On average, 58 Canadian men are diagnosed with prostate cancer every day. The biopsy process is often lengthy, expensive and invasive – and that’s before the cancer treatment even begins. Instead of 12 painful needles through the prostate, Nanostics Inc. created a test that requires only a few drops of the patients’ blood. That’s it.
Using a liquid biopsy platform, nanotechnology and machine learning, Nanostics’ first tool ClarityDX Prostate™ detects aggressive prostate cancer, which accurately identifies which men actually need a biopsy. Once implemented, ClarityDX Prostate™ has the potential to eliminate up to 600,000 unnecessary biopsies, 24,000 hospitalizations and reduce 50 per cent of unnecessary treatments in North America alone. Additionally, ClarityDX Prostate™ is less than a quarter of the cost of other biopsy tests currently on the market.
With a groundbreaking product that could change the medical world, founders John Lewis, Robert Paproski, Desmond Pink and Catalina Vasquez knew they needed help getting their business off the ground. Being affiliated with the University of Alberta, they reached out to TEC Edmonton in 2017 to join the Health Accelerator program.
Executive in residence (EIR) Colin Coros quickly stepped up to the plate. After an initial assessment, it was clear the young company needed assistance in four key areas:
- Business plan development
- Financing support
- Hiring strategies
- Regulatory advice
From there, Colin used his resources on our Business Development team for added support. With a full team in tow, Nanostics soon had a new and improved business plan which led to pitches with investors and raised capital. Shortly after, the founders grew their team to eight people, including EIR Colin Coros as their Chief Commercialization Officer.
So what’s next for this promising company? ClarityDX Prostate™ is currently in clinical trials and is set to drastically improve the standard of care for prostate cancer. Keep an eye out for Nanostics as it’s on track to reach sales in excess of $100 million in the next five to seven years.
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