Toronto, ON; August 13, 2014 Proteocyte Diagnostics Inc. of Toronto today announced funding closed in the amount of $605,000 CDN including investments from Ontario Centres of Excellence (OCE) and a private syndicate of investors.
“We are delighted with the support and investment by OCE and our private investors,” said Dr. Mario Thomas, Chief Commercialization Officer of Proteocyte Diagnostics. “This funding will drive the commercialization of Straticyte, a groundbreaking diagnostic test for early identification of oral cancers. By identifying oral cancer before it happens, Straticyte™ will save lives, increase quality of life and reduce healthcare costs.”
Proteocyte Diagnostics is a Canadian molecular diagnostics company that has developed a novel diagnostics test, Straticyte™ that objectively and accurately detects precancerous oral lesions at high risk of becoming cancerous. Straticyte is the first and only molecular diagnostic test for oral precancerous lesions that provides an objective and accurate prediction score as evidenced by retrospective clinical studies.
Having already supported Proteocyte through three other programs, OCE saw the potential in Straticyte and is investing $250,000 through its top-tier Market Readiness program. “We have been incredibly impressed with what we’ve seen in terms of company growth and technological advancement,” said OCE President and CEO Dr. Tom Corr. “We believe there are bigger and better things to come.”
OCE’s mission is to accelerate innovation in four key sectors through game-changing research leading to successful commercialization and vibrant collaboration between industry and academia, launching the next generation of products and jobs. Proteocyte is working in the health technology sector; a sector that represents large-scale global opportunities.
Proteocyte Diagnostics Inc. is a Canadian molecular diagnostics company that develops and commercializes a novel diagnostics technology, Straticyte™ that offers objective and accurate early diagnosis of precancers and cancers. The company’s first product objectively and accurately distinguishes between those precancerous oral lesions at high risk of becoming cancerous and those that pose low risk. Early diagnosis of high risk lesions permits more effective and less traumatizing treatments. By identifying and treating oral cancer before it happens, clinicians can save lives, healthcare costs are reduced and quality of life of patients is improved. Identifying more accurately low risk pre-cancerous lesions avoids unnecessary surgeries and allows clinicians to monitor patients regularly for peace of mind.
About Ontario Centres of Excellence (OCE)
Ontario Centres of Excellence (OCE) drives the commercialization of cutting-edge research to build the economy of tomorrow and secure Ontario’s global competitiveness. OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario’s industry, universities, colleges, research hospitals, domestic and foreign investors, and government ministries. A champion of leading-edge technologies, best practices, innovation, entrepreneurship and research, OCE invests in such areas as advanced health, information and communications technology, digital media, advanced materials and manufacturing, agri-food, aerospace, transportation, energy, and the environment including water and mining. OCE is a key partner in delivering Ontario’s Innovation Agenda as a member of the province’s Ontario Network of Entrepreneurs (ONE), which helps Ontario-based entrepreneurs and industry rapidly grow their company and create jobs. Learn more at https://www.onebusiness.ca