A Cheshire company that's aiming to use physics to fight brain cancer has raised an extra £2m in funding.
QV Bioelectronics, which is based at Alderley Park, has secured the pre-series A funding through a round 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.
The company created a surgically implanted Electric Field Therapy (EFT) device for the treatment of brain tumours. Known as GRACE, it is currently in pre-clinical development.
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The technology aims to target dividing cancer cells within the brain, without affecting healthy cells.
QV Bioelectronics 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 NHS.
The business will use the funding to support expanded pre-clinical studies to assess the safety and efficacy of the GRACE implant, alongside the completion of device design prior to entering the clinical phase of development.
The funds will also support a range of other activities to ensure future commercial and regulatory success.
The funding round was led by Science Angel Syndicate, which was founded in 2021, and the Fink Family office which is run by Lord Stanley Fink.
Lord Fink, a conservative peer, was the CEO of the largest listed hedge fund Man Group between 2000 and 2007.
Science Angel Syndicate co-founder 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."
Lord Stanley Fink added: "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 of 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."
Vijay Curthan, investment director at Catapult Ventures, added: "This is the third time we're investing in QV Bioelectronics and is testimony to the advances in deeptech that Chris and his team are delivering.
"With the support of some of the UK’s most pre-eminent neurosurgeons, the company continues to plough a leading furrow in the use of electric field therapy totreat GBM, in a way that will, hopefully, turn the tide on this devastating disease."
Bill Liao, general partner at SOSV, said: "SOSV is proud to continue our support of this revolutionary technology to treat the scourge of glioblastoma."
In a joint statement Dr Richard Fu, clinical director and co-founder, and Dr Chris Bullock, co-founder and 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."
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