Imagen, a UK-based biotech company, has successfully secured its initial £600,000 funding target through its equity crowdfunding campaign on Crowdcube. Founded in 2007, Imagen is on a mission to improve the outcomes of cancer patients by accelerating drug discovery and the development of new cancer therapies.
“Our main activities include offering personalised clinical diagnostic services to cancer patients, offering contract research services, and developing a world-leading well-characterised Biobank.”
Imagen further explained that it has fully developed its proprietary predictRx assay, enabling oncologists to refer patients to Imagen’s lab. This is creating a source of tumor samples to which industry does not have access, allowing Imagen to expand into the pharma sector by satisfying its unmet demand for patient-derived cancer models.
“In early-stage drug development, companies must use pre-clinical ‘models’ that closely resemble real patients, but few such models with patient-relevant data are available. This scarcity contributes to the high drug development failure rate (~95%), which Imagen is addressing by developing 1000’s of patient-derived cancer models using its global access to patients.”
In regards to what the Crowdcube funds will be used for, Imagen added:
“We require capital to scale our infrastructure with the aim of creating the world’s leading Biobank of clinically relevant patient-derived cancer models whilst building the most comprehensive big data set available in cancer research.”
Imagen’s share price is now £6.33 at a £10,620,474 pre-money valuation. The campaign is set to close at the end of July.
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