SEK 122 million gives Biovica the power to scale up globally

The capital raise, which consisted of a rights issue and a directed share issue, is part of a larger story with the goal to set a new standard for how cancer treatments are monitored – by providing healthcare with more accurate and individualized decision-making data.

The timing of Biovica The fact that Biovica recently secured SEK 122 million reflects not only investors' confidence in the company, but also the growing interest in DiviTum TKa – the company's blood test that has demonstrated in studies that it can provide faster and more reliable readouts of treatment efficacy than today's methods. The test has attracted attention both among researchers and pharmaceutical companies for its clinical precision and usability. DiviTum TKa is in line with the global trend towards more individualized and cost-effective cancer care.

By shortening waiting times and providing clearer information, Biovica sees DiviTum TKa as a tool to reduce patients' anxiety, increase treatment precision, and simultaneously reduce healthcare costs.

– The test has received attention both in the research community, through over 30 published studies from leading institutes, and among pharmaceutical companies, where more than 20 companies, including several top tier, use it in their development programs – Anders Rylander, CEO Biovica

The capital will pave the way for expansion

Biovica's fully guaranteed rights issue, which ended in August, raised approximately SEK 80 million and was subscribed to 87,5 percent. In addition, a directed share issue of approximately SEK 42 million from anchor investors provided the remaining amount, bringing the total to full subscription. The capital will be used to scale up sales in the US, strengthen production, and support expansion in Europe, while continuing to expand Pharma Services. The directed share issue will take place in two parts – the largest has already been decided, while a smaller part is awaiting approval at the Annual General Meeting in September.

– We now have the resources to take the next step: scale up in the US, build further in Europe and deepen collaborations with pharmaceutical companies. – Anders Rylander, CEO Biovica

Clinical evidence

Over 30 clinical studies with more than 5,000 patients, conducted together with, among others Karolinska Institutet, Washington University and Yale, has confirmed the value of DiviTum TKa, according to the company. At ASCO 2025, data were also presented highlighting potential in both melanoma and ovarian cancer, which could eventually broaden the use beyond breast cancer.

USA in focus for expansion

In Europe, Biovica is strengthening its presence through partnerships with Eurobio Scientific, Palex and Axlab – three key players in diagnostics, distribution and laboratory solutions that together cover over 60 percent of the prioritized markets.

However, the United States represents the largest market. Since the FDA approval in 2022, the company has gradually built up its presence across the Atlantic. With a CLIA-approved laboratory in San Diego, Biovica is now positioned for national coverage, including New York, and the collaboration with Tempus AI opens the door to over 6 oncologists. In addition, DiviTum TKa has been listed on the Medicare fee schedule since 500 – underscoring how central the US market is to Biovica's growth. This is also where 2024 percent of the new capital will be used, mainly to boost sales and marketing efforts.

Pharma Services emerges as a revenue engine

Beyond clinical use in healthcare, Biovica's Pharma Services is growing rapidly. Over 20 pharmaceutical companies – including several of the world's largest pharmaceutical companies – use DiviTum TKa in their development programs. Framework agreements and orders worth over SEK 27 million have been secured.

Pharmaceutical companies use DiviTum TKa to ensure optimal dosage, so that the drug is effective while minimizing side effects. Over the past 12 months, the number and size of Biovica's projects with pharmaceutical companies have increased significantly.

The next step is to develop companion diagnostics (CDx), which could create both new revenues and deeper integration into the pharmaceutical companies' projects.

Biovica aims to generate SEK 50 million in sales in the next financial year and SEK 150 million in 2026/2027, with the goal of reaching positive cash flow by Q3 2026/2027. At the same time, DiviTum TKa addresses a growing global need for cost-effective tools for treatment monitoring – in line with initiatives such as the FDA's Project Optimus, which calls for better methods for personalized cancer treatment.

Comments from the CEO

We contacted Anders Rylander to learn more about how Biovica plans to use the capital to broaden the use of DiviTum TKa, strengthen collaborations with healthcare providers, and make the test a natural part of future cancer treatments.

You have recently secured SEK 122 million. Which three initiatives will you prioritise first – and why are they the most important for the next 6–12 months?

– It is to continue our organic growth in the US, as well as launch sales through the major agreements we have signed in the US. These include Tempus AI, which will multiply our sales capacity, as well as the healthcare giant that aims to start using DiviTum TKa to monitor cancer treatments broadly within its organization.

The availability of reimbursement and payer agreements determines how quickly DiviTum TKa can spread in healthcare. What progress do you see here, and how could it affect your growth in the US?

– We already have a price through Medicare that is very helpful, as well as agreements with some hospitals and payers. There is potential here to continue along this path and sign more agreements. We have also applied to be included in the NCCN Guidelines and when this happens, it will make it easier to secure additional payer coverage.

You have strong evidence for early HR+ breast cancer. What additional data points or studies are needed for the test to become a natural part of standard care?

– That's right, we have more than 30 published clinical studies involving over 5.000 patients. This means that we have a strong foundation of evidence that demonstrates the value of DiviTum TKa and that has led to many milestones, such as FDA approval, inclusion in Medicare's price list, agreements with hospitals, payers and with Tempus AI. This is also one reason why we have growing sales in the US and to pharmaceutical companies. There are also ongoing studies where DiviTum TKa is used to guide treatment decisions, which would further strengthen our clinical documentation and take us in the direction of becoming a natural part of standard care.

Pharma Services has already secured orders of over SEK 27 million. What is the path for companion diagnostics to become a clear source of revenue before 2027?

– Over the past year, we have succeeded in attracting the larger pharmaceutical companies with a turnover of over SEK 100 billion. This has contributed to the projects growing in size and number, and our portfolio of projects under delivery has increased to SEK 27 million, and the likelihood of initiating closer collaborations such as CDx has increased. We have ongoing discussions, but I am cautious about giving a timetable for when it might happen.

You often highlight the health economic benefits of the test – such as fewer imaging examinations and earlier changes of treatment. How do you develop and present these arguments to convince healthcare systems and payers?

– DiviTum TKa is a stimulating product to work with because it provides benefits for both patients and healthcare providers. For healthcare providers, savings can be made on diagnostic costs, costs for side effects as well as drug costs. This has been modeled and published by researchers at Fred Hutchinson University. We have also made individual calculations that have proven to provide even better economic benefits when we have modelled for a specific customer and had access to better data. This is one of the reasons why we were able to sign an agreement with the healthcare giant at the end of 2024.

The capital will also strengthen production and delivery. What bottlenecks do you see today, and how do you plan to remove them in order to be able to gear up?

– Our production scales very well, as does our laboratory in the US. We will make smaller investments both in production in Uppsala and in the laboratory in the US to remove manual steps and thus increase capacity without having to increase staffing. With these investments, we are able to meet sales volumes in line with our growth plan.

The goal is to reach cash flow positivity in 2026/2027. Which steps are most important on the way there?

– It is to scale up sales both in the US, via the partner agreements we have already signed, and in the area of Pharma Services, where we have agreements on a large volume and there is potential to grow within existing customers and new customers within the same or related areas.

If you could choose a single milestone in the coming year – which would most clearly show that Biovica is about to set a new standard for treatment monitoring?

– It is that we kick off sales via our partner Tempus AI and thus strengthen sales capacity many times over. Currently, preparatory activities are underway, integration between our systems and training of their sales force are being planned.