Alzheimer’s drug tester secures £2.6m funding

Local company Cytox, who provide genetic testing facilities for Alzheimer’s Disease, has secured a £2.6m funding package.

Based at the Alderley Park BioHub, Cytox will use the funds to boost the commercial launch and international rollout of its services.

GM&C Life Sciences Fund, which is managed by venture capital business Catapult Ventures, led the funding round alongside new and existing investors such as Perivoli Innovations, the University of Oxford and the Rainbow Seed Fund.

Over 46m people live with dementia and late-onset Alzheimer’s Disease, but this figure is due to double by 2030 and treble by 2050.

There are currently no treatments for Alzheimer’s Disease and various organisations are spending millions on the development of novel therapeutics.

Cytox’s services include a genetic prognostic test it said can accurately predict someone’s risk of getting Alzheimer’s years before the first signs show.

The tests are based on the academic work of Dr Zuszanna Nagy of the University of Birmingham (formerly of University of Oxford), and University College London’s Prof. John Hardy.

Using the £2.6m investment, Cytox will now offer its genetic testing to pharmaceutical and biotechnology firms as they work on the next generation of dementia drugs.

The transaction will see Dr David Whitcombe, a venture partner at Catapult Ventures, join the Cytox board in the role of non-executive director.

In 2000, David co-founded DxS Diagnostics to utilise technology he developed while at biopharma giant AstraZeneca. He later sold the business for more than £100m.

Cytox CEO Dr Richard Pither said: “I’m extremely pleased to welcome Catapult Ventures as a new investor in Cytox and David to the board.

“David’s expertise in genetics, diagnostics and developing strong commercial partnerships will be extremely valuable to Cytox as we seek to commercialise our tests for Alzheimer’s Disease and grow Cytox as a leader in this area.”

Dr David Whitcombe commented: “Cytox is a very exciting company with a compelling offering in the assessment of individuals with dementia and Alzheimer’s Disease.

“Their genetic tests have demonstrated compelling results on the accuracy of prediction of developing the disease.”

He continued: “I look forward to working with Richard and the team to fulfill the potential of their prognostic tests to better understand the disease and play a role in developing much needed therapeutics.”