TORONTO, Nov. 17, 2011 /CNW/ - HTX today announced it is providing
$100,000 in financing to Rna Diagnostics Inc. to support the
development of the RNA Disruption Assay (RDA) through their Innovation
Development Program. RDA is a diagnostic test aimed to assist
oncologists in determining whether or not the chemotherapy is effective
early in the treatment of breast cancer. The intellectual property for
the RDA test came from the research of Dr. Amadeo Parissenti, Professor
of biochemistry at Laurentian University relating to tumour resistance.
Dr. Ken Pritzker, the CEO of Rna Diagnostics Inc. and former Head of
Pathology and Laboratory Medicine at Mount Sinai Hospital, states "The
RDA test addresses an unmet clinical need in breast cancer management
in predicting whether or not the chemotherapy will be effective early
in treatment. By identifying non-responders early in treatment, they
can be spared the toxic side effects of continued treatment with
ineffective chemotherapy. HTX's funding is important for the ongoing
development of the RDA test in collaboration with Laurentian University
and the University of Waterloo. We are grateful for their support in
helping us achieve critical development milestones which are necessary
for subsequent clinical development."
John Soloninka, HTX's President and CEO comments, "Ineffective
chemotherapy is not only harmful to patients but also costly to
healthcare systems. RDA has the potential to dramatically improve
patient outcomes in breast cancer patients such that non responders can
be identified quickly and drug treatment can be changed or altered.
This represents a potential paradigm shift in breast cancer treatment
and improves the overall management of the disease."
"The incredible work that HTX does is boosting our economy, creating
jobs and improving health care," said Brad Duguid, Ontario Minister of
Economic Development and Innovation. "This partnership will help
tailor specific treatments to individuals suffering from breast cancer,
improving their quality of life and helping them battle back to
About Rna Diagnostics Inc.
Rna Diagnostics Inc. is an Ontario based molecular diagnostics company
developing diagnostic tools to assist in the management of cancer
chemotherapy. The company's first product, RNA Disruption Assay™ (RDA™), is a novel
test that helps oncologists rapidly determine if continued chemotherapy
will lead to success. RDA can determine whether a particular
chemotherapy is working effectively in the patient early in treatment
thereby guiding clinical decision making. For more information on Rna Diagnostics Inc., please visit www.rnadiagnostics.com.
From Innovation through to Innovation to International Invoice, HTX supports emerging and established Ontario-based companies to
develop, produce and commercialize innovative market leading advanced
health technologies. For more information about the Health Technology Commercialization Program, please visit www.htx.ca. HTX is supported by the Ontario Ministry of Economic Development and Innovation, and is a member of the provincially funded Ontario Network of Excellence - a network of organizations that help entrepreneurs turn innovative
ideas into jobs.
SOURCE htx.ca - the Health Technology Exchange (HTX)
For further information:
Stephanie Evans, Operations Manager