The company has been awarded up to EUR 10 million in grant and equity financing by the European Innovation Council (EIC) Accelerator program to support the company through key milestones leading to commercial launch and scale-up of its digital biomarker Histotype Px Colorectal.

This milestone marks a breakthrough in the company’s journey to ensure personalized cancer treatment for patients worldwide, it states.

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“The EIC Accelerator award represents a real external validation of our development plans and the opportunity to improve the lives of cancer patients worldwide. Importantly, it also confirms the uniqueness and high commercial potential of our Histotype Px Colorectal digital biomarker,” says Torbjørn Furuseth, CEO and Co-Founder, DoMore Diagnostics. “There are currently one million stage 2 and stage 3 colorectal cancer patients who are in need of better biomarkers to ensure the right treatment for each patient. With the prestigious support of the EIC Accelerator program, we are poised to make significant strides towards our mission to personalize cancer treatment, drive innovation in healthcare, and improve outcomes for patients across the globe.”

There are currently one million stage 2 and stage 3 colorectal cancer patients who are in need of better biomarkers to ensure the right treatment for each patient. With the prestigious support of the EIC Accelerator program, we are poised to make significant strides towards our mission to personalize cancer treatment, drive innovation in healthcare, and improve outcomes for patients across the globe.”

Read more: Norges forskningsråd awards millions to cancer companies

Chosen as one of 42 companies from a total application pool of 1083

As part of the award, DoMore Diagnostics will receive a EUR 2.5 million non-dilutive grant and up to EUR 7.5 million in equity matching from the EIC Fund, the venture investment arm of the EIC. DoMore Diagnostics was chosen as one of 42 companies from a total application pool of 1083 in a rigorous three-step evaluation process.

In addition to financial support, the EIC Accelerator offers access to leading expertise, corporates, investors and ecosystem actors.

Photo of Torbjørn Furuseth: DoMore Diagnostics