UCD-based OncoMark raises €2.1m for breast cancer tool

UCD spin-out company, OncoMark, has secured €2.1 million in funding to help in its work of improving the quality of life for cancer patients.

OncoMark is focused on the development of novel panels of cancer biomarkers, to aid treatment decisions and allow more tailored patient management.

The funding round included Kernel Capital, through the Bank of Ireland Kernel Capital Venture Funds, the Irrus Investments syndicate, the Galway HBAN MedTech syndicate, private investors and Enterprise Ireland.

This investment round will fund the commercialisation of OncoMark’s lead product, OncoMasTR, which it plans to launch in 2018. OncoMasTR is a novel prognostic test for early-stage breast cancer that will reduce the number of breast cancer patients receiving unnecessary chemotherapy.

OncoMark was previously awarded €2.7 million through the Horizon 2020 SME Instrument Phase 2, to clinically validate the OncoMasTR test. This new funding round will allow the translation of the test from clinical validation to regulatory approval and full commercialisation.

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OncoMark, which was co-founded by Professor William Gallagher and Steve Penney as a spin-out from UCD’s School of Biomolecular and Biomedical Science, is headquartered at NovaUCD, the Centre for New Ventures and Entrepreneurs.
Pictured at NovaUCD are Dawn Walsh, Kernel Capital; Des O’Leary, CEO, OncoMark and Deirdre Glenn, Manager, Lifesciences Sector, Enterprise Ireland