Frontwave Seeks Funding with an Eye on China and the USA
Frontwave will open a financing round to develop its product. Once the product is certified by clinical trials, the company expects to have a turnover of $240,000 (€200,000) in 2023 and, by then, to be producing 3D images at a maximum cost of $100. The company intends to expand into Europe, the United States, and China, according to Josep Delapuente, the company’s technical manager
Frontwave plans to further develop. The Spanish company, which offers 3D ultrasound supercomputing software to diagnose breast cancer more efficiently, is seeking funding to conduct the first human trials.
The investment round, which is expected to open in the coming weeks and was initially set at $955,000 (€800,000), although this amount could undergo variations, aims to certify the product with human clinical trials.
Subsequently, the company intends to expand into Europe, the United States, and China, according to Josep Delapuente, the company’s technical manager. The company’s CEO is innovation expert Rafael García Escarré. With the financing derived from the round, the current staff of fifteen employees will also be expanded.
If you want to read more details about the biotech company Frontwave and its plans to raise money to start clinical trials for its product, download for free the Born2Invest mobile app. our companion app brigs you the latest market updates and the most important business news so you can stay informed.
Frontwave highlights the lack of maturity of breast cancer screening systems in the Asian giant
The clinical trials will initially be carried out at the Vall d’Hebron Hospital in Barcelona, coordinated by the Catalan hospital’s Research Institute, and the second phase of the trials will later be transferred to the Hospital Clínic in Barcelona.
China has several characteristics that make it an attractive market. Firstly, the low maturity of breast cancer screening systems in the country stands out. In addition, there is a higher prevalence of dense breasts among the population.
Dense breasts are a risk factor in breast cancer, as tumors may be hidden in current diagnostic tests. The Cleveland Clinic estimates that approximately 50% of all women over the age of 40 have this anatomical feature.
Once the product is certified by clinical trials, the company expects to have a turnover of $240,000 (€200,000) in 2023
The company, which was created as a spin-off from the BSC and Imperial College London, says that Frontwave’s potential differential is the higher quality of the images thanks to its software system, which compiles data from ultrasound devices. This higher quality would allow more accurate diagnosis of breast cancer diagnostic tests, especially in cases of women with dense breasts.
In parallel, the company lists a list of potential partners including: Phillips, Samsung, Toshiba, Hitachi and Fujifilm. According to Frontwave, contacts have already been established with various Chinese machine suppliers.
Once the product is certified by clinical trials, the company expects to have a turnover of $240,000 (€200,000) in 2023 and, by then, to be producing 3D images at a maximum cost of $100.
(Featured image by Karolina Grabowska via Pexels)
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