Transaction Case Studies

Financing process for novel cancer detection technology led to $21M Series A​​

Situation Assessment

  • Elypta is a Sweden-based company that is developing and aiming to commercialize the first ever metabolism-based liquid biopsy test for early cancer detection
  • The proprietary technology behind Elypta’s test stems from profiling of human glycosaminoglycans and stands to confer significant benefits over traditional cell free DNA tests
  • Locust Walk conducted a clinical utility assessment, developed investor materials, and drove an outreach process to achieve a successful Series A financing with strong life sciences investors

Key Activities

  • Conducted a clinical utility assessment to confirm the viability and benefit of Elypta’s test within the cancer diagnosis paradigm, which was ultimately used to support investor discussions
  • Worked closely with company management and key board members to prepare investor outreach materials and identify investor targets from the Locust Walk global network
  • Conducted targeted outreach to notable investors with a history or demonstrated interest in liquid biopsy tests, including VCs, growth equity, family offices, corporate VCs, and strategics
  • Ran several financial analyses to support investor discussions, including a comparable transaction analysis of M&A exits in liquid biopsy tests and IPO case studies
  • Led numerous investors through due diligence, facilitating nearly 40 management presentations and diligence conversations while co-managing the CDA process and VDR access
  • Guided Elypta through deal dynamics and collaborated with management, co-lead investors, and legal teams to establish a timeline and drive the deal to final close

Successful Outcome

  • Elypta successfully completed a $21M Series A financing led by strong syndicate including new investor Bonnier Ventures alongside existing investors
  • Funding enables Elypta to further develop its metabolism-based liquid biopsy for early detection of any cancer, accelerating pivotal multicenter studies for multiple cancer early detection and kidney cancer recurrence

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