Metabolomic Technologies Inc. Secures $4.2M Series A Funding to Advance Urine-Based Colorectal Cancer Screening Test PolypDx™

On October 21, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Metabolomic Technologies Inc. (MTI), a Canadian company dedicated to the global development of metabolomics-based in vitro diagnostic technologies, announced the successful completion of its $4.2 million Series A financing round. In addition, specific details about the investors have not yet been disclosed.

MTI is a small but growing Canadian company dedicated to developing metabolomics-based in vitro diagnostic technologies. The company has received the Frost & Sullivan Technology Innovation Leadership Award, the ASTech Distinguished Technology Leadership Award, and the BioAlberta Company of the Year Award. MTI focuses on developing highly novel, patented, metabolomics-based diagnostic tests for the detection of adenomatous polyps and colorectal cancer (CRC).

According to statistics from the American Cancer Society, colorectal cancer (CRC) is the third leading cause of cancer-related deaths in both men and women. It was projected to cause approximately 51,020 deaths in 2019. However, CRC can be cured if detected through early screening. Currently, stool-based screening methods are suboptimal due to limitations in sensitivity and patient acceptability. Metabolomic Technologies Inc.’s product, PolypDx™—a point-of-care urine diagnostic test—demonstrates higher sensitivity in detecting adenomatous polyps, thereby significantly enhancing CRC prevention.

Currently, PolypDx™ is the world’s first and only urine-based test for colorectal cancer screening. Developed in Canada and patented globally, PolypDx™ is currently being evaluated by Alberta Health Services as a means to strengthen overall screening efforts and help manage colorectal cancer.

Dr. David Chang, CEO of MTI, stated, “This capital injection will support our strategic plan and thereby demonstrate our ability to attract leading U.S. healthcare investors. Although we anticipate the need for additional funding in the future, we remain committed to achieving our goal of delivering PolypDx™ to patients worldwide.”

“The support MTI has received from the investment community is a strong testament to the strength of our technology and our award-winning leadership team. We are excited about this latest milestone and the momentum it creates in the development of PolypDx™,” shared Dr. Randall Yatscoff, Chairman of the Board.

It is understood that the next critical step in bringing MTI’s innovative test to patients is a multicenter pivotal trial conducted in the United States. The evidence generated from this trial will lay the foundation for the commercial launch, clinical adoption, and reimbursement of PolypDx™.

(Compiled by: Xiong Hui)