Almi Invest Backs FenoMark Diagnostics to Advance Lung Cancer Detection

Almi Invest has announced an investment in FenoMark Diagnostics, a Stockholm-based company focused on transforming lung cancer diagnostics through mass spectrometry-based proteomics. The funding, which includes support from Karolinska Institutet Holding, Blue Cabinet, and experienced angel investors, aims to help the company commercialize its innovative approach in clinical settings.

The current methods of diagnosing lung cancer often present challenges, particularly in accurately tailoring treatments to individual patients. FenoMark seeks to address this issue by offering a standardized analysis of cancer-related proteins through its mass spectrometry (MS) technology. This approach not only provides a clearer view of the disease's progression but also enables personalized treatments based on precise biomarker data. While MS-based proteomics has been primarily used in research environments, FenoMark is working to integrate this powerful tool into everyday medical practice.

Rapid Growth in the Global Proteomics Market

The global market for proteomics has been expanding rapidly, presenting significant opportunities for FenoMark. In 2022, the market was valued at $46.7 billion and is expected to grow annually by 10% through 2032. Similarly, the mass spectrometry sector reached $5.26 billion in 2022 and is projected to expand at an 8% compound annual growth rate (CAGR).

In the specific domain of lung cancer diagnostics, the market is anticipated to grow from $2.04 billion in 2024 to $3.12 billion by 2032. Against this backdrop, FenoMark aims to position itself as a key player by delivering innovative solutions that can enhance diagnostic accuracy and improve patient outcomes.

A Team of Leading Experts

Founded in 2019, FenoMark was born out of a collaboration involving leading researchers in clinical proteomics and cancer studies. The company’s leadership team includes:

• Janne Lehtio, a professor at Karolinska Institutet and a global expert in clinical proteomics.
• Santeri Kiviluoto, CEO, with a background in biomedical research and business development.
• Lukas Orre, Chief Scientific Officer, specializing in cancer therapies and biomarkers.

Scaling Innovation with Strategic Investments

Speaking on the investment, Santeri Kiviluoto emphasized the importance of bringing proteomics into clinical use. “Our FenoPrep kit already enables laboratories to analyze tissue samples with high precision, even those from biobanks. With the support of Almi Invest, Karolinska Institutet Holding, and Blue Cabinet, we are ready to scale up and introduce more products,” said Kiviluoto.

Almi Invest also highlighted the potential impact of FenoMark's work. Gustav Notander, Investment Manager at Almi Invest, remarked, “FenoMark addresses a critical challenge in cancer care by ensuring the right treatment reaches the right patient at the right time. Their innovative technology, combined with a highly qualified team, is well-positioned to create meaningful improvements in healthcare efficiency and patient outcomes.”

Product Launch Plans for 2025

Following the release of its first product for beta users in late 2024, FenoMark is gearing up to launch three new products by 2025. These products will focus on providing more accurate and standardized diagnostic tools for lung cancer, a step toward integrating proteomics into routine clinical practice. With ongoing efforts to scale its technology, the company is aiming to bridge the gap between research and medical application, making precision diagnostics more widely accessible.