SOURCE: Atlantic Diagnostic Laboratories, LLC
May 04, 2016 14:45 ET
Metabolomic Technologies Inc. Signs Exclusive Licensing and Distribution Agreement With U.S. Based Atlantic Diagnostic Laboratories LLC
EDMONTON, AB--(Marketwired - May 04, 2016) - Metabolomic Technologies Inc. (MTI) has signed a multi-million dollar exclusive 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.
Colorectal cancer is a leading cause of death in North America with over 157,000 new cases reported in 2015 alone. With early detection in the adenomatous polyp stage, this form of cancer is preventable. Currently, only 39% of colorectal cancer cases in the United States are diagnosed at an early and treatable stage resulting in a five-year survival rate of 63.5%.
The introduction of PolypDx™ hopes to change those statistics. PolypDx™ gives doctors a new tool in the prevention of colorectal cancer. In a Canadian-based clinical trial of nearly 1,000 patients, MTI's PolypDx™ demonstrated significantly higher sensitivity than current fecal-based screening tests to detect adenomatous polyps. Once screened, patients presenting a risk of adenomatous polyps can be directed to a colonoscopy, during which the adenomatous polyps can be completely and safely removed, thus preventing the progression into colorectal cancer. PolypDx™ is a simple and effective test requiring only a small urine sample. Early detection and ease of use are key distinguishing factors for a screening test in the prevention of colorectal cancer.
The exclusive, 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.
"The partnership and collaboration between MTI and Atlantic Diagnostic Laboratories will provide the opportunity for patients to access a simple and accurate test with proven capacity to detect adenomatous colonic polyps and thereby prevent colon cancer," said Dr. Richard Fedorak, President of MTI.
"ADL, with its extensive LC/MS/MS expertise, has long awaited a high-quality partner such as MTI," said Aaron Domenico, Chief Operating Officer of ADL. He added, "ADL is very excited to be offering the PolypDx™ non-invasive urine test."
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.
About Atlantic Diagnostic Laboratories, LLC (ADL):
Atlantic Diagnostic Laboratories, LLC (ADL) is a U.S.-based independent clinical laboratory with its headquarters in the suburbs of Philadelphia. ADL is a full-service laboratory providing microbiology, chemistry, toxicology, immunology, and virology testing used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of diseases. It has also developed niche operations based on certain types of specialized testing capabilities providing insights that empower and enable medical professionals to make better healthcare decisions. ADL is fully accredited by the College of American Pathologists (CAP) for clinical and forensic studies.