Urteste biotech raises 9 million pln for urine R&D

Urteste, a biotechnology company, has started its share offering, and will then debut on the NewConnect market in Q3 of 2021. The company develops an innovative technology to detect neoplastic diseases from urine samples at an early stage of development.

It is to support the diagnosis of diseases that, previously detected, are much easier and cheaper to cure.
Urteste technology detects tumors by measuring the activity of enzymes present in the urine. The company develops diagnostic tests for over a dozen of the most common types of cancer.

“The technology we are developing is based on the detection of tumors by measuring the activity of enzymes present in the urine. When the Urteste test reacts with the enzyme, it breaks down into two parts and causes a change in the intensity of the color of the urine, which indicates the presence of cancer in the patient. The company’s focus is on 15 oncological tests, which are at various stages of development and concern over 90% of cases of all neoplastic diseases “- explains prof. Adam Lesner, Chairman of the Urteste Scientific Council.

The primary focus on developing pancreatic cancer tests was not accidental. The ratio of deaths to new cancers is as high as 94%, the highest among other common cancers. There is currently no test for pancreatic cancer that can be used as a screening test (early-stage cancer detection). The Urteste test may therefore be one of the first of its kind.

“The cancer testing market in which we are present is very attractive. According to analysts, the value of the global cancer biomarkers market will grow by an average of over ten percent in the coming years. This is also confirmed by billions of dollars in acquisitions similar to our technology in 2020 and in previous years. Our goal is to develop a cheap, non-invasive and easy to interpret technology with high sensitivity and specificity parameters. The research conducted so far shows that we are on the right track to develop a technology that meets these criteria, ”says Grzegorz Stefański, President of the Urteste Management Board.

The attractiveness of screening tests is justified not only by humanitarian reasons (prevention of severe stages of the disease), but also by economic reasons. According to research by the American Cancer Society, US oncology spending will increase from $ 200 billion to $ 245.6 billion (+ 22.8%) over the course of this decade.

Moreover, the company is favored by the growth of the test and research market. It is already developed, but still dynamically growing. The cancer testing market has the greatest growth potential, in particular its screening department. According to Illumina’s approximation, the average annual growth of the cancer test market is expected to be 27% by 2035.

Scientific council and team

Prof. Adam Lesner, who is the originator of the project. He is a world authority in the field of proteolytic enzyme research and peptide chemistry. It mainly deals with research and development of diagnostic tests enabling the early detection of diseases. He has 25 years of experience in chemical sciences and is the author of over 150 scientific papers.

A member of the scientific council is also dr. Natalia Gruba, a chemist with 10 years of experience. She is a co-creator of the project. Develops diagnostic methods using protease activities. She is the author of three patents, including one foreign and two patent applications.

The president of the board is Grzegorz Stefański, a medical doctor and manager. He has 25 years of experience in managing pharmaceutical and biotechnology companies. He was a co-founder and a member of the supervisory board of the listed company Mabion.

Tomasz Kostuch is a board member with 25 years of experience. Previously, he participated in the implementation of many innovative projects and implementations of modern technologies. For 10 years he has been dealing with strategic consulting and creating financial policy in companies conducting research and development works.

The company plans to raise up to PLN 9.1 million. The funds will be used primarily for further research and development (PLN 4.8 million). The company intends to maximize the attractiveness of the projects for potential future business partners. Another PLN 2.1 million will be spent on the costs of patent protection.

Urteste’s issue targets

The acquired funds are assumed to be sufficient for 2 years of project development.

Subscriptions for shares in the tranche of individual investors have already started and will last until July 2.

If we assume that investors take up all shares offered at the agreed issue price of PLN 100, the company’s valuation will amount to PLN 112 million.

21% of the offered shares will be offered in the individual investors’ tranche.

The next stage will be to start applying for the admission to trading of shares on NewConnect. The company assumes that the debut will take place in the third quarter of this year.

In the next stage, the company does not rule out applying to enter the main market of the WSE along with the issue of shares.

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