A British medical technology company that has created a diagnostic platform to detect oesophageal disease early has secured $44 million in new funding as it eyes expansion.
Cyted Health was founded by experts at the University of Cambridge who wanted to transform the detection of pre-cancerous, cancerous and inflammatory oesophageal conditions. Taking its “minimally invasive” test involves swallowing a pill-sized capsule connected to a thread. The capsule dissolves, releasing a sponge that collects cells for testing.
The fundraising includes £5 million from the British Business Bank. It will be used to accelerate the commercial expansion of the company’s diagnostics platform in the United States, consolidate “existing commercial success across the UK” and expand its portfolio of advanced diagnostic tests. Cyted’s EndoSign device has been approved by the US Food and Drug Administration.
Date: 2 September