A simple to use, accurate and cost-effective blood test for large-scale colon cancer screening

Project Information

ColonScan

Grant agreement ID: 815686

DOI

10.3030/815686

Project closed

EC signature date 4 May 2018

Start date 1 May 2018

End date 30 September 2018

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

UNIVERSAL DIAGNOSTICS SOCIEDAD ANONIMA
Spain

Periodic Reporting for period 1 - ColonScan (A simple to use, accurate and cost-effective blood test for large-scale colon cancer screening)

Reporting period: 2018-05-01 to 2018-09-30

Summary of the context and overall objectives of the project

Universal Diagnostics (UDX) is a biomedicine start-up founded in 2012 focused on early detection of cancer using leading edge technologies.
We have developed and patented a biomarker panel and methodology for colorectal cancer (CRC) screening that allows very cost-effective and accurate detection of markers in blood. The final goal of ColonScan (CS) project is to complete all the activities required for the European commercialization of the UDX´ test and to become the reference non-invasive test for CRC screening.
ColonScan PHASE 1 OBJECTIVES: ColonScan project is the key pillar to boost our company´s growth over the next years, so this phase 1 has been planned to validate the market hypothesis and the business opportunity (COMMERCIAL FEASIBILITY STUDY) together with the definition of all activities required, technical, commercial and financial (TECHNICAL and FINANCIAL FEASIBILITY) for the successful commercialization of CS as a large-scale CRC screening method.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

COMMERCIAL FEASIBILITY STUDY: A detailed market analysis (value, forecast, segments, drivers, etc.) performed during FA allowed us validating our market hypothesis and the market opportunity for our technology. We also defined the best go-to-market plan considering the features of our target markets, potential clients and stakeholders.
TECHNICAL FEASIBILITY STUDY: We have defined a clear and robust technological roadmap for the CS project. Moreover, during the phase 1 we engaged all essential partners (KOLs, hospitals and other stakeholders) to continue with the phase 2 project and now the overall strategy is perfectly defined.
FINANCIAL FEASIBILITY STUDY: Feasibility study has also allowed us to analyse the funding requirements to bring CS test to the market and elaborate the financial projections. We also explored different funding sources (public funding, bank loans, private equity, etc.) to achieve these goals.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

ColonScan unique features, allow it to be adopted as a mass CRC screening method for average risk population what will reduce the CRC incidence and mortality rates, the huge associated costs for healthcare systems (colonoscopies, surgeries, treatment of cancer patients etc.) and its impact on patient’s quality of life. CS represents a huge business opportunity and the chance to become a leading cancer diagnostic company.

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