MDNA Selects Phi Life Sciences as its First US Distribution Partner for its New Liquid Biopsy Test for Prostate Cancer
WEST PALM BEACH, Fla., Nov. 30, 2016 /PRNewswire/ – MDNA Life Sciences Inc. (MDNA), the molecular diagnostics company pioneering the development of liquid biopsy tests based on the mitochondrial genome, announced today that it has entered into a license agreement with Phi Life Sciences (Phi). Under the agreement, Phi is the first US partner to distribute MDNA's proprietary liquid biopsy test for prostate cancer, the Prostate Mitomic Test (PMT™).
"We chose Phi as our first commercial partner to offer PMT™ because of its strong network within the molecular diagnostic space," said Chris Mitton, CEO of MDNA Life Sciences Inc. "Launching PMT™ with Phi will allow us to quickly build a user base to drive market acceptance and adoption. This valuable partnership will also help with the collection of post-market data for PMT™ to demonstrate clinical utility," he added.
PMT™ is a liquid biopsy test for the early detection of high-grade prostate cancer in advance of biopsy. It is intended for use in men with clinical suspicion of prostate cancer to determine who is likely to have high-grade cancer that may require immediate intervention. PMT's negative predictive value will also be useful in identifying cases that can safely delay or forego immediate biopsy. Current clinical practice using PSA as a first-line screening tool results in many unnecessary biopsies. PMT™ will significantly aid clinicians in differentiating between men who will benefit from immediate biopsy from those who will not, thus avoiding a costly and invasive procedure.
"We are excited to be the first commercial partner to have access to MDNA's advanced liquid-biopsy test for prostate cancer. PMT™ is a valuable addition to our test portfolio and aligns well with our vision to empower physicians to deliver more precise clinical treatments and diagnoses. PMT™ is unique in the area of prostate cancer diagnostics as it does not rely on the use of PSA or PSA variants, providing our clinicians the ability to evaluate a patient's risk with a new molecular data point," said Sawan Hurst, Chief Executive Officer of Phi Life Sciences.
About Phi Life Sciences (Phi)
Phi is a commercialization catalyst for innovation and intends to become the leader in integrated healthcare solutions by providing best-in-class clinical products supported by robust analytics. Phi's mission is to revolutionize traditional medical practice through the application of a broad based suite of molecular diagnostic tests. For more information visit http://www.philifesciences.com
About MDNA Life Sciences Inc.
MDNA Life Sciences, Inc. is leading the development of molecular diagnostic tests using its proprietary Mitomic Technology™ platform that exploits the unique biological characteristics of mitochondrial DNA, a highly attractive and effective system for biomarker discovery, early disease detection, monitoring, risk assessment and therapeutic targeting. This innovative platform has led to the discovery of numerous novel and proprietary biomarkers for a multitude of cancers and other diseases. The Company is applying its expertise in mitochondrial genomics to develop an extensive and proprietary portfolio of blood-based molecular tests for conditions that are currently dependent on poor or absent screening tests or invasive procedures for detection. PMT™ is MDNA's second Mitomic test for prostate cancer with market-leading assay performance, the first being a post-biopsy tissue-based test. A test for endometriosis is being readied for launch in the first half of 2017, and further tests for other cancers are in the pipeline with tests for ovarian and lung cancer set to be launched by 2018.
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