The biotech company oncgnostics GmbH (www.oncgnostics.com), provider of the cervical cancer test “GynTect”, ends its crowdinvesting campaign on Seedmatch very successfully. Even before the end of the investment period of 60 days, the funding target of 500,000 euros was reached at the end of September 2016. The result is positive in another respect, as beteiligungsmanagement thüringen GmbH (bm|t) increases its investment with an investment of the same amount. oncgnostics will receive a total of one million euros for further research, development and international sales expansion after the successful conclusion of the campaign.
For its cervical cancer test GynTect, the company oncgnostics launched a crowdinvesting campaign on the Seedmatch platform (www.seedmatch.com/oncgnostics) last summer. The funding threshold of 100,000 euros was already exceeded within the first twelve hours of the campaign launch, and on 26 September the funding target was reached at 500,000 euros.
“We are very pleased that we were able to convince so many people about GynTect,” says Dr Alfred Hansel, CEO of oncgnostics. “Such a test meets the need of women and doctors for quick certainty, because many have a friend in their circle of acquaintances who has already experienced such a situation and therefore know how stressful such a time is.”
GynTect can quickly and reliably clarify whether a patient actually has or has cervical cancer that needs to be treated. This makes risk assessment during cervical cancer screening much easier: Unnecessary, premature operations can be avoided and the chances of early, successful treatment measures can be increased.
Better medical care and increasing demand
Due to better access to medical care and the steadily increasing education in screening options, women are becoming more interested in tests like GynTect. They are relieved of the fears caused by unclear findings from the current early detection of cervical cancer, and in return are guaranteed quick certainty and sometimes even spared unnecessary operations.
This potential is not only seen by the 429 Seedmatch investors, but also by the venture capital company beteiligungsmanagement thüringen GmbH (bm|t), which had already announced at the start of the campaign that it wanted to invest the same amount as the crowd. bm|t (www.bm‑t.de) has been a shareholder and financing partner in oncgnostics since the end of 2014.
“oncgnostics operates in a market with a high, constantly growing demand for innovative diagnostics: GynTect has a high market potential in the billion euro range. In addition, further research in related areas will expand the cancer test portfolio. Therefore, we invest in the Thuringian company with great confidence,” says Udo Werner, Managing Director of bm|t.
In total, oncgnostics will thus receive an investment of one million euros. Among other things, the money will be used for two clinical studies.
The detection of specific epigenetic markers is not limited to applications in cervical cancer diagnostics. oncgnostics is also working with clinical partners to develop tests for other cancers. For example, oncgnostics is working on the validation of markers for head and neck tumours in a cooperation with the ENT clinic of the University Hospital Jena. In addition, oncgnostics would like to improve the early detection of ovarian cancer as well. “Unfortunately, the screening methods for ovarian cancer are currently hardly satisfactory. Although there are a few isolated markers that are used for this purpose, they have no real benefit because they can only be found in acute cases when it is often already too late,” says Dr Martina Schmitz, Managing Director and Head of Laboratory at oncgnostics.