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£2m fundraise supports development of QV Bioelectronics

Enables its pioneering GRACE implant to help treat brain tumours to move closer to commercial reality

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A high-tech company pioneering a surgically-implanted Electric Field Therapy (EFT) device for the treatment of brain tumours has raised £2million to help bring its world-leading technology closer to reality. 

QV Bioelectronics has created the first-of-its-kind GRACE implant, currently in pre-clinical development, which aims to target dividing cancer cells within the brain, without affecting healthy cells.

The first clinical indication for GRACE will be Glioblastoma (GBM), the most aggressive and deadly primary brain tumour which has some of the worst outcomes of any cancer. 

To support its work in bringing GRACE to commercial reality, QV Bioelectronics has secured £2million in Pre-Series A funding from new and existing leading deep tech investors. 

The business – co-founded by biomedical engineer Dr Christopher Bullock and Dr Richard Fu, a specialty registrar in neurosurgery and brain cancer researcher in the NHS – will use the funding to support expanded pre-clinical studies to assess the safety and efficacy of the GRACE implant, alongside the completion of device design prior to entering the clinical phase of development. 

The funds will also support a range of other activities to ensure future commercial and regulatory success. 

“Ultimately, we at QV are driven by the challenge to make a meaningful difference to the lives of brain cancer patients around the world,” said its founders. 

“It is our aspiration that GRACE will optimise the treatment effects of electric field therapy, whilst working synergistically alongside other existing and emerging cancer treatments. 

“We are grateful for the belief and support from our new and existing investors and look forward to working with them and our other partners as we take the next significant steps toward fulfilling this goal.”

QV Bioelectronics has been developing its concept for several years, with its cutting-edge technology combining the use of the nascent area of advanced materials, precision oncology and surgical innovation. 

GRACE is designed to be implanted in patients already undergoing surgery to maximise patient safety and cost-effectiveness, with its creators working alongside some of the UK’s leading neurosurgeons to ensure the technology meets the needs of clinicians and fits into existing patient treatment pathways. 

The funding round was led by the Science Angel Syndicate and Fink Family Office, with participation from Northern Gritstone, Elbow Beach Capital, and existing investors SOSV and Catapult Ventures. 

Dr Johnathan Matlock, of the Science Angel Syndicate, said: “We are delighted to have led this investment round alongside the Fink Family Office. 

“The GRACE device that Chris and Richard are developing is the definition of deep science, requiring expertise across multiple disciplines, that when brought together could dramatically improve outcomes for patients with brain tumours. 

“With this funding round we are helping Chris and Richard move one step closer to the clinic and have set them up to achieve important pre-clinical milestones ahead of a Series A round. We are excited to support Chris, Richard and the wider QV team during the next phase of their development.” 

Lord Stanley Fink added: “I am thrilled to be investing in QV Bio’s latest round. Having suffered from a brain tumour over a decade ago, this is a cause extremely close to my heart. 

“There has been limited progress in brain cancer survival rates over the past decade when compared to the advances in other cancers and I hope QV Bio will help bridge this gap.” 

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