Glycotest captures $3m from Fosun Pharma

Glycotest, a US-based liver disease diagnostics spinout of Baruch S. Blumberg Institute and Drexel University, received an initial $3m tranche from its up to $10m series A agreement with drug firm Fosun Pharma on Thursday.
Fosun Pharma’s investment was first announced in October 2018 and would result in the corporate taking 40% interest if fully completed. The remaining $7m sum is contingent on Glycotest satisfying certain milestones.
Founded in 2012, Glycotest is developing non-invasive blood tests for liver cancer and fibrosis-cirrhosis, the medical term for scarring and distortions in the liver caused by persistent damage.
Glycotest’s first product is an algorithm-powered biomarker test called HCC Panel intended to flag up early-stage hepatocellular carcinoma, a common form of primary liver cancer.
The technology extends research conducted by co-founder Timothy Block, co-founder and president of Baruch S. Blumberg Institute and a professor at Drexel University until 2015, as well as Anand Mehta, professor at Drexel University College of Medicine.
The initial series A funding will progress Glycotest’s HCC Panel towards the market in the US and support Fosun’s introduction of the panel in China, where the corporate holds commercialisation rights following the transaction.
The capital from the wider series A round has been earmarked for advancing a pipeline of assets indicated for liver fibrosis and bile duct cancer.
Commercialisation firm NetScientific, which helped establish Glycotest, will retain a 51.5% majority stake in the company following the full completion of Fosun’s investment.
Francois Martelet, CEO and chairman of NetScientific, said: “The receipt of the first tranche of financing will kickstart Glycotest’s commercialisation activities and moves them closer to becoming the first company to commercialise an assay for the early detection and surveillance of early-stage liver cancer, where there is a huge unmet need.”