Press Release: QV Bioelectronics Awarded £860,000 Innovate UK Boost.
QV Bioelectronics Awarded £860,000 Innovate UK Boost.
- Funds awarded under Combined Investor Partnerships by Innovate UK, the UK’s innovation agency.
- The funds will facilitate critical development activities for GRACE, QV’s first-of-its-kind implanted medical device to treat brain tumour patients with electric field therapy, prior to 1st in human clinical trials.
31th March 2022, Cheshire, UK
QV Bioelectronics (“QV”), creators of an innovative surgically implanted Electric Field Therapy (EFT) device for the treatment of brain tumours – announces it has been awarded a £860,000 grant under the Combined Investor Partnerships Award after their successful £2m Pre-Series A fundraising round was completed in January 2023. The award from Innovate UK, the UK’s Innovation Agency, takes the total amount of grant funding awarded to QV to £1.8m, which includes an ongoing Innovate UK Biomedical Catalyst Award and previous support from the National Institute for Health Research (NIHR) and Innovate UK SMART.
QV Bioelectronics’ revolutionary EFT implant, GRACE, is currently in pre-clinical development. Their first-of-its-kind technology aims to target dividing cancer cells within the brain, without affecting healthy cells. Implantable bioelectronics is at the forefront of emerging healthcare technology, combining the use of cutting-edge materials and interdisciplinary science. QV Bioelectronics are pioneering its use in cancer care. Their first clinical indication for GRACE will be the most aggressive and deadly primary brain tumour, Glioblastoma (GBM), which has some of the worst outcomes of any cancer. Their technology strives to provide longer, better quality lives for these patients.
QV Bioelectronics is led and co-founded by biomedical engineer Dr Christopher Bullock (CEO), and Dr Richard Fu, a specialty registrar in neurosurgery and brain cancer researcher in the U.K.’s National Health Service (NHS). GRACE combines the use of the nascent area of advanced materials, precision oncology and surgical innovation. GRACE is set to be implanted in patients already undergoing surgery to maximise patient safety and cost-effectiveness. QV have been working with some of the U.K.’s leading neurosurgeons to ensure GRACE meets the needs of clinicians and fits seamlessly into existing patient treatment pathways. QV’s goal is that its device will one day help to enhance the standard of care that patients receive.
The funds of this award will be used to conduct critical activities prior to 1st in human clinical trials. This project focuses on several key areas on development, including surgical innovation, with engagement with clinical key opinion leaders in developing vital elements of the GRACE implantation procedure. They also include establishing manufacturing and distribution of key technologies, ensuring regulatory compliance, and accelerating commercial development in the UK and other key markets.
Commenting on the award, Dr Chris Bullock said
“We are delighted to have been awarded the Investor Partnerships Award. This award, alongside out latest funding round, will be instrumental in accelerating the development of GRACE. This technology has the potential to revolutionize cancer treatment, and we are thrilled to have Innovate UK’s backing as we work towards making a real difference in the lives of those affected by this devastating disease.”