DoMore Diagnostics secures EIC Accelerator grant - awarded up to €10 million financing
OSLO – February 28, 2024 – DoMore Diagnostics, a leader in AI and deep learning precision diagnostics for digital pathology, is proud to announce that it has been awarded up to €10 million in grant and equity financing by the European Innovation Council (EIC) Accelerator program to support the company through key milestones leading to commercial launch and scale-up of its digital biomarker Histotype Px® Colorectal. This milestone marks a breakthrough in the company's journey to ensure personalized cancer treatment for patients worldwide.
As part of the award, DoMore Diagnostics will receive a €2.5 million non-dilutive grant and up to €7.5 million in equity matching from the EIC Fund, the venture investment arm of the EIC. The EIC Accelerator is renowned for its support of groundbreaking innovations and is widely considered to be the most prestigious source of funding for start-ups and SMEs. DoMore Diagnostics was chosen as one of 42 companies from a total application pool of 1083 in a rigorous three-step evaluation process. In addition to financial support, the EIC Accelerator offers access to leading expertise, corporates, investors and ecosystem actors. Together, the significant resources provided by the EIC Accelerator will ensure that DoMore Diagnostics can deliver on its mission to personalize cancer treatment available to patients on a global scale.
Torbjørn Furuseth, CEO and Co-Founder said: “The EIC Accelerator award represents a real external validation of our development plans and the opportunity to improve the lives of cancer patients worldwide. Importantly, it also confirms the uniqueness and high commercial potential of our Histotype Px® Colorectal digital biomarker.” He further added: “There are currently one million stage 2 and stage 3 colorectal cancer patients who are in need of better biomarkers to ensure the right treatment for each patient. With the prestigious support of the EIC Accelerator program, we are poised to make significant strides towards our mission to personalize cancer treatment, drive innovation in healthcare, and improve outcomes for patients across the globe.”
Full PR from the European Investment Council can be found here.
About DoMore Diagnostics
DoMore Diagnostics uses artificial intelligence to make personalized treatment decisions simple and accessible for all cancer patients. Its unique digital biomarkers predict patient outcomes from routine tumor tissue slides and can be seamlessly integrated into pathologists’ existing workflow. The lead product Histotype Px® Colorectal is a CE-IVDD marked outcome prediction marker for stage II and III colorectal adenocarcinoma that informs the decision of whether to provide adjuvant chemotherapy following surgical resection of the tumor.
About Histotype Px® Colorectal
Histotype Px® is an advanced deep learning algorithm that analyzes digital histology slides, identifying patients who may or may not benefit from adjuvant chemotherapy. Data previously published in The Lancet and Lancet Oncology showed the test can accurately predict survival outcomes in colorectal cancer patients. The Histotype Px® Colorectal was developed to provide clinicians with valuable information to guide personalized treatment decisions and improve patient outcomes.
For more information, please visit:
www.domorediagnostics.com.
LinkedIn: https://no.linkedin.com/company/domore-diagnostics
Lancet Oncology: https://www.thelancet.com/journals/lanonc/article/PIIS1470-2045(22)00391-6/fulltext
Contact:
CEO and Co-Founder Torbjørn Furuseth, MD
contact@domorediagnostics.com