EDMONTON, Alberta, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Metabolomic Technologies Inc. (MTI), a Canadian-based company developing metabolomics-based in vitro diagnostics today announced the successful completion of a $4.2 million dollar Series A raise.
The Company's lead product, PolypDxtm, is the world's first and only urine test for colorectal cancer screening. Developed in Canada, and patented globally, PolypDxtm is currently being assessed by the Alberta provincial health system in Canada as a way to increase overall screening efforts to help manage the disease of colorectal cancer.
"This injection of capital supports our strategic initiatives and validates our ability to attract leading U.S. healthcare investors," stated Dr. David Chang, MTI's Chief Executive Officer. "While we anticipate the need to secure additional funds in the future, we are eager to achieve our goal to provide PolypDxtm to patients across the globe."
"The support MTI has received from the investment community speaks to the strength of the Company's technology and award-winning leadership team," shared Dr. Randall Yatscoff, Chairman of the Board. "We are excited about this latest milestone and the momentum it creates in the advancement of PolypDxtm."
The next critical step to bring MTI's innovative test to patients, is a multi-centre pivotal trial in the United States. Evidence generated from the trial will provide the basis for a commercial launch, clinical acceptance and reimbursement of PolypDxtm.
About Metabolomic Technologies Inc.
Metabolomic Technologies Inc. (MTI) is a small but growing Canadian company developing metabolomic-based in vitro diagnostics. Their lead product, PolypDxtm is the first and only urine-based screening test for colorectal cancer. There are more than 40,000 small molecule metabolites found in the human body. Through the identification of distinct metabolic fingerprints, MTI is developing groundbreaking diagnostic tests. The company was awarded the Frost & Sullivan Technology Innovation Leadership Award, the ASTech Outstanding Leadership in Technology Award, and the BioAlberta Company of the Year Award.
Metabolomic Technologies Inc. legal disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning MTI and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of MTI to be materially different from any expected results, performance or achievements expressed or implied by such forward-looking statements. MTI is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
These press releases may also interest you