SciBase secures SEK 92 million ($13 million) in new financing round

SciBase recently announced top-line results from a clinical study involving 1200 patients and 200 malignant melanomas from 19 clinical centers in Germany, UK, Hungary, Sweden and Switzerland. Study data shows that targets are met with a sensitivity (the ability to detect malignant melanoma) exceeding 98% and a specificity (the ability to rule out malignant melanoma) over 20 percentage points higher than study dermatologists. Based on these successful results SciBase has initiated a final clinical verification pivotal study which is currently running at 22 clinical centers across Europe and the US. Data from this study will provide the basis for market introduction in Europe and Australia as well as the regulatory process for approval in the US.

“We are very pleased with the outcome of the financing round. With these proceeds we will be able to make the product ready for market introduction. This unique product will be a valuable tool giving objective information to support the physicians in their evaluation of suspicious lesions and ultimately save lives” says Anders Lundqvist, CEO for SciBase.

The financing round was secured in a combination of current and new investors with main shareholders SEB Venture Capital, Investor Growth Capital and Capman now retaining a stake in SciBase of 66%.

Malignant melanoma is the fastest growing form of cancer and, if not detected in time, the deadliest. 60-70 million visual inspections of suspicious moles are performed annually world-wide. Despite an extensive amount of visual inspections, mortality rates are as high as 23%, which is the result of missed or late diagnosed melanomas. Early detection is critical for outcome and can be secured through extensive screening. However, today’s method for detection, visual inspection, is subjective and uncertain which, besides the risk of missing melanoma with deadly consequences, also results in a large amount of unnecessary excisions. Of 6-7 million excisions performed annually, only 3% are finally diagnosed as malignant melanoma.

SciBase will provide a non-visual, accurate and objective method for the detection of malignant melanoma. The method, based on Electrical Impedance Spectroscopy (EIS), increases the physician’s ability to identify suspected malignant melanoma, or rule out benign lesions. In addition to saving lives by early detection, the SciBase method can significantly reduce the time and money spent on unnecessary excisions as suspicious lesions can be scientifically evaluated already prior to excision.

Evli Bank Plc. acted as lead manager of the offering. DLA Nordic acted as legal advisor.

For more information, please contact:

Anders Lundqvist, CEO SciBase AB, +46 732 06 98 08

Per Svedenhag, Director Clinical & Commercial Operations SciBase AB, +46 732 06 98 01