Diagnostics company Dxcover has raised US$6m to accelerate its multiomic spectral analysis – MOSA-Dx – for the early detection of solid tumour cancers, with backing from Macmillan Cancer Support and Maven Capital Partners.
By combining machine learning, light and technical innovation, Dxcover’s multi-omic spectral analysis technology analyses all molecules in the body related to cancer.
Utilising AI to simplify complex data for clinicians, the technology has been designed to enable early and accurate diagnosis of solid tumours.
Dxcover’s latest financing will accelerate the technology into the US market and enable further product development, including brain cancer biopsy and studies on pancreatic, colorectal, lung, and ovarian cancers.
Health Tech World speaks to Professor Matthew Baker, co-founder, CEO and president of Dxcover to find out more.
Baker said: “Our multi-omic spectral analysis differs from existing technologies in two key ways. Many liquid biopsy technologies currently on the market wait for information to be released from the tumour before detecting it. For example, they may look for tumour markers in the bloodstream, such as proteins like prostate-specific antigen or DNA fragments like circulating tumour DNA.
“Quite simply, we do not wait for these signals, nor do we amplify or isolate anything. Instead, we analyse the body’s biological response to disease because, in the early stages of cancer, the greatest concentration of information often comes from our own physiological response, rather than from the tumour itself.
“For some time now, we have understood that cancer behaves more like a complex organ than a simple foreign body. It interacts with our biological systems, influencing and being influenced by them.
“Rather than focusing on one specific biomarker, we take a broader multi-omic approach. Cancer involves proteins, lipids, DNA, and other molecular components, so looking at just one of these would mean missing vital diagnostic information. Instead, we analyse a full molecular profile associated with cancerous disease and then use artificial intelligence to extract meaningful patterns from this complexity.
“Importantly, we designed our technology to be simple and easy to use for clinicians and biomedical technicians. We intentionally avoided complex sample preparation and analysis, ensuring that the detection process is straightforward. The complexity comes later, in the mathematical modelling and AI-driven interpretation of the collected data.”
So far, the technology has seen positive study results, showing high sensitivity and a 99.3 per cent negative predictive value. The findings have been published in the British Journal of Cancer (2023), demonstrating the technology’s ability to detect eight different solid tumours, Baker explains, both as a single test for brain cancer versus non-brain cancer and as a multi-cancer test.
The latest funding will be used to accelerate Dxcover’s work, establish a lab in the United States, and begin rolling out the MOSA-Dx technology.
In the UK and Europe, Dxcover has already achieved UKCA marking for its brain cancer biopsy and recently completed a 2,500-patient European study across seven sites.
“We are now working to commercialise this technology for brain cancer,” said Baker.
“Our focus on brain cancer is driven by its high mortality rate and difficulty in early detection, ensuring that we prioritise areas where patients need innovation the most.
“Beyond this, we are strengthening our product pipeline. As a platform technology, we can expand into other high-mortality, high-risk cancers, bringing new products to market following brain cancer.”
Pancreatic cancer – a rapidly progressing cancer with a high mortality rate – is also a key focus for the company.
“We have already conducted research in this area, and it is now progressing further,” says Baker.
“We are also advancing work on colorectal cancer, having just completed a 1,000-patient prospective study in the United States. Additionally, we are addressing lung and ovarian cancers at the same time.”
The capital raise included existing investors, Eos Advisory, alongside SIS Ventures, University of Strathclyde, and Norcliffe Capital, as well as new investors, Macmillan Cancer Support and Maven Capital Partners, bringing the total funding raised by Dxcover to US$21.4m.
“Securing Macmillan Cancer Support as an investor is particularly exciting,” said Baker.
“They are an impact-driven organisation with a strong focus on making a difference in the UK, and I believe they saw real value in our mission to develop brain cancer diagnostics. The reality is that there are very few innovations currently reaching brain cancer patients, so Macmillan wanted to support a much-needed breakthrough in this space.
“Their involvement does not change our strategy, but it reinforces our commitment to driving progress in this area.
“We also welcomed Maven Capital Partners through the Investment Fund for Scotland, which is fantastic. We have known Maven for some time within the Scottish investment ecosystem, and it is great to have them officially involved in this round.
“None of this would have been possible without our team, however. We are now a team of 20 people and expanding into the United States. Every single person plays a crucial role, and without them, we would not be where we are today.”
Dxcover is currently working towards CE-IVD marking in the UK and Europe.
“In the United States, the pathway is a little different,” says Baker. “Our technology qualifies as a Laboratory Developed Test (LDT). Essentially, we are setting up our US lab with this classification in mind. Once we have established the lab, we will proceed with FDA approval.
“That said, we are well prepared for these regulatory requirements. We have always operated under strict design controls and hold ISO 13485 certification, meaning we are already an accredited medical device manufacturer.
“We have been through reassessments and understand the importance of compliance. These regulations are not an obstacle – they are a necessary step in proving the capability and safety of our technology, and we are fully committed to working within them.”
Dxcover has been in discussions with the NHS, and all of the technology’s trials so far have been conducted within the NHS.
“We have built strong collaborations as a result,” says Baker. “In fact, we are nominated for a Scottish Life Sciences Award for an industry-academic partnership, recognising my work with Professor Paul Brennan at NHS Lothian.
“Edinburgh was the first site to recruit a patient for our brain cancer study and later became our lead site for our 2,500-patient validation study. That study also included sites in Preston, Liverpool, Leeds, Gothenburg, and Zurich. I have personally worked with NHS Preston and the Walton Centre in Liverpool as well.
“NHS patients have played a vital role, generously donating blood samples for our research, which has enabled us to advance our technology. The NHS has always been a fantastic environment for research, and we are currently exploring ways to integrate our technology into the system through different cancer alliances.
“2025 will be a pivotal year. Ultimately, our long-term goal is patient benefit. Patients are at the heart of everything we do. Success for us means ensuring that people receive faster and more accurate diagnoses. It is a difficult thought, but if our technology helps detect cancer at stage one or two, we know we are making a real impact.”
