SmiLe company Saga Diagnostics has been chosen following tough competition to be awarded a grant through Swelife’s “Project for better health, step 2” and will receive SEK 4.7 million. In addition to being a member of SmiLe Incubator, Saga is included in LU Holding’s portfolio of companies. Of the 22 projects that were evaluated, only eight receive funding and half of them come from Lund.
This is the second year that Swelife has offered this follow-on grant. Only projects that had been awarded funding in step 1 of “Projects for better health,” where the amount was smaller, could apply for step 2.
This time it was a grand slam for Lund. In addition to Saga Diagnostics, Lund companies Apoglyx, Neurovive Pharmaceutical and Syntach will also share the approximately SEK 34 million that Vinnova is now awarding. Each project can receive SEK 5 million, and these funds will be matched with at least as much. The project period may be up to two years. The selection process involved a panel of external judges representing both academia and industry.
“We are extremely pleased to have received this prestigious funding, which will enable us to achieve our commercial, regulatory and clinical objectives more rapidly. We have fabulous partners at SUS, UU and SÖS/Karolinska, and I am extremely proud of the entire SAGA team – we are strongly committed to providing our ultrasensitive blood testing technology to the benefit of cancer patients worldwide,” says Lao Saal, CEO of Saga Diagnostics.
“We are extremely pleased and proud that Saga Diagnostics from SmiLe was chosen from a highly competitive field. It is a wonderful acknowledgement of the quality of the company’s project. This represents a great opportunity for Saga to advance its commercialization work and we look forward to being involved and supporting the process,” says Ebba Fåhraeus, CEO of SmiLe Incubator.
The step 2 grant will enable Swelife to help close the funding gap that mainly affects pharmaceutical projects.
“It is well known that after having relatively good funding opportunities in early stages it is often more difficult when the development process needs to go into greater depth. That’s why starting last year Swelife has chosen a few projects that will receive more, which enables Swelife to really make a difference,” says Åsa Wallin from Swelife.
For more information, please contact: Lao Saal, CEO, +46 (0)70-8885261, email@example.com
or Åsa Wallin, portfolio manager at Swelife, +46 (0)70-0850510.
About SAGA Diagnostics: SAGA Diagnostics offers a personalized cancer genome test and disease monitoring. The company provides molecular genetic testing of tissue biopsies and non-invasive “liquid biopsies,” such as a blood sample. SAGA helps pharmaceutical companies, scientists, and healthcare providers to detect mutations, stratify patient groups, and monitor treatment response more accurately and to an industry-leading sensitivity in its analytical methods of 0.001%. Analysis of circulating tumor DNA using SAGA’s unique ultrasensitivity provides better follow-up of cancer treatment. www.sagadiagnostics.com
About Swelife: Swelife supports collaboration within academia, industry and healthcare, with the goal of strengthening the life sciences in Sweden and improving public health. This strategic innovation program is funded by the Swedish government via the Swedish innovation agency, Vinnova, and by the program’s partners. www.swelife.se