Dxcover Accelerates Growth With New Funding Round and Strengthens the Leadership Team

GLASGOW, Scotland--(BUSINESS WIRE)--Feb 3, 2025--

Dxcover Limited, a clinical-stage diagnostics company pioneering its multiomic spectral analysis (MOSA-Dx™) for early detection of solid tumor cancers, has announced its next key stage of growth with the closing of significant funding to drive innovation and expand its commercial presence.

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The investment round, which will total $6.2 million, underpins the confidence of the investors in Dxcover’s mission to transform cancer diagnostics and save lives by delivering the earliest cancer diagnosis possible. This brings the total funding raised by Dxcover to $21.4M since spinning out from the University of Strathclyde in 2019.

This investment was led by existing investors Eos Advisory, alongside SIS Ventures, University of Strathclyde, and Norcliffe Capital. Notably, this round saw new investors the Investment Fund for Scotland (“IFS”) managed by Maven Capital Partners and delivered by the British Business Bank, as well as Macmillan Cancer Support, join and further diversify the investor base, enhancing Dxcover's capability to accelerate growth.

With these acceleration funds, Dxcover will further advance the company's proprietary technologies and scale its operations as it expands into new markets and indications. Dxcover, who incorporated in the US in 2024, will establish their US headquarters in Nashville, Tennessee, to serve the US market, as well as commercializing their Brain Cancer Liquid Biopsy test across the UK and Europe.

“This round of investment will further advance our mission to transform cancer diagnostics. It will accelerate our expansion into the United States and drive commercialization and translation in the UK & EU. This funding is a testament to our vision of improving outcomes and the quality of life by the earlier detection of cancer. It enables us to advance our differentiated technology and reach far more lives," said Professor Matthew J. Baker, Co-Founder, CEO and President of Dxcover.

Andrew McNeill, Managing Partner, Eos, said: “The Dxcover technology combines deep technical innovation with machine learning to radically change the diagnostic landscape. Over the last three years they have conclusively shown the accuracy and ease of use of their diagnostic test across multiple cancer indications. This is very much aligned with Eos’ approach to investing in innovation that has the potential to impact positively in people’s lives. More recently the team at Dxcover have focused on building a world class international team on both sides of the Atlantic. This funding round is very much about commercialization in both the UK and the US.”

Felix Litzkow, Head of Impact Investments for Macmillan Cancer Support, said: “Macmillan is committed to doing whatever it takes to make sure people with cancer get the best possible care, right from the moment of diagnosis. For too many people affected by brain cancer, their experience is one of a long and anxious process that can involve countless visits to the doctor before they are referred into what are often stressful diagnostic tests. Dxcover’s new blood test has the very real potential to improve people’s experience of cancer care by speeding up brain cancer diagnosis and supporting healthcare decision making, while also relieving pressure on the NHS by reducing demand for complex and expensive scans.”

Leadership Development
To accelerate its leadership in cancer diagnostics, Dxcover announced key leadership appointments, with co-founders Dr David Palmer and Dr Holly Butler assuming the roles of Chief Scientific Officer and Chief Technical Officer, respectively. Drs Palmer and Butler have extensive experience in development of Dxcover’s proprietary technology and leadership of high growth teams. In addition, Dr David Eustace will take on the role of General Manager, assuming operational responsibility for UK and US sites. These positions reflect an expansion of the technical and leadership base, for the acceleration of Dxcover’s plans to expand into other territories and indications.

About Dxcover Limited
Dxcover’s proprietary PANAROMIC™ Platform shines light on the difficulty of early cancer diagnosis. By utilizing a multiomic spectral analysis (MOSA-Dx™) approach to detect cancer, the platform can detect the presence of disease with minute volumes of liquid sample, with a turnaround time of one day. This technology goes beyond other liquid biopsy methods by harnessing the power of AI to capture the promise of the multiome, allowing early-stage detection of a range of solid tumors. Dxcover's unique AI algorithms are built on data; over 9000 patients and 250,000 spectra ensure robust diagnostic performance that can be tuned for high sensitivity or specificity. The test result is designed to be a valuable tool for clinicians to make rapid and appropriate patient management decisions. Dxcover’s proprietary technology is patented globally.

Dxcover’s HQ is in Glasgow, UK, with their USA HQ located in Nashville, Tennessee.

Dxcover’s vision is to be the world leader in liquid biopsy and artificial intelligence in the early detection of cancer for better survival and quality of life. The mission is to deploy the Dxcover Platform for the triage of high-mortality and hard to diagnose cancers in high-risk populations, enabling access to value-based cancer care.

For further information https://www.dxcover.com/science

From left-right: Dr Holly J Butler, Chief Technical Officer, co-founder; Dr David Eustace, General Manager; Professor Matthew J Baker, CEO, President, co-founder; Dr David S. Palmer, Chief Scientific Officer, co-founder. (Photo: Business Wire)

DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump said Iran wants to negotiate with Washington after his threat to strike the Islamic Republic over its bloody crackdown on protesters, a move coming as activists said Monday the death toll in the nationwide demonstrations rose to at least 544.

Iran had no immediate reaction to the news, which came after the foreign minister of Oman — long an interlocutor between Washington and Tehran — traveled to Iran this weekend. It also remains unclear just what Iran could promise, particularly as Trump has set strict demands over its nuclear program and its ballistic missile arsenal, which Tehran insists is crucial for its national defense.

Meanwhile Monday, Iran called for pro-government demonstrators to head to the streets in support of the theocracy, a show of force after days of protests directly challenging the rule of 86-year-old Supreme Leader Ayatollah Ali Khamenei. Iranian state television aired chants from the crowd, who shouted “Death to America!” and “Death to Israel!”

Trump and his national security team have been weighing a range of potential responses against Iran including cyberattacks and direct strikes by the U.S. or Israel, according to two people familiar with internal White House discussions who were not authorized to comment publicly and spoke on condition of anonymity.

“The military is looking at it, and we’re looking at some very strong options,” Trump told reporters on Air Force One on Sunday night. Asked about Iran’s threats of retaliation, he said: “If they do that, we will hit them at levels that they’ve never been hit before.”

Trump said that his administration was in talks to set up a meeting with Tehran, but cautioned that he may have to act first as reports of the death toll in Iran mount and the government continues to arrest protesters.

“I think they’re tired of being beat up by the United States,” Trump said. “Iran wants to negotiate.”

He added: “The meeting is being set up, but we may have to act because of what’s happening before the meeting. But a meeting is being set up. Iran called, they want to negotiate.”

Iran through country's parliamentary speaker warned Sunday that the U.S. military and Israel would be “legitimate targets” if America uses force to protect demonstrators.

More than 10,600 people also have been detained over the two weeks of protests, said the U.S.-based Human Rights Activists News Agency, which has been accurate in previous unrest in recent years and gave the death toll. It relies on supporters in Iran crosschecking information. It said 496 of the dead were protesters and 48 were with security forces.

With the internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. The Associated Press has been unable to independently assess the toll. Iran’s government has not offered overall casualty figures.

Those abroad fear the information blackout is emboldening hard-liners within Iran’s security services to launch a bloody crackdown. Protesters flooded the streets in the country’s capital and its second-largest city on Saturday night into Sunday morning. Online videos purported to show more demonstrations Sunday night into Monday, with a Tehran official acknowledging them in state media.

In Tehran, a witness told the AP that the streets of the capital empty at the sunset call to prayers each night. By the Isha, or nighttime prayer, the streets are deserted.

Part of that stems from the fear of getting caught in the crackdown. Police sent the public a text message that warned: “Given the presence of terrorist groups and armed individuals in some gatherings last night and their plans to cause death, and the firm decision to not tolerate any appeasement and to deal decisively with the rioters, families are strongly advised to take care of their youth and teenagers.”

Another text, which claimed to come from the intelligence arm of the paramilitary Revolutionary Guard, also directly warned people not to take part in demonstrations.

“Dear parents, in view of the enemy’s plan to increase the level of naked violence and the decision to kill people, ... refrain from being on the streets and gathering in places involved in violence, and inform your children about the consequences of cooperating with terrorist mercenaries, which is an example of treason against the country,” the text warned.

The witness spoke to the AP on condition of anonymity due to the ongoing crackdown.

The demonstrations began Dec. 28 over the collapse of the Iranian rial currency, which trades at over 1.4 million to $1, as the country’s economy is squeezed by international sanctions in part levied over its nuclear program. The protests intensified and grew into calls directly challenging Iran’s theocracy.

Nikhinson reported from aboard Air Force One.

In this frame grab from video obtained by the AP outside Iran, a masked demonstrator holds a picture of Iran's Crown Prince Reza Pahlavi during a protest in Tehran, Iran, Friday, January. 9, 2026. (UGC via AP)

In this frame grab from footage circulating on social media from Iran shows protesters taking to the streets despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Friday, Jan. 9, 2026.(UGC via AP)

In this frame grab from footage circulating on social media from Iran showed protesters once again taking to the streets of Tehran despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Saturday Jan. 10, 2026. (UGC via AP)