Cancer testing company Oncologica seeks to raise funds

The company behind the world’s first effective urine-based screening test for prostate cancer is looking to raise money to expand.

Cambridge-based Oncologica has hired corporate advisory firm FRP Corporate Finance to raise £6m of potential investors.

The funds will be used to complete clinical trials and obtain regulatory approval for its “revolutionary” early detection technology.

Prostate cancer is the most common cancer in men in the UK – around one in eight are diagnosed during their lifetime.

It mainly affects men over 50 years of age, the risk increases with age, and is responsible for 12,000 deaths each year.

Currently, tests to detect prostate cancer include a prostate-specific antigen (PSA) blood test, imaging scans, and a sample or biopsy of the prostate gland.

But blood tests or scans alone cannot determine for sure whether someone has prostate cancer.

A biopsy is more reliable but can also detect small, low-risk cancers that do not need treatment.

Oncologica has developed urine tests that distinguish between aggressive prostate cancers and harmless ones that do not require treatment.

Dr Marco Loddo, co-founder and chief scientific officer, said: “This precision ensures that men are not subjected to unnecessary, costly and invasive procedures.”

Co-founder and medical director Professor Gareth Williams added: “Our urine test will revolutionise early detection rates and patient outcomes.”

Dan Bowtell, a partner at FRP, said the innovation was “a shining example of the UK’s status as a global life sciences superpower”.