Dysis Medical raises £7.4m as it looks to go global

DYSIS Medical, the Edinburgh-based technology firm that has developed a scanner to help detect cervical cancer, has raised £7.4 million to fund expansion into overseas markets.

The main investor is Copenhagen-based Lundbeckfond Ventures, an investment group specialising in Life Sciences that is pumping £6m into the Scottish firm.

A further £1.4m was raised through existing shareholders Albion Ventures, NBGI and the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise.

The company’s flagship Dysis colposcope system was recommended for procurement by the UK medical regulator last year, paving the way to the £500m medical testing market in British hospitals.

Chief executive Alastair Atkinson said: “This investment is another significant milestone for the company and will be used to fund our further expansion in our target markets, the US and Europe.

“The specialist focus of Lundbeckfond is a great match for the company and we are delighted by their investment.”

The deal will see Mikael Strindlund and Casper Breum from Lundbeckfond join the board of Dysis.

Strindlund said: “Dysis Medical’s technology offers substantial clinical benefits in the fight against cervical cancer as well as improved cost-effectiveness over existing care. We believe it is a compelling business to 
invest in.”

More than 250,000 women die every year from cervical cancer around the world, despite it being preventable if detected in the early stages of development.

Dysis’ system uses an advanced imaging method to quickly and painlessly analyse the condition of the patient’s cervix.

The firm says that extensive clinical trials have demonstrated that its technology is substantially more effective than methods generally in use.

The most recent clinical publication showed that Dysis detected 97 per cent of all cases of the most common form of the cancer, compared to 55 per cent detected by traditional methods.