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MultiplexDX, a leading biotechnology company, is developing Multiplex8+, a unique and innovative diagnostic that combines unique RNA biomarker sequencing and visualization methods for more effective treatment of breast cancer. 

MultiplexDX has completed an extensive retrospective clinical validation of the Multiplex8+ diagnostic test for breast cancer patients, making breast cancer diagnosis even more accurate and precise. This is extremely important for developing effective, life-saving treatment. MultiplexDX has completed a large European EIC Accelerator grant, becoming the first Slovak company to win such a grant when it was awarded one in 2020 out of 2,000 applicants from across Europe. The award of the grant was preceded by a rigorous evaluation of excellence by a panel of international independent experts. Today, the company is sending the first diagnostic results to the first patient to help fight this insidious disease.

This opens a new chapter not only for MutiplexDX itself, a company dedicated to the diagnosis and treatment of cancer, but also for investors attracted to the biotech sector. 

About the investment opportunity

The innovative Multiplex8+ diagnostic/test combines RNA sequencing and RNA biomarker visualization methods for more effective breast cancer treatment.

By combining two methods, the Multiplex8+ achieves previously unthinkable accuracy in tumour typing and profiling. Hitherto inaccurate diagnosis and resulting inadequate care have resulted in a treatment success rate of only 50%. The MultiplexDX team is now revolutionalizing this with their diagnostics discovery and helping doctors create "personalized" cancer treatment.

MultiplexDX's mission is to reduce the proportion of inaccurate cancer diagnoses to 0%, minimize invasive procedures and costs associated with ineffective treatments, and reduce cancer recurrence by more than 50%. The diagnostic method that MultiplexDX is developing differs from traditional methods in that it can distinguish between different types of cancer, profiling the cancer itself to provide much greater and more accurate information, which can then be used to individualize treatment for each patient.

The company has been founded and led by scientist and entrepreneur Pavol Čekan, who has more than 20 years of experience in research institutions, including the National Cancer Institute in the US. His team consists of other top scientists and managers with international experience, both from leading commercial companies and renowned research institutions such as Rockefeller University and Harvard University. They have also published widely in a number of highly technical publications.

Personalized cancer diagnostics represents huge growth potential for MultiplexDX, with an expected total global market size of $27 billion by 2026 (+12% CAGR). The company also has the potential to expand into validation diagnostics and next-generation sequencing, which would diversify the risk of the business. The industry in which the company operates also offers the prospect of an investment exit via M&A. In addition, the company plans to enter into collaborations with global pharmaceutical players in relation to this diagnostics business.

Multiplex8+ diagnostic test

Personalised cancer diagnostics represent a breakthrough in treatment and huge potential for bettering society itself.

The company has the potential to diversify its business risk through potential expansion into next-generation validation diagnostics and sequencing. 

The company operates in the biotech sector, which is attractive for M&A and provides good prospects for an investment exit.

The global personalized cancer diagnostics market size is expected to reach $27 billion by 2026, growing at a CAGR of 12%.

 The return on investment is expected to be 7-10 times over 5-7 years.

MultiplexDX at a glance

MultiplexDX's goal is to create customized cancer diagnostics with up to 100% accuracy. In fact, current non-specific diagnosis leads to only half of patients surviving cancer without recurrence. MultiplexDX has the unique potential to break into the market and thereby save many lives and reduce the cost of failed treatment. The company's long-term and ultimate goal is to bring accurate cancer diagnostics to market for personalized and therefore more effective treatment.

The company received an initial investment of €400,000 from Neulogy Ventures and a further investment of €1.2 million in 2018 from Crowdberry and other private investors, including well-known biotech entrepreneur and investor Ron Cook. 

The arrival of the pandemic in 2020 marked an unexpected shift for MultiplexDX, as the company developed the first certified PCR test in Central and Eastern Europe to diagnose COVID-19. In 2021, the company generated €9.5 million in revenue from PCR test sales alone, which it used to co-fund the development of Multiplex8+.

Company and its goals

Simply put, the company has invented innovative methods of staining harvested tissue and sequencing specific biomarkers to help determine the exact subtype of cancer, giving the oncologist an answer as to which treatment the patient would respond to best and with a significantly lower likelihood of recurrence. 

The innovative Multiplex8+ diagnostic/test thus combines methods and data sources: sequencing and visualization of RNA biomarkers for effective breast cancer treatment. This dual approach allows the precise determination of clinical parameters of the tumour that define its type in terms of malignancy, response to individual chemotherapeutic drugs and its overall need, response to hormonal drugs, and data on dose and duration of treatment. 

MultiplexDX's mission is to reduce the number of inaccurate cancer diagnoses to 0%, minimize invasive procedures and the costs associated with ineffective treatment, and reduce the number of cancer recurrences (relapses) by more than 50%. The diagnostic method MultiplexDX is developing differs from traditional methods in that it can distinguish between different types of cancer, profiling the cancer itself to provide much greater and more accurate information, which can then be used to tailor patient treatment.

MultiplexDX - Precise and personalized cancer diagnostics

Traditional vs. innovative diagnostic procedures

Traditional diagnostic methods cannot correctly identify differences between patients with the same cancer diagnosis and often cannot predict how a particular person will respond to treatment. This leads to situations where patients receive treatment that is inappropriate for them – treatment that is either not aggressive enough (if the patient has significant metastatic potential) to save their life, or is unnecessarily invasive when it would not be necessary. As many as 50% of cases are inaccurately diagnosed by conventional methods, leaving patients suffering more and facing a more likely return of the disease, incurring higher mortality rates and financial costs.

The personalized treatment designed on the basis of MultiplexDX diagnostic results distinguishes between many subtypes of cancer. This allows the oncologist to design a hormone treatment for a patient with significant metastatic potential, combined with targeted chemotherapy, that would last for a year and provide a 95% chance of survival over the next five years. For another patient, such a precise diagnosis could lead the oncologist to deploy targeted treatment with proton beam radiotherapy or chemotherapy that would last only three months. Such an approach would save patients from unnecessarily lengthy and aggressive treatments, for example, combining two chemotherapies for 6-12 months, and also increase their psychological wellbeing. Last but not least, the cost savings are significant, amounting to hundreds of thousands of euros per patient (in both cases).

The unique MultiplexDX diagnostic method combines two data sources. The quantitative data is confirmed by visualization and sequential testing. This approach allows the precise determination of clinical parameters that define the type of tumour in terms of malignancy, response to individual chemotherapy drugs and overall chemotherapy requirement, response to hormonal agents, and data on dose and duration of treatment.

The product

The MultiplexDX team consists of top scientists and managers with international experience in the field of medicine. In addition to the renowned expert Dr Pavel Čekan, the core team consists of: 

Dr Peter Kilián has more than 10 years of experience in the field of biomedicine and biotechnology, who is also an expert in the field of intellectual property. He is a certified advisor to the European Patent Office (EPO).

Petra Lipnicka has more than 15 years of experience in managing European projects aimed at improving R&D infrastructure in Slovakia and is a specialist in R&D project management, commercialization and technology transfer, fundraising, and science communication. 

Evan Paul is a biomedical scientist with more than 15 years of research experience in molecular biology and analytical chemistry, with an emphasis on discovering new biomarkers and therapeutic targets.

Tým

Due to the complexity and uniqueness of MultiplexDX, the market segment can be divided into four main parts:

Personalized cancer diagnostics – market size was $17.2 billion in 2021, with an expected annual market growth of 11.5% to reach $26.6 billion by 2026.

Validation diagnostics – market size in 2022 was $7.7 billion with a projected average annual growth rate of 11% to reach a market size of $15.9 billion by 2029.

Imaging products – the global market for FISH (fluorescence in situ hybridization) methods will reach a value of $2.8 billion by 2027; the market for IHC or immunohistochemical staining will reach $3.3 billion by 2026.

Next Generation Sequencing Products (NGS) – the global market for sequencing products was $6.6 billion in 2022 and is expected to grow at an annual rate of 21% to a market size of $19 billion by 2028.

A market environment with a total potential of $67 billion.

Competition in the biotech market is strong, but the Multiplex8+ diagnostic test is unique in the market for its accuracy. 

Multiplex8+ is the most accurate diagnostic for eight or more (up to 25) cancer markers.

It eliminates misdiagnoses by combining cross-validation of quantitative results and the relevant morphology of the tissue analysed.

Ensures 100% accurate cancer diagnosis and increased treatment efficacy.

Market and competition

Factors such as the geopolitical situation or the financial situation of potential customers are dependent on the performance of the regional and global macro-environment. The diversification of the service offering, the base of sub-products with different pricing policies and the offering of products or services on a global scale are factors that reduce the risk.

The market for innovative diagnostics is fragmented and relatively new, with two dominant players and a number of new entrants. Although competition in this area is very strong, the progressive commercialization of MultiplexDX products reduces this risk. In addition, MultiplexDX focuses on only a small segment of the overall diagnostics market and will therefore be an attractive acquisition target for pharmaceutical companies if successful.

The risk of delayed or insufficient funding in planned rounds and the company's failure to obtain grants from public institutions may negatively impact its growth curve and shareholder value. This risk can be mitigated in part by rigorous short- and medium-term planning of the company's resources. 

Recruiting and setting up the structures and processes of a large team in Slovakia and the US is a challenge, as is increasing sales in international markets. Recruiting quality members of the operations team will be a key success factor. In order to mitigate risk, this area will be handled by members of the company's scientific and business consulting team who have many years of experience in scaling.

The company is building on its established business model, but there is risk associated with integrating its portfolio of products and services into the processes of large pharmaceutical companies in the validation diagnostics space. Patient awareness of Multiplex8+, their willingness to pay for diagnostics, and the ability of healthcare companies to cover the cost of diagnostics are key to successful scale-up and commercialization.

Risks

 Clinical trials (~#2000) at the "second opinion" level

Preparation of prospective clinical validation

Marketing of the Multiplex8+ diagnostic test under development 

Operational infrastructure and team expansion

Intent of investment

Innovative Slovakia: MultiplexDX zaradený medzi TOP slovenské startupy

Media

MultiplexDX

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Kamil Lovas

Multiplex8+: Breakthrough Diagnostics Enabling Personalized Cancer Care

Crowdberry investors have already invested over €36 million in more than 40 companies.

Successfully funded companies

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MultiplexDX

MultiplexDX

About the investment opportunity

Multiplex8+ diagnostic test

MultiplexDX at a glance

Company and its goals

The product

Tým

Market and competition

Risks

Intent of investment

Media

Documents