The life sciences company oncgnostics GmbH was able to double its investment of 750,000 euros following the very rapid and successful completion of its second crowd investing campaign on Seedmatch. A group of private investors invests together with beteiligungsmanagement thüringen GmbH (bm|t) in oncgnostics. The company will use the sum for further research and development, conducting studies and intensifying international marketing activities.
For its GynTect cervical cancer test, oncgnostics launched its second crowd investing campaign on the Seedmatch platform in December last year. Within three hours the funding threshold of 100,000 euros had been exceeded and after only 21 days the target of 750,000 euros was reached: the fastest crowd investing in the life sciences sector in Germany. Now the amount has been doubled once again: the venture capital company bm|t, which already holds an interest in oncgnostics GmbH, is investing together with a group of private investors.
"oncgnostics' GynTect-Test addresses a billion-euro market. This investment enables the company to build up targeted sales and marketing activities and thus gain better access to this attractive market. In addition, oncgnostics has an attractive development pipeline, which will be further advanced with this capital. That is why we are happy to participate in this financing round," says Kevin Reeder, Managing Director of bm|t.
Better chances in early detection
GynTect quickly and reliably clarifies whether a patient actually develops or is suffering from cervical cancer. This facilitates risk assessment in cervical cancer screening: unnecessary, hasty operations can be avoided and the chances of early, successful therapy measures can be increased. Patients are relieved of their fears due to unclear findings from the current early detection of cervical cancer and rapid certainty is ensured.
"We are very pleased that we were able to convince existing and new investors of our concept of using epigenetic markers in cancer diagnostics and of the very good prospects for marketing our GynTect test. This gives us the opportunity to improve our market opportunities not only through increased international marketing but also through further product developments," said Dr. Alfred Hansel, Managing Director of oncgnostics GmbH.
Previous and future developments
The first successful steps in international marketing were taken with an exclusive license for GynTect in China and marketing and sales partnerships in Portugal, Slovakia and the Czech Republic. Further strategic partnerships, including in the USA, are being sought. In December 2017, a three-year study was launched together with ten research centers throughout Germany to prove the prognostic potential of the GynTect test. Another study on psychological stress in women with conspicuous Pap or HPV test results has just been completed. The results are expected to be published by the end of the year.
oncgnostics is also working with clinical partners on the development of tests for other cancers. The Thuringian company is working on the validation of markers for head and neck tumors and hopes to improve the early detection of ovarian cancer.