The grant is a part of the first round of funding provided by the Medical Research Council (MRC) and the Technology Strategy Board, under the joint £180m Biomedical Catalyst program.
As part of the program, Endomagnetics will work in collaboration with King’s College London and Guy’s and St Thomas’s Hospital, UK, to deliver the project as well as conduct a clinical study.
The clinical study is designed to demonstrate the potential market size and identify any modifications to the technology required for optimal application to the melanoma cancer.
The company said to confirm equivalence of the radioactive techniques including CE-marked SentiMag instrument and Sienna+ magnetic tracer material, the multi-center NIHR-adopted trial is underway in the UK and the Netherlands.
Endomagnetics CEO Eric Mayes said the company has always planned to extend the application of its technology into other cancer areas such as melanoma and colorectal cancers.
"This funding comes at just the right time for us to accelerate the programme," Mayes added.
Technology Strategy Board innovation programs director David Bott said, "We are delighted to make these first funding awards through the Biomedical Catalyst, which will help bridge the funding gap between the development of a new idea and investment by the market in a new drug or technology, and provide effective support for the best life science opportunities arising in the UK."
