Celluminova raised $400k from Almi and private investors.
Celluminova, a Linköping, Sweden-based health company which developed a product that can detect cancer stem cells within 10 minutes, announced the completion of a SEK 3.9 million ($410k) capital investment round.
The funding was provided by Almi Invest, LIU Invest and a number of private investors from Sweden. Money will be used to develop a diagnostic product that can initially be used by pathologists and then, in the long term, get it approved for use in connection with the surgical procedure.
Celluminova, led by CEO Shirin Ilkhanizadeh, founded based on research made at Karolinska Institutet and Linköping University, developed a patented new product, GlioStem, used for almost immediate detection of stem cell-like cells in brain tumors.
In 95% of cases, Glioblastoma (brain tumor) causes death within 5 years and 100% relapses. The recurrence is largely due to the fact that the cancer stem cells remain in tumor tissue that cannot be removed during the surgical procedures. Celluminova has developed a fluorescent molecule that binds to these stem cells and allows to see if there are stem cells left in the tissue after an intervention. Using this method, the procedures can be performed more precisely and thus increase the probability of increased life expectancy.