The €2.8 million grant will enable Amadix to develop its Colofast product, an innovative test for the early diagnosis of colorectal cancer through a simple blood test.
The company opens a new round of funding for a clinical study on 3,000 individuals in Europe, developing a kit that makes it easier to perform the test and obtaining CE marking.
Amadix, a biotechnological company based in Valladolid, has received confirmation from the European Commission on the concession of €2.8 million in aid under the Horizon 2020 programme, thus becoming the only Spanish company to obtain the grant in the category of Biomarkers in 2017.
This aid will enable Amadix to develop and market its Colofast product, an innovative test for the early diagnosis of colorectal cancer through a simple blood test. The test is aimed at the screening of men and women between 50 and 75 years of age and enables this type of cancer to be detected even before it develops.
The product developed by Amadix could save many lives, since colon cancer is the most prevalent malignant tumour in Spain, accounting for 41,441 new cases each year. 1 in 20 men and 1 in 30 women are affected by the ailment before reaching the age of 74. The survival rate in Spain for a period of 5 years is now somewhat above the average of European countries, at 64% (the
European average is 57%). It is estimated that about 90% of colon and rectum cancers could be cured if they were detected early, before the ailment reaches its most advanced stages.
Horizon 2020 is the largest research and innovation programme carried out by the European Union, the objective of which is to ensure Europe’s global competitiveness as a means for fostering economic growth and employment. The European Commission carries out a strict process of selection and evaluation of proposals, the success rate being very low, standing at around 4.3%. 1,534 projects were submitted to the January 2017 call for entries, out of which only 66 were selected. Amadix submitted its project under the Biomarkers category where a total of 238 projects were presented. Only 6 of these passed the cut, representing a 2.5% success rate. Amadix was the only Spanish company selected.
LOOKING FOR NEW INVESTORS
This financing will give impetus to the development of the Amadix Business Plan, which in turn will be complemented by the opening of a new round of funding to attract new investors, in order to market a diagnostic test that complies with the legal and technical requirements regarding safety of the Member States of the European Union.
AMADIX currently has the support of several of the most solid venture capital funds in Spain such as CRB Inverbío, Inveready, Clave Mayor, Alentia and ADE Capital Sodical. Since its inception in 2010, the biotechnological company has obtained an overall funding of 10.2 million euros, half of which came from public aid and the other half from private investors. The last round of funding took place in December 2016, which was again supported by CRB and engaged Grupo Alentia.
Achieving these milestones is a turning point for the immediate future of Amadix, which includes the validation of the product in the United States, where it intends to develop a clinical study and initiate marketing in 2018. The company’s current potential markets are in the United States and Europe and it already relies on a network of contacts in more than 40 pharmaceutical and diagnostic companies among the main international companies of the sector, which undoubtedly represents important support for the project.
Amadix is a biotechnological company founded in 2010, based in Valladolid, and focused on the early detection of cancer in the bloodstream, with the aim of improving the survival rate of patients and their quality of life. The Amadix strategy is based on the identification, development and marketing of state-ofthe- art biomarkers and to this effect Amadix has established a network of contacts with around 100 universities, hospitals and research centres in more than 20 countries.
It is currently working on the detection of colon, lung and pancreatic cancer in the blood. Its most advanced product is Colofast, a simple and accurate test for the early detection of colon cancer, capable of detecting the cancer in very early stages and therefore preventing its onset.
The Colofast project is financed by funds from the European Union’s Horizon 2020 programme for Research and Innovation, under funding agreement No. 767419.
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