Le Lézard
Classified in: Health

Canadian Metabolomic Technologies Secures $4.2M Series A Financing Round

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.

MTI Contact
Jean Forsythe
Vice President, Corporate Development
Phone: 587.772.1684 ext. 2
Websites: Metabolomic Technologies Inc. / PolypDxtm

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

at 02:13
Isofol Medical AB (publ) ("Isofol" or the "Company") fully guaranteed new share issue with preferential rights for the Company's existing shareholders (the "Rights Issue"), which ended on June 1, 2020, was oversubscribed. Due to the strong demand...

at 01:00
Staffing Referrals announced today that GIFTED Healthcare, one of the fastest-growing staffing firms in the nation, has doubled their referral placements in just 90 days by implementing two new tools into their tech stack: Staffing Referrals, the...

at 00:00
Thought Technology Ltd. is offering a free webinar series designed to highlight various applications of biofeedback. In the next installment, Dr. Inna Khazan will discuss the benefits of using mindfulness techniques with biofeedback. Mindfulness is a...

at 00:00
Regular, high-quality sleep is an essential part of overall well-being and energy management. According to the National Sleep Foundation, millions of people suffer from insomnia and other sleep disorders. Sadly, the coronavirus pandemic creates...

2 jun 2020
Evofem Biosciences, Inc. , a commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, today announced the pricing of an underwritten...

2 jun 2020
Pliant Therapeutics, Inc., a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis, today announced the pricing of its initial public offering of 9,000,000 shares of its common...

News published on 21 october 2019 at 12:05 and distributed by: