QV Bioelectronics secures £4.5m funding to take ‘world-first’ implantable treatment for brain cancer to clinics

A Cheshire biotech firm that’s aiming to revolutionise treatment for brain cancers has secured £4.5m in funding to bring its world-first technology to clinics. Alderley Park-based QV Bioelectronics has created what it calls a “world-first implantable device” for treating the most common type of primary brain cancer in adults.

Cancer Research UK says hard-to-treat glioblastoma (GBM) accounted for some 32% of all brain tumours diagnosed in England between 1995 and 2017. QV Bioelectronics says its technology could help extend the lives of thousands of GBM patients each year.

GMB affects some 2,200 adults each year in the UK. The Brain Tumour Charity says patients currently survive an average of 12-18 months after diagnosis. It is an aggressive disease with few treatment options – just 3% of patients diagnosed with the condition live for five years after diagnosis, while less than 1% live for 15 years. Former Labour MP Dame Tessa Jowell died in 2018 a year after her diagnosis.

QV Bioelectronics’ flagship implant technology GRACE was designed by founders Dr Christopher Bullock, a biomedical engineer, and Dr Richard Fu, an NHS neurosurgeon. GRACE – standing for Glioma Resection Advanced Cavity Electric Field therapy – uses electric field therapy to kill residual brain cancer cells after brain tumour surgery.

QV Bioelectronics says using continual therapeutic electric fields through GRACE helps to prevent GBM from returning, while the technology also helps improve patients’ quality of life. The company says early laboratory testing has been positive. It will use the new funding to continue clinical trials, with its first human clinical study set for later this year.

Dr Christopher Bullock, CEO and co-founder of QV Bioelectronics, said: "Brain cancer is a devastating diagnosis, and for too long patients and families have had few treatment options. Our mission at QV Bioelectronics is simple but ambitious, to develop technology that can meaningfully extend life and give people more time with those they love.

“This investment allows us to take a major step towards that goal, progressing into first-in-human studies and generating the vital evidence needed to bring a new treatment approach to the patients who need it most. We are incredibly grateful to our partners and investors for supporting this vision."

The funding round was led by PXN Ventures, the group formed by the merger between Praetura Ventures and Par Equity. PXN invested via the GMC Life Sciences Fund by PXN Ventures, which it manages on behalf of the fund’s partners Bruntwood SciTech, Enterprise Cheshire and Warrington and Greater Manchester Combined Authority.

There was also investment from NPIF II – PXN Equity Finance, which is managed by PXN Ventures under the Northern Powerhouse Investment Fund II (NPIF II). Empirical Ventures and angel investors also contributed to the round, with support from the National Institute for Health and Care Research and Innovate UK.

Law firm DWF advised PXN Ventures throughout the deal, with QV Bioelectronics advised by Spencer West.

Dr Kath Mackay, chief scientific officer at Bruntwood SciTech, said: “The North West is a hotbed of life sciences innovation – Christopher and Richard embody that. Their work shows why the UK is an R&D superpower and their technology is poised to improve and save lives. Securing this level of funding is a major vote of confidence in both the team and their pioneering approach."

Sue Barnard, senior investment manager at the British Business Bank, said: “QV Bioelectronics is a great example of the ambitious, high-impact innovation we want to support through NPIF II. Developing breakthrough medical technologies at this stage is complex and capital intensive, but the potential patient benefit is enormous. This funding will help and strengthen the North West’s reputation as a leading hub for life sciences innovation.”

Dr Johnathan Matlock, co-founder and general partner at Empirical Ventures, said: “Securing funding at the preclinical stage for Class III medical devices is notoriously difficult, and this round underscores the grit and determination Chris and the team have demonstrated during this critical transition. QV is developing the world’s first implantable brain cancer therapy, leveraging a clinically de-risked mechanism of action. This funding will enable the company to generate first-in-human data, an inflection point that, combined with the significant unmet need in brain cancer treatment, presents a compelling opportunity.”

Dr Nicky Huskens, CEO of the Tessa Jowell Brain Cancer Mission, said: “As participants in the inaugural Brain Tumour Research Novel Therapeutics Accelerator (BTR-NTA) review, we would like to congratulate the QV Bioelectronics team on securing this investment. Brain tumours remain one of the most difficult cancers to treat, so investing into companies in the sector is critical.”