NEW YORK – Flomics Biotech said Thursday that it closed a €1.1 million ($1.2 million) seed financing round.
The Barcelona, Spain-based startup said that it plans to use the funds to advance the preclinical validation of its next-generation sequencing-based liquid biopsy assay. The test aims to provide early diagnosis of colorectal, lung, breast, prostate, and pancreatic cancer via circulating cell-free RNA.
Financing was led by a private, US-based family investor and included Decelera Ventures I FCR, Histemi Inversiones, and the Institute of Oncology Research.
Flomics is developing its liquid biopsy in collaboration with several clinical partners who provide both patient samples and clinical expertise. These include the Andalusian Public Biobank, the Hospital Clinic of Barcelona, and other Spanish hospitals, as well as international partners, which include the University Hospital of Bern-Inselspital and the Institute of Cancer Research of Montpellier.
"This financial backing will enable us to extend our preclinical studies, focused on comprehensive validation on the early detection of [five] types of cancer," João Curado, cofounder and CEO of Flomics, said in a statement. "These results will open the doors of the clinical trials and preliminary market entry as research use only."
Curado added that Flomics has also established an independent laboratory in collaboration with Cosymbio Labs, making the company less dependent on external providers.
The firm raised an additional €1 million in seed funding in 2022.