Cambridge-based molecular diagnostics company Cyted Health has secured $44m in the first close of its Series B financing round to accelerate expansion in the US.
The round was led by EQT Life Sciences, investing through its Health Economics strategy, alongside Advent Life Sciences and the British Business Bank. Existing investors Morningside and BGF also took part.
The company said the new funding will be used to scale commercial activities in the US, strengthen its position in the UK market, and add new products to its portfolio of gastrointestinal diagnostic tests.
Cyted’s platform includes EndoSign®, a device cleared by the US Food and Drug Administration for minimally invasive collection of esophageal cells, together with biomarker testing to detect esophageal conditions.
Esophageal cancer is considered one of the deadliest cancers globally, with a survival rate of only 20%. Cyted’s technology has been used in more than 35,000 tests in the NHS and is supported by a number of peer-reviewed publications.
Marcel Gehrung, CEO and co-founder of Cyted Health, said: ‘This Series B financing marks a defining moment for Cyted as we continue to deepen our commitment to detecting esophageal diseases earlier. This investment will help us consolidate our leading position in the market by expanding our US presence and adding new innovations to our advanced diagnostics portfolio.’
Bruno Holthof, partner at EQT Life Sciences, added: ‘Cyted is strongly positioned to redefine the standard of care in upper GI diagnostics worldwide. Its minimally invasive diagnostics platform is the standout innovation to capture this significant market opportunity.’
The financing round follows the launch of DETECT-ME, a US-based clinical validation study of new molecular tests using EndoSign, which began enrolling patients in March.
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