Elypta raises $21 million Series A to develop metabolism-based multi-cancer early detection test
Today we are happy to announce our continued support and investment in Elypta – a Swedish diagnostics company aiming to commercialize the first metabolism-based liquid biopsy for early detection of any cancer. Industrifonden invested in Elypta already in early 2020. This $21 million Series A round was led by as Bonnier Ventures, with participation from Industrifonden and other existing investors.
Karl Bergman, CEO at Elypta, says: “The series A is a pivotal moment for Elypta as it fully funds the development of our two leading indications.”
Francesco Gatto, founder at Elypta, comments: “Our MCED test has the potential to greatly increase the share of cancers detected at the earliest stages when treatment could mean a cure besides being less costly. Detecting stage I cancer is the key challenge here, and whereas other MCED tests based on cell free DNA struggle to find cancer at this early stage, metabolism-based biomarkers could really make a difference.”
The company will use the capital to develop and validate blood and urine tests for Multi-Cancer Early Detection (MCED) in adults with no symptoms of cancer and for detection of recurrence in kidney cancer patients. The tests are based on the exhaustive profiling of human glycosaminoglycans – also known as the GAGome – as biomarkers of cancer metabolism, an approach pioneered by Elypta based on research performed at Chalmers University of Technology by founders Francesco Gatto and Jens Nielsen.
Jonas Jendi, Investment Director at Industrifonden, commented: ”We are proud to continue supporting Elypta on their mission to reduce cancer mortality by developing earlier detection and closer monitoring. We are impressed by what the team has accomplished so far and look forward to the journey ahead.”
Bonnier Ventures led the round and were joined by existing owners such as Wallenberg Investment’s venture capital arm Navigare Ventures, Industrifonden, Norrsken VC, Nina Capital, Chalmers Ventures and Hillclimber. Locust Walk served as transaction advisor to Elypta.