Dear , 

PsyOmics is a spin out from the University of Cambridge’s Department of Chemical Engineering and Biotechnology.

The market opportunity for the technology is that mental illness is a major problem for healthcare providers. It is estimated that 15% of the disease burden in developed countries is mental illness and it is often misdiagnosed, which can lead to hospitalisation, cycling and suicide.

The Technology
The company exploits patent protected biomarker technology from Professor Bahn’s lab to improve clinical diagnostics in mental health. The intention is to provide a rapid blood test, and an online questionnaire, so the primary care provider can accurately and quickly identify the problem and start treatment.

The first test is focused on major depressive disorder (MDD) and bipolar disease but PsyOmics has patented tests for several other mental illnesses.

Market Opportunity
The company’s model will be to sell the tests and good pricing and margin looks achievable given existing market practices. PsyOmics will operate a test laboratory in the UK first, then target the larger US market.

The markets are sizeable with 1.9m consultations p.a. in the UK and a further 55m annually in the US and Europe. PsyOmics is primarily targeting first or recent onset depression in 18-35 year old patients. That accounts for 290,000 patients in the UK and a market value of £100m, of which PsyOmics is targeting a 15% share or £15m market. In the US that market is valued at £560m and the company believes a 10% share is a realistic target.

The Team
Professor Sabine Bahn - CSO
Professor of Neurobiology at Cambridge University with a prolific record of publishing and patents. Professor Bahn was a co-founder of Psynova Neurotech, which exited to RBM. She is a practising psychiatrist.

Dan Cowell - CEO
Dan has 18 years of experience at high growth biotech companies including being CEO and co-founder at Hypoxium, which exited to Horizon, COO at Pharmorphox, which exited to Sigma Aldrich, and COO at Horizon.

The Investment Case
PsyOmics has adopted a tried and tested methodology to address a largely unmet need, namely accurate and rapid diagnosis of mental illness. There is significant demand from healthcare professionals for such a product and it should lead to a reduction in overall healthcare costs.

Whilst PsyOmics is in the early stages of development and commercialisation, UCEF IV is confident that the experience of its founders and the need for the product provide a compelling investment case.

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