The founder of EDX Medical has become the lead investor as it raised £3m to accelerate its work on diagnostic test.
Professor Sir Chris Evans, who founded the Aquis-listed Medtech in 2021, has invested £740k into the round to acquire 5.3m shares, bringing the 67-year-old’s total stake in the company to 36.6%.
Evans was joined by CEO Dr Mike Hudson, and Martin Walton, board director and Deputy Chair, who each subscribed for 60,714 shares.
Evans said: “We are delighted that new and existing investors in the company have demonstrated their commitment and belief in our plans to make available the most advanced prostate cancer test and other high quality diagnostic products.
“This support will enable us to accelerate and scale up our development and production of our prostate test and other exciting products in our pipeline.
“We have been thrilled by the level of interest from several new investors as well as the continuing support from existing investors and I am delighted that we achieved our goal of raising £3 million so rapidly.”
Cambridge-based EDX recently developed a new ‘super test’ for prostate cancer in which blood and urine samples are analysed using a combination of prostate-related biomarkers.
The biomarkers detect, characterise and highlight signs of cancer when processed through a specially-created AI-driven algorithm.
Evans is one of the most prolific biotech entrepreneurs in the UK, including more than 50 companies of which more than 20 have been listed on the stock market. He was awarded the OBE in 1995 before being knighted in 2001 and is thought to have a net worth of upwards of £200m.
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