TLT assists pioneering clinical-stage diagnostics company on investment

National law firm TLT has advised a Glasgow-based diagnostics company that has pioneered the early detection and identification of cancer on a multimillion-pound investment. The funding will facilitate the business’ growth and expand its commercial presence in the US.

Dxcover Limited is a clinical stage liquid biopsy company developing tests for the early detection of multiple cancers. The company has generated compelling clinical data with high accuracy detection of Stage I and Stage II cancers.

TLT advised on all aspects of the investment from existing investors Eos Advisory, alongside SIS Ventures, University of Strathclyde, and Norcliffe Capital. It also involved investment from new investors including Investment Fund for Scotland (“IFS”) managed by Maven Capital Partners and delivered by the British Business Bank, as well as Macmillan Cancer Support.

The investment was led by corporate partner Douglas Roberts and commercial managing associate Julie Nixon. The team provided legal advice and guidance on all aspects of the investment. Julie’s in-depth understanding of the life sciences sector was invaluable in driving the investment forwards.

Matthew J Baker; president, chief executive and co-founder of Dxcover Ltd said: “TLT provided excellent support to the Dxcover leadership team during this investment, which highlights their deep expertise in the area. In particular it was great to work with Julie Nixon again. Julie has been a support of Dxcover prior to spin out and has provided valuable advice ever since."

Commenting on the investment, managing associate Julie Nixon said: “Dxcover Limited is a business that is pioneering the world of diagnostics and helping save people’s lives. The life sciences sector is one of the largest and most innovative in the world and, overall, has stood out as a beacon of life in the post-COVID economy. The investment into Dxcover underpins the sector’s significant growth and innovation. It was a pleasure to support the business in this round of funding that will not only support it establish its presence in the US, but also contribute to fighting cancer across the globe.”