EDMONTON, AB--(Marketwired - June 21, 2016) - MagnetTx Oncology Solutions, Inc. ("MagnetTx" or the "Company") is pleased to announce that it has secured worldwide, exclusive rights from Alberta Health Services and the University of Alberta to commercialize breakthrough technology that combines magnetic resonance (MR) imaging and linear accelerator technology for radiation treatment required by cancer patients.
Dr. Gino Fallone, MagnetTx's CEO, noted, "This agreement marks a major milestone following a decade of research and development by dedicated expert researchers. Research funding and in-kind supports from the Alberta Cancer Foundation, Alberta Innovates - Health Solutions, Alberta Health Services, Government of Canada through Western Economic Diversification Canada, the Canadian Institute of Health Research, the Alberta Government through the Ministry of Economic Development and Trade, University of Alberta, and research partners were essential to reaching this milestone. MagnetTx is committed to finalize the development and secure investors to ensure this breakthrough technology is commercially available for cancer patients at a reasonable cost for health care systems."
The technology was developed by the Linac MR Research Group at Alberta Health Services' Cross Cancer Institute and the University of Alberta in Edmonton, Alberta, Canada. This research group, led by Dr. Gino Fallone, who is also Professor and Director of the Division of Medical Physics at the University of Alberta, built the first functioning prototype of a hybrid linear accelerator (Linac) in 2008, combining radiotherapy for cancer treatments with real-time (concurrent) magnetic resonance imaging which can track tumour and organ motion during radiotherapy. This team is recognized as global authorities on Linac-MR. The team has built two working prototypes, was the first internationally to take images of a human subject by a Linac-MR in 2014, and has published over 45 peer-reviewed articles on this technology.
"We are very pleased to have an opportunity to bring this revolutionary concept to the treatment of soft tissue cancers," stated Brad Murray, President of MagnetTx. "We look forward to continuing to build on our successes as we work to deliver a solution that meets the needs of health systems globally while delivering the best treatment possible to cancer patients."
Under the terms of the commercial license agreement, MagnetTx will be responsible for research, development, manufacturing and commercialization activities while maintaining exclusive worldwide marketing rights for the Aurora RT™ Linac-MR device. MagnetTx will also be responsible for royalty payments on sales of any products developed using the intellectual property licensed under the agreement. Further details of the agreement were not disclosed. Fallone and Murray (co-inventors) founded MagnetTx in the fall of 2015.
"We are very excited by the potential impact to our ability to detect and treat soft tissue cancers more quickly and accurately," said Dr. Matthew Parliament, Senior Medical Director for Alberta Health Services' CancerControl Alberta. "Innovations like this help us to provide a patient-focused, quality health system. We are proud to be a key supporter in this research."
"Edmonton continues to demonstrate that it is on the leading edge of new breakthrough technologies in the area of health and can successfully launch new commercial entities to translate these discoveries," said Chris Lumb, CEO of TEC Edmonton. "MagnetTx, the winner of our 2016 TEC Venture Prize DynaLIFEDx Health competition, is a superb demonstration of the strength of the life sciences research community in Alberta that will have a tremendous global impact on patients by bringing these technologies to commercial success."
MagnetTx's advisors for the transaction were TEC Edmonton, Altus Planning, Inc. and Physics Design, with Sustrik Law acting as its legal advisor.
Aurora RT™ is a works in progress device and is not yet available for commercial sale.
About MagnetTx Oncology Solutions, Inc.
Founded in 2015, MagnetTx Oncology Solutions, Inc. is a privately-held company that is developing a world-leading technology that combines a linear accelerator (Linac), with real-time (concurrent) Magnetic Resonance imaging to deliver radiotherapy to cancer patients, with a goal to reduce radiation treatment margins and improve cancer patient outcomes. Its first product is the Aurora-RT™.
For more information on MagnetTx, please visit: www.MagnetTx.com
About the Aurora-RT™Linac-Magnetic Resonance imaging
Most cancer tumours form in soft tissue, which is not well visualized with x-ray based technologies. To account for current imaging limitations and tumour motion uncertainties, radiotherapy ("RT") treatment area margins are extended and often include healthy tissue around the tumour to ensure full radiation of the tumour. Unfortunately, these larger margins increase healthy tissue irradiation causing increased side effects. Avoiding these uncertainties requires better soft tissue imaging during RT delivery to direct the beam to the tumour only. Magnetic resonance imaging (MRI) provides the best 3-D soft-tissue visualization. A combination of a Linac with an MRI had not previously existed as the mutual interference between the two pieces of equipment prevented their operation. The Aurora-RT resolves these issues creating a radiotherapy treatment machine with superior tumour visualization and more precise treatment ability.
This Linac and MRI combination (i.e., Aurora RT™) creates a potential opportunity for radiation oncologists to decrease radiation treatment margins and improve cancer patient outcomes. The Aurora-RT™ will have the greatest impact on tumour sites where i) current image guidance is most lacking, ii) movement of tumours is largest, iii) contrast is lowest, and iv) survival is poorest, which can enable more effective treatments and improved patient outcomes with fewer RT visits.
For more information, please visit: http://www.MagnetTx.com
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