SAGA Diagnostics has developed a groundbreaking technology that detects and monitors cancer through the analysis of tumour-specific structural variations in DNA from blood samples. Unlike traditional methods that focus on individual mutations, SAGA approach enables highly sensitive detection of residual disease, allowing for earlier identification of cancer recurrence – a critical factor in improving treatment outcomes.

“I’m a bit overwhelmed and so incredibly proud of everyone who helped get us here. 10 years ago Anthony George and I spun-out SAGA Diagnostics, and today it enters a definitive merger agreement with Foundation Medicine (Roche). This means ultrasensitive ctDNA monitoring can now reach thousands of cancer patients around the world.”

said Lao Saal co-founder

The company’s flagship product, Pathlight, has achieved several key milestones since its 2021 financing round, including clinical validation with strong results, a commercial launch in the U.S., and Medicare reimbursement for breast cancer. These achievements have positioned SAGA Diagnostics at the forefront of the rapidly expanding liquid biopsy market, which is poised to transform cancer care through earlier and more precise interventions.

“Our mission at SAGA is to intercept cancer early when patients are most treatable and curable. Foundation Medicine’s commercial scale and innovation accelerates our ability to bring this unique MRD platform to more patients worldwide. We are proud of our team for advancing innovation in the MRD field and commercially launching Pathlight to improve patient outcomes.”

said Roopom Banerjee, Executive Chairman of SAGA.

A Strategic Acquisition in a Growing Field

The acquisition comes at a time of surging global interest in precision diagnostics, driven by the need for more personalized cancer treatments and the potential for earlier detection of recurrence. Liquid biopsy-based solutions, in particular, are experiencing strong growth due to their ability to detect minimal residual disease (MRD) – a game-changer for patient outcomes.

The company was founded in Lund, and has been part of the Smile incubator. But since 2023 had most of its approximately 100 staff in the US, with only a smaller R&D team in Lund. However, multiple of the key investors are from the ecosystem, such as LU Ventures and FSG (Fåhraeus Startup and Growth), which was one of the biggest external shareholders with a bit under 10% of the shares.

But also other life science investors, such as Sciety, which led Saga’s € 10 million financing round in 2021.

“When Sciety invested in Saga Diagnostics, we recognized the transformative potential of their technology. Since then, the company has not only validated its clinical and commercial relevance but also established itself as a leader in a field that is reshaping cancer care. This acquisition will accelerate the reach of Saga’s innovations to more patients worldwide. It also represents Sciety’s tenth exit, a testament to the strength of Nordic life sciences and our collaborative investment approach.”

Andreas Lindblom, Managing Partner at Sciety

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This means that the JPO has approved the patent application and registered the patent making it valid until 2041. This is the Company’s first patent to be granted in Japan for the LIT-platform technology.

“We are proud to announce that Lithea has secured patent approval in Japan. This milestone underscores our commitment to innovation and strengthens our position in delivering cutting-edge intratumoral therapies to patients worldwide. It also underscores our organization’s ability to generate patentable inventions.”

says Ludvig Sjöberg, CEO of Lithea

The patent provides the LIT-platform protection for treating cancer using the LIT-platform to deliver pharmaceutical drugs. Lithea has patents granted to date in Europe, Japan, and Singapore, with late-stage applications in the USA and China.

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With the financing secured, MedVasc is well positioned to accelerate the remaining key activities required for FDA clearance of Solutio for the U.S. market. Preparations are progressing according to plan, and market approval is expected during autumn 2026.

”The strong participation from current owners demonstrates continued confidence in MedVasc’s strategy, execution capability, and long-term value creation. The board and management view this support as a clear validation of the company’s direction and its ongoing development efforts,”

says Cathrin Johansson, CEO of MedVasc

Solutio is developed to provide painless and precise local anesthesia during thermal treatment of venous insufficiency. The anesthesia catheter is compatible with so-called gold standard treatment fibers (RF/Laser) worldwide.

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Fida Biosystems has developed a biophysical analysis platform for molecular and nanoparticle characterization to be conducted more quickly and accurately, ultimately speeding up the development of new medicines.

The new investment is an extension of a previous series A round and is intended to prepare Fida Biosystems for a future Series B growth round, paving the way for further expansion and scaling.

“With FSG’s focus on Scandinavian companies at the cross-section of Technology and Life Science we are proud to invest in FidaBio and its unique first principle technology for biophysical analysis for the Pharma and Biotech industry.  We look forward to work hard with the Fidabio team and EIFO as lead investors in this next phase of growth”

said Linus Wiebe, General Partner and Managing Director at FSG

Over the past year, Fida Biosystems has doubled its revenue, and with more than 100 instruments sold, it is seeing increased adoption across industry and leading research institution.

“As we close a year marked by more than double growth, we are pleased to complete a new round led by FSG, with continued support from EIFO and our other investors. With our amended team, we are confident that we are in the best possible position to continue supporting researchers in developing faster and better drugs – and to further accelerate the company’s growth,”

said Brian Sørensen, CEO of Fida Biosystems.

EIFO first invested in Fida Biosystems in 2019 and this follow-on investment strengthens EIFO’s strategic ambition for Denmark’s position in transformative technologies and life science.

“Fida’s technology aligns perfectly with EIFO’s focus on innovation that drives growth. We have strong confidence in the team and are pleased to support the company’s further expansion and scaling, reinforcing Denmark’s role in life science,”

said Tonni Bülow-Nielsen at EIFO.

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Flow Neuroscience recently announced FDA approval of their breakthrough Flow at-home brain-stimulation device for the treatment of major depressive disorder (MDD). The FDA approval marks the first time in history American clinicians are able to prescribe a novel at-home non-drug therapy as both a stand-alone and an adjunctive treatment for adults with moderate to severe depression.

Currently, depression affects more than 20 million U.S. adults, a 60% increase over the last decade. Around a third of these patients are not responsive to antidepressants, and many stop treatment because of side effects such as sexual dysfunction, weight gain, a sense of feeling emotionally blunted, and many others.

“We’re on a mission to make effective, affordable non-drug treatment available to the millions of Americans suffering from depression. Flow’s FDA approval is a watershed moment for the treatment of depression: the first step in moving from pharmaceutical treatments to tech-based therapies with minimal side effects.”

said Erin Lee, CEO of Flow Neuroscience.

Transcranial direct current stimulation, or tDCS, the technology behind Flow, is backed by more than 9000 publications and over 25 years of clinical research in depression treatment, stroke recovery, pain management, and other use-cases. Flow’s neurostimulation device applies a gentle electrical current to the prefrontal cortex, the part of the brain involved in mood regulation and stress response, which is often underactive in people with depression.

To prove device effectiveness, Flow published their landmark randomized controlled clinical study in Nature Medicine, showing that patients using Flow’s FL-100 tDCS device experienced symptom reductions as early as within 3 weeks. These results revealed a clinically meaningful response to treatment and side effects were, in general, mild and transient.

“Among our real world users, 77% see improvements in as little as three weeks. Such treatment, previously confined to clinics, can now be delivered at home, pointing to a scalable way of expanding access to effective depression care,”

added Flow’s Chief Medical Officer, Dr. Kultar Garcha.

Flow’s clinical trial was the largest of its kind and demonstrated that for the first time at scale, a fully remote, home-based neuromodulation treatment is effective in treating major depression. Active tDCS treatment with FL-100 not only outperformed sham stimulation but achieved two to three times higher remission and response rates, with 58% of patients in remission by the end of the 10 week study. Results were also observed among patients already on medication or psychotherapy who used FL-100 adjunctively, making it far closer to real-world conditions than most previous trials.

“For more than 6 years since the device’s launch in Europe, we’ve been building an evidence base globally with clinical trials, peer-reviewed research, and real-world case reports. The approval of FL-100 in the US will now offer millions of patients an accessible and effective non-drug treatment option.”

said Daniel Månsson, co-founder and Chief Scientific Officer of Flow Neuroscience

Flow has been used by more than 55,000 people in the EU, UK, Switzerland, and Hong Kong. In the UK, it is used by multiple NHS trusts and is prescribed by doctors in their public health system. Flow expects the device to be available in the U.S. as early as Q2 2026.

“We are committed to ensuring that Flow becomes a part of a standard treatment pathway for depression care. We are singularly focused on helping as many patients as possible achieve remission from depression,”

says Erin Lee.

The Flow System received Breakthrough Device Designation from the FDA in 2022, a program designed for technologies that offer potentially more effective treatment or diagnosis for debilitating diseases. The company is also planning to evaluate its platform as a treatment for additional neuropsychiatric indications, including traumatic brain injury, addiction and sleep disorders.

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The breakthrough was announced in October and comes courtesy of Cirkulär, a Swedish biotech company transforming industrial sidestreams into high-value protein ingredients. Cirkulär was founded in 2019 in Lund, by Eric Öste, son of Oatly inventor Rickard Öste. It is backed by investors including MBP Solutions and known profiles from the investor sector, such as Parham Abuhamzeh (Managing director, EQT) and Reynir Indahl (founder of Summa Equity)

After two years of successful pilot production in southern Sweden, the company is now gearing up to build a full-scale biomanufacturing facility, a move that could revolutionize how we feed farmed fish and reduce the industry’s dependence on soy and wild-caught fishmeal.

“This milestone proves that our technology is not only robust but commercially viable. With a validated process and a first product in the market, we are now moving towards full-scale biomanufacturing,”

says Eric Öste, CEO and founder of Cirkulär

Cirkulär’s pilot facility has spent the past two years fine-tuning its fermentation process, demonstrating that mycoprotein can be produced reliably, cost-effectively, and at scale. The success has attracted attention beyond aquaculture, with potential applications spanning pet food, human nutrition, personal care, and even agricultural biostimulants. By converting industrial byproducts into high-value ingredients, the company is helping industries decouple from volatile global commodity markets and build resilient, closed-loop supply chains.

“Circular base ingredients will — and must be — the foundation of tomorrow’s industries. There is no alternative.”

says Eric Öste.

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Lithea’s platform can be used with many types of cancer drugs and may eventually be applied to other common cancers like breast, lung, and prostate. With a skilled team, strong patent protection, and a clear plan for approval, Lithea is making steady progress toward its first human trials.

“We’re building a platform that combines precision with flexibility. The CaS/HA system allows us to deliver cancer drugs exactly where they’re needed, and we’re excited about its potential to improve outcomes for patients with difficult-to-treat tumors.”

says Dr. Deepak Raina, CTO and co-founder of Lithea

The money will be used to continue developing Lithea’s unique drug delivery system and to prepare its lead product, LIT1001, for clinical trials. This includes more lab studies to confirm safety and effectiveness, as well as preparations for manufacturing and regulatory approval.

LIT1001 is a small pellet filled with the chemotherapy drug doxorubicin. It’s designed to be placed directly into bone tumors, specifically targeting osteosarcoma, a rare and aggressive cancer mostly affecting children. By delivering the drug straight into the tumor, LIT1001 aims to fight cancer more effectively while reducing harmful side effects.

“Our technology has shown very promising results in animal studies, with 92% reduction in tumor size and much lower drug levels in the rest of the body compared to standard treatment. This funding helps us build stronger scientific proof and move closer to testing in patients,”

says Ludvig Sjöberg, CEO at Lithea

The product has already received special recognition from the U.S. FDA as an Orphan Drug, which helps speed up its development and approval process.

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MATR Foods uses a unique solid-state fermentation process to transform legumes, vegetables, and grains such as peas, lupins, beets, potatoes, and oats into protein-rich, savory meat alternatives. The process involves inoculating boiled and chopped ingredients with fungi spores, which boost protein levels, bind ingredients, and develop umami flavors. The harvested biomass is then marinated in beet juice and seasonings, resulting in products that are low in saturated fat and high in fiber.

“We are deliberately targeting a combination of retail and foodservice because we see a very positive spillover from restaurant and canteen experiences to retail interest.”

said CEO Randi Wahlsten to AgFunderNews

Scaling an alternative food product in these times is hard, as other, such as Swedish Stockeld Dreamery just announced they are shutting down.

“We are deliberately not calling our products anything involving the word meat. We are not trying to mimic meat, but to create a new category of meat successors that are just as satisfying and craveable.”

Randi Wahlsten continued

You can read a longer interview over at AgFunderNews:

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Cytely’s smart microscopy platform is designed to be hardware-agnostic, turning traditional microscopes into real-time data engines. By eliminating manual bottlenecks, the platform enables laboratories to obtain statistically robust results in minutes, a process that previously took months.

“Their vision is truly transformative. We’re thrilled to lead this round and support the mission to make smart, data‑centric microscopy accessible to every lab,”

said Louise Lachmann, Partner at Ugly Duckling Ventures.

Traditional microscopy relies on image-based analysis, which is slow and yields limited data. Cytely’s platform changes this by making data the primary output, delivering standardized, quantitative, and reproducible results. This shift allows researchers to make faster, more reliable decisions, accelerating the pace of discovery.

“Scientists have been constrained by workflows built for images, not data. Cytely transforms any microscope into a real-time measurement instrument, closing the loop from acquisition to decision on an experiment-day timescale rather than a grant cycle,”

says Philip Nordenfelt, Cytely co-founder & CEO

With the new funding, Cytely will further develop its AI platform to make it even more intuitive, enable collaboration between researchers, and expand operations in the U.S. and Asia. The long-term goal is to build a global discovery system that helps scientists make breakthroughs faster and eventually predict outcomes and autonomously drive parts of the research process.

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The startup focuses on developing a smart, radar-equipped toilet seat, under the name ZenSeat, that uses AI to monitor bowel movements, helping caregivers detect constipation early in dementia patients and prevent serious health complications.

“Is it possible to invent something that alerts the nursing staff if a patient hasn’t pooped?”

said Helle Wictor, the initiator of the idea

AI and Radar for Early Detection

Constipation in elderly individuals, particularly those with dementia, can lead to severe suffering, hospitalizations, and even life-threatening conditions like intestinal obstruction. Since many patients cannot communicate their symptoms, caregivers often struggle to identify issues in time.

Optisense Care’s solution is a wireless, AI-powered toilet seat that analyzes waste using radar technology. The system alerts caregivers when a patient hasn’t had a bowel movement for several days, enabling timely intervention.

Peter Rybäck, is the CEO of Optisense Care and a veteran of the Life Science sector. The company, founded earlier this year by Rybäck and a team of developers, is preparing for a “pre-pilot” phase in Helsingborg’s elderly care facilities, with interest already expressed from other larger cities such as Malmö and Gothenburg.

“For now, while we’re talking about orders in the tens up to maybe 200-300 units, we can handle production manually. But if we see larger orders coming in, we’ll invest in a molding tool to enable mass production of the toilet seat.”

said Peter Rybäck to Rapidus

The company raised a small round of €270.000 earlier this year, from one founder, Loop Capital, and business angels, according to Swedish Tech News.

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