Imagen, a UK-based biotech company, is set to close its equity crowdfunding campaign on Crowdcube with nearly £900,000 in funding secured. The funding round was launched last month originally seeking £600,000. It has now attracted more than 640 Crowdcube investors.
As previously reported, 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 also 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.”
Funds from the Crowdcube round will be used to scale Imagen’s infrastructure with the goal to create the “world’s leading” Biobank of clinically relevant patient-derived cancer models. The company is also building a big data set in cancer research.
Imagen is offering 7.74% in equity at a £10,620,474 pre-money valuation.
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