iCellate Medical secures 20 MSEK in new funding

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Stockholm, Sweden – June 8, 2023 - iCellate Medical has closed a successful round of financing, raising 20 MSEK from a combination of existing and new investors. iCellate develops cancer tests for early detection, treatment selection, and hereditary cancer risk.

iCellate is a privately held life sciences company, spearheading the industry in cancer profiling. Through liquid biopsy tests, the analysis of tumor-derived material in the blood or saliva, iCellate paves the way for precision medicine to reach more patients. Ongoing clinical studies investigating iCellate’s CTC-based technology, CellMate®, show very promising results in several cancer types including prostate, pancreatic, ovarian, and colorectal cancer.

“It has been tougher than ever to raise capital given the current climate, despite our early data having far exceeded expectations. I think that now is a good time to invest - the risk is certainly lower than one year ago and the future looks very bright for us”, says Pelle Redare, iCellate CEO.

The investment round has been led mainly by existing shareholders, including the management team and board members.

In the coming year, the company endeavors to partner with pharma companies to provide a companion diagnostic for their targeted therapies through its CellMate® platform. CellMate® includes both genomic and protein biomarker analysis. Another application of interest is to use the detection of CTCs via CellMate® to help physicians decide whether a pancreatic cancer patient is eligible for downstaging therapy prior to surgery.

Pelle continues, “We are grateful for the continued support of our shareholders and anticipate that we will be ready for a larger round by the end of the year.”

Pelle Redare

iCellate was founded in 2011 as a spinoff of research conducted at the Karolinska Institute and Karolinska Hospital. The company has its headquarters and laboratory in Stockholm’s Hagalund, where it performs all its services.

iCellate analyzes circulating tumor cells (CTCs) and genomic DNA to support clinicians in cancer diagnosis throughout the disease’s lifecycle.