Umeå biotech company HiloProbe has attracted millions in new investment capital after successfully developing a diagnostic and prognostic product for colon and rectal cancer.
“Capital is crucial for getting our product to patients and helping them,” says Lina Olsson, HiloProbe’s CEO.
HiloProbe has developed a product called ColoNode that is used for the diagnosis and prognosis of colon and rectal cancer by identifying tumor cells in lymph nodes and measuring their aggressiveness. This analysis is performed following surgery and the information it provides, in combination with other test results, can indicate if the patient requires further treatment or whether surgery alone has been curative. The analysis is more accurate than current routine methods.
“Our goal is that more patients will survive," says Lina Olsson, CEO of HiloProbe.
The company had already received capital investment from Partnerinvest Norr and Northern Light Capital, together with a number of private investors. Now, after reaching agreed milestones, the same investors are contributing millions more in finance.
“It feels fantastic that our investors believe in the company and our product. This capital is crucial for our product to reach patients in the future and to be used in hospitals,” says Lina Olsson.
HiloProbe has now developed its first market-ready product that will be sold to cancer researchers. The new capital will be used to launch the product and guarantee the completion of an ongoing clinical study that is needed for a CE marking of the product. The CE marking is planned for completion next year.
For more information, please contact:
Lina Olsson, CEO of HiloProbe
076-821 67 70
Umeå Biotech Incubator (UBI) is one of Sweden’s state-of-the-art business incubators within the life sciences. We help researchers to use their data to the benefit of patients and citizens, improving their health. We support and train entrepreneurs in the fields of pharmaceuticals, diagnostics and medical engineering, and act as a bridge between academia, medicine and the business community.