MTI Secures $4.2M Financing Round

MTI Secures $4.2M 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, PolypDx™, is the world's first and only urine test for colorectal cancer screening. Developed in Canada, and patented globally, PolypDx™ 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 PolypDx™ 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 PolypDx™.”

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 PolypDx™.

About Metabolomic Technologies Inc.

Metabolomic Technologies Inc. (MTI) is a small but growing Canadian company developing metabolomic-based in vitro diagnostics. Their lead product, PolypDx™ 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.