EDMONTON, AB – May 5, 2016 – TEC Edmonton client and University of Alberta spinoff company Metabolomic Technologies Inc. (MTI) has signed a multi-million dollar licensing and distribution agreement with Atlantic Diagnostic Laboratories, LLC (ADL) for its flagship product, PolypDx™, a urine-based diagnostic test for detection of adenomatous polyps, the precursor to colorectal cancer.
Every year, approximately 1600 Albertans are diagnosed with colon cancer, and 600 Albertans will die from the disease. Colorectal cancer is preventable if identified early enough during the polyp stage; however, current polyp pre-screening tests are not always reliable.
Dr. Richard Fedorak (Dean of the Faculty of Medicine at the University of Alberta) and Dr. Haili Wang discovered a simple and effective urine pre-screening test that has higher sensitivity than current fecal-based screening tests to detect adenomatous polyps. When pharmaceutical companies showed interest, Dr. Fedorak turned to TEC Edmonton for help.
TEC Edmonton’s team of technology management experts worked with Dr. Fedorak to provide technology evaluation, IP protection and patent filing services resulting in the creation of the University of Alberta spinoff company, Metabolomic Technologies Inc. back in May, 2010. By securing licensing rights for MTI, TEC Edmonton helped enable MTI to pursue further licensing agreements, including its most recent with Atlantic Diagnostic Laboratories.
“TEC Edmonton’s assistance in the initial formation of MTI allowed us to identify key markets for our research,“ stated David Chang, MTI’s Vice President, Research Operations. “Commercialization of PolypDx™ is a significant milestone for MTI offering healthcare professionals another tool in the prevention of colorectal cancer.”
Meanwhile, TEC Edmonton’s business development team, led by Dr. Randall Yatscoff, who initially recognized the opportunity and encouraged the research team to do a spin-off, guided MTI’s market research and business plan development. Reg Joseph, a TEC Executive-in-Residence (EIR) at the time, provided mentoring and negotiated with investors, allowing the research team to focus on the science. Joseph would eventually transition from EIR to CEO of MTI.
“We’ve been fortunate to see MTI grow since its early days when TEC Edmonton helped it become one of the U of A’s most promising spinoff companies,” said Chris Lumb, TEC Edmonton CEO. “MTI has always been a tremendous success story of U of A commercialization, and we’re excited to see its technology being leveraged across the border. Many patients and healthcare professionals will benefit greatly from this new agreement.”
The three and a half year, multi-million dollar licensing and distribution agreement signed between MTI and ADL provides a valuable entry point into the U.S. market. Initially, PolypDx™ will be available across twelve eastern states through existing distribution channels with the ability to grow distribution across the United States.
TEC EDMONTON MEDIA CONTACT:
Director of Communications & Marketing
Phone: (780) 492-0707
METABOLOMIC TECHNOLOGIES INC. MEDIA CONTACT:
VP Research Operation
Phone: (587) 772-1684
About TEC Edmonton
A unique not-for-profit, TEC Edmonton is a joint venture of the University of Alberta and the Edmonton Economic Development Corporation. TEC Edmonton helps technology entrepreneurs accelerate their growth. In addition to being the commercialization agent for University of Alberta technologies, TEC Edmonton operates Greater Edmonton’s largest accelerator for early stage technology companies, including both university spinoffs and companies from the broader community.
TEC Edmonton provides client services in four broad areas: Business development, funding and finance, technology commercialization and entrepreneur development.
TEC Edmonton’s clients are an outstanding group of companies. Since 2011, TEC Edmonton clients have generated $680M in revenue, raised $354M in financing and funding, invested $204M in R&D, grown employment by 21-26% per year and now employ over 2326 people in the region. In addition, TEC Edmonton has assisted in the creation of 22 spinoffs from the University in the last five years.
In 2015, TEC Edmonton was identified by the Swedish University Business Incubator (UBI) Index as the 4th best university business incubator in North America, and was also named Canadian “Incubator of the Year” at the 2014 Startup Canada Awards.
For more information, visit www.tecedmonton.com.
About Metabolomic Technologies Inc. (MTI):
Metabolomic Technologies Inc. (MTI) is a privately held Canadian company based in Edmonton, Alberta. A spin-off from the University of Alberta, MTI focuses on the development of metabolomics-based diagnostic systems created from proprietary biomarker technologies. The Company’s flagship product, PolypDx™, an innovative urine diagnostic test, offers a significantly higher sensitivity in detecting adenomatous polyps, a precursor to colorectal cancer (CRC). CRC is a leading cause of death in North America, but is curable if identified through early screening processes. PolypDx™ provides healthcare professionals with a tool for early screening and detection over less effective fecal-based screening methodologies considered suboptimal due to a lack of sensitivity and acceptability.
MTI is committed to developing high value diagnostic tests for the management of chronic disease. The Company received the North American Frost & Sullivan Award for Technology Innovation Leadership in 2014.
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