CPE News (4.23.2024) – Nanostics Inc. has received an investment from the University of Alberta Innovation Fund (UAIF).
Edmonton, Alberta based Nanostics Inc. is a precision health company developing diagnostic tests with its ClarityDX® platform technology.
Nanostics intends to use UAIF funding towards expanding access to ClarityDX Prostate across North America and supporting the expansion of its product pipeline, including the development of ClarityDX Bladder, a minimally invasive bladder cancer diagnostic test.
Led by founder & CEO Dr. John Lewis, Nanostics has raised $6.8 million in equity funding and $4.7 million in no-dilutive funding. The company is seeking a Series A round of funding.
Its investors include Startup TNT SK Investments I.
photo credit: Nanostics Inc.
News Release
Nanostics Receives Funding from the University of Alberta Innovation Fund to Propel Adoption of the ClarityDX Prostate Test
University of Alberta Innovation Fund invests in Nanostics to support adoption of its ClarityDX Prostate test
ClarityDX Prostate is a blood test that combines biological and clinical information using machine learning to generate a risk score for aggressive prostate cancer
EDMONTON, AB, April 23, 2024 /PRNewswire/ – Nanostics Inc., a precision health company developing diagnostic tests with its ClarityDX® platform technology, announced today that it received an investment from the University of Alberta Innovation Fund (UAIF) to help propel adoption of Nanostics’ ClarityDX Prostate® test in North America.
One in eight men will be diagnosed with prostate cancer in their lifetime and one in 30 men will die from the disease. When detected early, prostate cancer is one of the most successfully treated types of cancer. However, the current screening method, the prostate-specific antigen (PSA) test, has low specificity for aggressive prostate cancer, leading to over-detection and over-treatment. Using PSA alone as a screening tool means patients may opt for unnecessary, invasive prostate biopsies and treatments with potentially harmful side effects.
The ClarityDX Prostate test, launched in Canada in September 2023, is available to patients from Nanostics’ accredited clinical laboratory in Edmonton, Alberta. This innovative blood test, which uses biological data, clinical information, and machine learning models to generate a risk score for aggressive prostate cancer, marks a significant advancement in prostate cancer screening. It provides critical support to men and their healthcare providers in making more informed decisions about whether additional screening is required following a high prostate-specific antigen (PSA) test result.
“This support from the University of Alberta Innovation Fund will help us continue to promote the use of the ClarityDX Prostate test by men suspected of prostate cancer”, said Dr. John Lewis, CEO of Nanostics and Bird Dogs Chair of Translational Oncology at the University of Alberta. “Detecting aggressive prostate cancer early is critical to improve patient outcomes and quality of life.”
“The Nanostics team is well positioned to tackle critical diagnostic needs in prostate cancer while expanding their product pipeline to help address other unmet clinical needs”, said Sheetal Mehta Walsh UAIF CEO. “We are delighted to partner with an Alberta-based company that has global ambitions to address health concerns while leveraging their innovative AI technologies”
Funds raised through the UAIF will go towards expanding access to ClarityDX Prostate across North America and supporting the expansion of its product pipeline, including the development of ClarityDX Bladder, a minimally invasive bladder cancer diagnostic test.
ClarityDX Prostate is currently available in Canada as a laboratory-developed test. For more information or to order the test please visit nanosticsdx.com.
About the University of Alberta Innovation Fund
The opportunities and challenges of today’s world are dynamic and fast-moving. Meanwhile, startups and other innovators face key hurdles in accessing crucial early capital and the supportive environment they need to thrive. Through the visionary support of donors, the University of Alberta Innovation Fund brings to bear new funding opportunities alongside a supportive community of educators, mentors and champions. Returns are reinvested back into the Fund to promote an entrepreneurial mindset and culture, and to provide educational opportunities that further accelerate investment. The result is a self-growing fund that also advances commercialization through a collaborative cohort, go-to-market supports and other essential programming. Together, we’re speeding the pace of innovation and launching Alberta ideas to the global stage.
About Nanostics Inc.
Nanostics is a private Canadian company that develops and commercializes novel and noninvasive diagnostic tests. Its core technology, ClarityDX®, uses advanced machine learning algorithms to create a disease risk score. ClarityDX is applicable to a wide range of cancers and other diseases. Nanostics’ lead product, ClarityDX Prostate®, is a test that improves the accuracy of detecting clinically significant prostate cancer. Read more at: www.nanosticsdx.com. Follow Nanostics on LinkedIn, Facebook, and Instagram.
SOURCE Nanostics