QV Bioelectronics, the startup behind innovative treatments for brain tumours, has just raised over €2.2 million to fuel the development of its surgically implanted Electric Field Therapy (EFT) device. The deeptech startup is now planning to scale, bringing this treatment closer to patients.
Cancer is, sadly, an all-too-familiar illness. While the hunt continues for a cure to this illness, there are different scientific breakthroughs and developments, largely enabled by tech, that are improving treatments and outcomes for patients.
QV Bioelectronics is a startup that has developed a surgically implanted Electric Field Therapy (EFT) device that is aiming to improve treatment for brain tumours. The implant, called GRACE, is currently in pre-clinical development. It leverages tech that targets dividing cancer cells within the brain, without affecting healthy cells. Now, the startup has secured new funding and plans to scale.
Dr Richard Fu (Clinical Director and Co-founder) and Dr Chris Bullock (Co-founder & CEO) said: “Ultimately, we at QV are driven by the challenge to make a meaningful difference to the lives of brain cancer patients around the world. It is our aspiration that GRACE will optimise the treatment effects of electric field therapy, whilst working synergistically alongside other existing and emerging cancer treatments. We are grateful for the belief and support from our new and existing investors and look forwards to working with them and our other partners as we take the next significant steps toward fulfilling this goal.”
The funding
- Over €2.2 million was raised in a pre-Series A round
- The round was led by the Science Angel Syndicate and Fink Family Office
- Included participation from Northern Gritstone, Elbow Beach Capital, and, existing investors SOSV and Catapult Ventures.
Dr Johnathan Matlock said: “We are delighted to have led this investment round alongside the Fink Family Office. The GRACE device that Chris and Richard are developing is the definition of deep science, requiring expertise across multiple disciplines, that when brought together could dramatically improve outcomes for patients with brain tumours. With this funding round, we are helping Chris and Richard move one step closer to the clinic and have set them up to achieve important pre-clinical milestones ahead of a Series A round. We are excited to support Chris, Richard and the wider QV team during the next phase of their development.”
Founded in 2018, QV Bioelectronics is pioneering the use of implantable bioelectronics in cancer treatment with its product, GRACE. The device aims to provide longer and better quality lives for patients with brain tumours. The first clinical indication for GRACE will be the most aggressive and deadly primary brain tumour, Glioblastoma (GBM), which has some of the worst outcomes of any cancer.
Based in Manchester, the startup is led by Dr Chrisopther Bullock and Dr Richard Fu. Based on their combined expertise in cancer research and biomedicine, the tech underpinning the company combines the use of the nascent area of advanced materials, precision oncology and surgical innovation. GRACE is set to be implanted in patients already undergoing surgery to maximise patient safety and cost-effectiveness.
With his new funding, the startup will expand pre-clinical studies to assess the safety and efficacy of the implant, alongside the completion of device design prior t entering the clinical phase of development.
Lord Stanley Fink said: “I am thrilled to be investing in QV bio’s latest round. Having suffered from a brain tumour over a decade ago, this is a cause extremely close to my heart. There has been limited progress in brain cancer survival rates over the past decade when compared to the advances in other cancers and I hope QV bio will help bridge this gap.”
Duncan Johnson, CEO, Northern Gritstone, said: “QV Bioelectronics is an example of the pioneering start-ups from the north of England that Northern Gritstone is dedicated to supporting. Its medical devices are at the vanguard of innovation with the potential to improve the lives of millions of people with brain tumours. This investment takes the company one step closer to clinical trials and making its research a reality.”
