The British Innovation Fund (“BIF”) is delighted to announce its latest investment, into Newcastle University spin-out AMLo Biosciences Ltd (“AMLo”).
AMLo is an innovative medical device company that specialises in the early detection of skin cancers with metastatic potential. Its goal is to improve mortality rates from cancers arising from previously undetected high-risk lesions, enabling targeted and personalised cancer management.
The research and discovery of the novel biomarkers that comprise these new devices emerged from the laboratory of Penny Lovat, Professor of Cellular Dermatology and Oncology. AMLo has collaborated with medical teams in USA, Europe, and Australia to provide evidence for significantly improved disease-free survival compared to current treatment pathways.
AMLo’s first product is AMBLor®, which will be launched into the UK NHS and private medicine markets in 2021. Further plans to commercialise in the USA, the world’s largest market for melanoma and Australia, where melanoma management is high profile, are underway. There are almost 288,000 worldwide cases of melanoma diagnosed each year, representing a significant market opportunity for accurate prognostic markers.
AMBLor® contains two novel antibodies which can stratify early stage melanomas into high and low risk of metastasis with high accuracy. People with low risk lesions can be spared unnecessary surveillance and consequent anxiety. High risk tumours will justify enhanced investigation and surveillance with earlier targeted drug therapy, to reduce mortality rates.
At present around 15% of people with Stage I and II melanoma are incorrectly assessed for risk and progress to metastatic disease. Applied to all early stage melanoma patients, AMBLor® has the potential to save up to 2,000 lives a year in the UK alone.
AMLo is also developing a prognostic device for cutaneous squamous cell carcinomas (cSCC); the second most common form of skin cancer. It is working too on a product for oropharyngeal squamous cell carcinoma (OPSCC) which will enable precision management to reduce unnecessary treatment-associated toxicities.
Guy Pengelley, Investment Director of the British Innovation Fund, commented: “We are very excited to invest into AMLo and its talented team. We were impressed by AMLo’s efforts to reduce the suffering caused by inadequately diagnosed skin cancers, given the significant market need to improve cancer outcomes. This investment into AMLo, a spin out from Newcastle University, continues the British Innovation Fund’s objective of investing in and developing some of the best university research in the UK”
For further information please contact:
British Innovation Fund
Milltrust International Group
About Milltrust International Group (“Milltrust”)
With a unique multi-local multi-affiliate structure, Milltrust is an FCA authorised asset manager providing innovative impact investment solutions and delivering genuinely differentiated alpha to our investors around the globe.
About the British Innovation Fund (the “Fund”)
The British Innovation Fund recognises the world-class science and technology development that is being carried out in many of Britain’s top universities. The Fund invests in and nurtures impactful, early-stage companies – helping them reach their full potential and guiding them to world-wide recognition and success.
Now, more than ever, the university spinouts which form the British Innovation Fund’s investment universe require our support and funding to ensure that the cutting-edge science and technology being developed in British universities continues to progress in these challenging times.