide better outcomes for melanoma sufferers. We are extremely pleased for them and are keen to support them on their journey as they make bigger inroads into the market.”
Marie Labus, CEO, AMLo Biosciences, said: ‘The AMLo executive team recognises the confidence that Northstar Ventures has in the whole team and AMLo’s technology with the initial and subsequent investment support since 2018. At the point at which our USA launch is just starting to take off and we are seeing real interest from the UK, this investment means that we can start to build the company further into growth.’
Notes To Editors
Press contacts – Northstar Ventures Limited
Deborah Nixon Carr
Marketing / Investment Support
M: 07754 800 749
[email protected]
Emma O’Rourke
Finance Director
M: 07715 366 434
[email protected]
About Northstar Ventures
Northstar Ventures is a long-established venture capital and based in the North East of England.
As the region’s leading early-stage investor, we have provided over £100m of funding into start-ups, early-stage businesses and high impact social enterprises.
Supporting entrepreneurs since 2004, we know how to identify strong, effective teams with innovative ideas that will drive high growth, scalable businesses, and sustainable charities. Our particular focus is on those organisations who provide solutions to societal and industry-wide issues on a regional, national and even global scale.
Our investment managers have a wealth of expertise supporting new and growing businesses. They bring commercial and operational knowledge to the table combining everything from PhDs, MBAs, international careers and finance to micro-business experience.
Northstar Ventures Limited is authorized and regulated by the Financial Conduct Authority. For more information see www.northstarventures.co.uk.
Editor’s notes:
Media contacts:
Kristen Watson
PR Account Executive
T: 0191 261 4250
M: 07718 065696
Sarah Banks [email protected]
Jez Davison [email protected]
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialization of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org.
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regeneration.
For more information visit: https://www.gov.uk/european-growth-funding
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
For more information, visit: http://www.eib.org/about/index.htm
About AMLo Biosciences:
Contact
Jane Meaney, CMO at AMLo Biosciences: [email protected]
Marie Labus, CEO at AMLo Biosciences: [email protected]
About AMLo Biosciences Ltd.
AMLo Biosciences Ltd (AMLo) is an innovative medical device company that specialises in the early detection of skin cancers with metastatic potential. Its goal is to improve the management of skin cancers through risk stratification, enabling targeted and personalised cancer management.
AMLo is a spin-out from Newcastle University in the UK. The discovery and validation of the novel biomarkers that comprise these new devices emerged from the Newcastle University laboratory of Penny Lovat, Professor of Cellular Dermatology and Oncology supported by a National Institute for Health Research (NIHR) Invention for Innovation (i4i) grant (project reference 20993) in association with AMLo Biosciences Ltd. AMLo has collaborated with medical teams in the USA, Europe, and Australia to provide evidence for significantly improved disease-free survival compared to current treatment pathways.
In 2022, an estimated 330 000 new cases of melanoma were diagnosed worldwide7, representing a significant market opportunity for accurate prognostic markers.
AMLo is also developing a prognostic test for cutaneous squamous cell carcinomas (cSCC); the second most common form of skin cancer. In addition, it is working on a product for oropharyngeal squamous cell carcinoma (OPSCC) which will enable precision management to reduce unnecessary treatment-associated toxicities.
