Mills & Reeve has once again advised uro-oncology diagnostic company, UroSens Limited, in relation to its £2 million investment round from a syndicate of investors led by new investor Longwall Venture Partners and including existing fund investors Northstar Ventures and Esperante.
Established in 2007, UroSens is developing proprietary diagnostic immunoassays for the detection of prostate and bladder cancer using urine samples for use in the urology clinic or doctor’s surgery. With over 40,000 new cases of prostate cancer and 11,000 of bladder cancer each year in the UK, current diagnostic tests are unreliable, resulting in many unnecessary biopsies. For both diseases, the UroSens Mcm5-ELISA diagnostic test is expected to significantly reduce the number of patients undergoing these invasive and costly procedures because it offers significantly more accurate diagnostic results. The new funding will be used to progress with clinical trials and increase the pace of the company’s commercial development.
CEO of UroSens, Ian Campbell, said: “closing this new investment round marks a significant step forward for UroSens. We are grateful to all of our investors for their continued support.”
He added: “Mills & Reeve’s breadth of experience in the early stage investment field coupled with their knowledge of our business meant that they were an obvious choice to advise us on our largest funding round to date. Their expertise proved invaluable in bringing this transaction to a swift and successful close.”
The Mills & Reeve team was led by corporate finance associate Pippa Pearce, assisted by corporate solicitor Geraldine Spencer.
Pippa commented: “We are delighted to have had the opportunity to work with Ian and the team at UroSens again and are pleased that the company has been able to secure this further investment to support its ongoing development. We continue to watch with anticipation as the company takes the next steps in its growth plan.”
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