DoMore Diagnostics secures EUR 10 million grant

The EIC Accelerator Grant consists of EUR 10 million (EUR 2.5 million in non-dilutive grant and EUR 7.5 million in equity matching). It signifies a financial injection and a resounding validation of the company’s groundbreaking work in improving cancer care worldwide. Recently we had a talk with CEO Torbjørn Furseth about the great news.

Team effort and champagne

Competing with nearly 1100 applications vying for recognition, DoMore Diagnostics stood out as one of only two Norwegian companies to receive this coveted grant. CEO Torbjørn Furuseth expresses immense pride in the team’s effort, highlighting the significance of the achievement in their journey towards revolutionizing cancer diagnostics.

Speaking on the celebratory note, Torbjørn Furuseth shared: “We celebrated with champagne in our morning meeting, and there is a lot more to come!” The joyous occasion marks a testament to the dedication and hard work put forth by the entire team.

DoMore Diagnostics at a glance

For those unfamiliar, DoMore Diagnostics emerged from the DoMore! Lighthouse research project at the Institute of Cancer Genetics and Informatics, Oslo University Hospital. The company is dedicated to leveraging artificial intelligence to revolutionize cancer diagnostics, aiming to simplify personalized treatment decisions for all cancer patients.

Their flagship product, Histotype Px® Colorectal, is a CE-IVDD marked digital biomarker designed to inform treatment decisions following surgical resection of colorectal tumours. By accurately predicting patient outcomes, this innovation aims to reduce unnecessary treatments and their associated adverse effects, thereby improving patient care significantly.

Significance of the grant

Receiving the EIC Accelerator award is nothing short of a game-changer for DoMore Diagnostics.

CEO Furuseth shed light on the meticulous application process. We were chosen as one of 42 companies from a total application pool of 1083 in a rigorous three-step evaluation process that included a substantial research and business case and commercialization proposal. That culminated in a panel interview by scientific and industry experts, and life science investors.

The blend of grant and equity matching makes it particularly attractive for early-phase companies like us, so we decided to put a significant effort into the application process, said Furuseth.

Furuseth further shares how being in the Oslo Cancer Cluster ecosystem has played a significant part in this process.

“Being a part of Oslo Cancer Cluster has helped DoMore to become aware of the opportunities for public support and how to increase the chances of success.” Torbjørn Furuseth

Plans ahead

The awarded funds will play a crucial role in furthering DoMore Diagnostics’ mission. The focus will be on developing essential datasets to quantify the health-economic benefits of their biomarker, paving the way for widespread clinical adoption across Europe and the US.

In the long run, the implications for patients can be profound. With over a million colorectal cancer patients awaiting better biomarkers for personalized treatment decisions, the impact of DoMore Diagnostics’ innovation cannot be overstated. With the support of the EIC Accelerator program, DoMore Diagnostics plans to accelerate its efforts, driving innovation in healthcare and improving outcomes for cancer patients worldwide.