EMV Capital (AIM:EMVC), the venture capital and corporate finance group, announced that Glycotest has completed a first close of approximately $3.22 million in equity funding, while ProAxsis is targeting up to £1.0 million in a separate Enterprise Investment Scheme-qualifying round.
The Glycotest raise comprises approximately $1.05 million in cash and approximately $2.17 million from loan conversions, including $0.97 million of EMV Capital's own convertible loan facility. A balance of approximately $0.37 million remains, which the group may convert in follow-on rounds. Glycotest has headroom to raise a further $1.95 million within 120 days of first close.
Proceeds will fund second-generation glycoproteomic assay development with the University of Georgia, validation of its hepatocellular carcinoma panel, and preparatory work toward a targeted 2027 commercial launch.
The ProAxsis round includes up to £0.9 million in cash and £0.1 million of liabilities converting under a pre-existing arrangement with Randox Laboratories. Funds are earmarked for a clinical study with Imperial College London, product and IP development, and commercial scale-up. The issue price is unchanged from the prior round, leaving EMV Capital's direct fair value holding in ProAxsis at £8.0 million.
Both fundraisings, led and syndicated by EMV Capital's wholly owned corporate finance arm, have pushed the London listed firm's ownership below 50% in each company.
"These fundraisings represent an important milestone," said CEO Dr Ilian Iliev, "marking their transition from incubation to independently funded growth companies."
