£2m for UK electric field brain implant
UK startup QV Bioelectronics has raised £2m (€2.2m) for its brain implant that treats cancer using electric fields.
The seed funding will be used facilitate the completion of pre-clinical studies and the further development of the GRACE implant, as well as expanding expertise of the team.
The surgically implanted device uses Electric Field Therapy (EFT) which inhibits the growth of cancerous cells without affecting healthy cells. The first clinical use for GRACE will be the most aggressive and deadly primary brain tumour, Glioblastoma (GBM), which has some of the worst outcomes of any cancer.
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GRACE is set to be implanted in patients already undergoing surgery to maximise patient safety and cost-effectiveness. QV have been working with neurosurgeons to ensure GRACE meets the needs of clinicians and fits seamlessly into existing patient treatment pathways.
The round was led by the Science Angel Syndicate and Fink Family Office with participation from Northern Gritstone, Elbow Beach Capital, and existing investors SOSV and Catapult Ventures.
QV Bioelectronics in Cheshire is led and co-founded by biomedical engineer Dr Christopher Bullock (CEO), and Dr Richard Fu, a specialty registrar in neurosurgery and brain cancer researcher in the UK’s National Health Service (NHS).
“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,” said Dr Richard Fu (Clinical Director and Co-founder) and Dr Chris Bullock (Co-founder & CEO)
“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,” said Dr Johnathan Matlock, Co-founder of Science Angel Syndicate.
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