Nex Group founder Michael Spencer to invest millions in blood testing startup

Nex Group founder Michael Spencer is set to invest millions in a pioneering blood testing company.

Spencer’s private investment company will subscribe to a “significant” amount of shares being issued by Osler Diagnostics in its £30m funding round, Sky News reported.

The fundraise, which is expected to value the firm at £70m, is set to be announced before Christmas.

Oxford-based startup Osler is developing a mobile technology that will test for diseases with a single pinprick of blood.

The technology, based on University of Oxford research, has been proven to work on patient samples testing for cancer, cardiovascular and neurodegenerative diseases, and has completed a due-diligence test for a US clinical diagnostics company.

Professor Jason Davis, whose research is the basis for the technology said Osler could be “an invaluable tool if and when we face another Ebola or Zika-style outbreak”.

City PM has contacted Osler and a representative for Spencer for comment.