EDMONTON, AB--(Marketwired - January 23, 2017) - Metabolomic Technologies Inc. (MTI) has signed a multi-year, non-exclusive licensing and distribution agreement with U.S. based Evolution Laboratories for its flagship product, PolypDx™, a urine-based diagnostic test for detection of adenomatous polyps, the precursor to colorectal cancer. This agreement marks the second licensing and distribution secured by MTI in the last year.
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 non-exclusive licensing and distribution agreement signed between MTI and Evolution Laboratories in association with Lab Express, LLC, provides additional entry points into five western U.S. states including; Nevada, California, Arizona, Utah and Texas. An exclusive, multi-million dollar licensing and distribution agreement signed back in May, 2016, between MTI and Atlantic Diagnostic Laboratories, LLC, facilitated the initial introduction of PolypDx™ across twelve eastern states.
"This agreement expands our coverage of PolypDx in the western U.S. and ensures better access to all patients for a simple and accurate test with proven capacity to detect adenomatous colonic polyps and thereby prevent colon cancer," said Dr. David Chang, Chief Operating Officer of MTI.
"Evolution Laboratories in association with Lab Express is excited to partner with MTI to offer PolypDx to our patients. With our cutting edge LC/MS technology and expertise, we are pleased to be able to deliver such an innovative diagnostic test to our clients," said Isaac Farrell, President of Lab Express.
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 Evolution Laboratories and Lab Express, LLC:
Evolution Laboratories, headquartered in Wyoming, is a company dedicated to new diagnostic testing that advances non-intrusive detection of diseases.
Lab Express, LLC has over 28 years' experience providing crucial diagnostic testing services to health care companies throughout Arizona and Nevada. Located in Phoenix Arizona and Las Vegas, Nevada, Lab Express is passionate about developing innovative, ground-breaking tests, products and tools to enhance patient care provide value to our clients and transform information into insights.