MaRS Discovery District, Toronto, ON; August 4, 2021 – Proteocyte AI, a company dedicated to producing a range of technological solutions that predict a patient’s risk of developing oral cancer, is pleased to announce it has recently completed its latest round of convertible debenture financing in the amount of C$1.1 Million.
The company will use this latest injection of funding to complete both regulatory approval and remaining steps towards commercialization of its first product, the oral cancer risk assessment tool Straticyte™, slated for the second quarter of 2022 in the Canadian market, followed by entry into the U.S. market later in the year.
“This funding represents more than simply cash for Proteocyte AI”, says Executive Chairman Steve Arless. “It is a very positive step forward and it signals to physicians, dentists, and patients alike that our oral cancer risk assessment tool is a step closer to reality.”
The funding comes at a time when Proteocyte is in the midst of a regulatory process with the relevant authorities. It also coincides with ongoing discussions for the company’s multi-center retrospective study in the U.S., slated to begin in the first and second quarters of 2022.
Proteocyte AI is a personalized medical diagnostic company located in MaRS Center, Toronto, ON. Proteocyte’s product helps tackle the uncertainty surrounding oral cancer care, one of the most aggressive human cancers. The company’s risk assessment tool, Straticyte, was developed from a panel of 811 protein biomarkers, leveraging over 10 years of R&D, and is positioned to augment the current oral dysplasia grading system and transform oral cancer management worldwide.