HTX provides $750,000 of financing to fund technical and clinical
TORONTO, Nov. 17, 2011 /CNW/ - HTX today announced it is providing
$750,000 in financing to Tornado Medical Systems Inc. through the
Technology Acceleration Program to support the commercialization of the
tumour Margin Assessment Machine (MAM) - a medical device enabling the
assessment of tumour margins during breast cancer surgery. HTX's
funding is part of a $3.7 M project which includes funding support from
the Northern Ontario Heritage Fund Corporation and in-kind
contributions from the Thunder Bay Regional Research Institute for
development, testing, and clinical studies of the MAM.
Accurate tumour margins assessment is critical to confirm all cancerous
tissue has been successfully removed. Tornado's MAM uses proprietary
high resolution imaging technology to rapidly and accurately map the
boundary between healthy and cancerous tissue.
Dr. Stefan Larson, the CEO Tornado Medical, states "The single biggest
issue facing breast surgeons performing lumpectomies is the accurate
assessment of the excised tumour's surgical margins. The current
standard of care to assess tumour margins is microscopic examination by
a pathologist; a procedure that has limitations in accuracy which can
lead to repeat surgeries. The MAM is designed to tackle the clinical
need of margin assessment head-on, based on the ability to rapidly
create high-resolution images of biological tissues at depths of
several millimetres. More accurate and timely confirmation of surgical
margins will improve procedure outcomes and reduce repeat surgeries
which are estimated to be as high as 20-30%. We are grateful for the
support from HTX that will help fund ongoing technical development and
clinical trials necessary to commercialize the device."
John Soloninka, HTX's President and CEO comments, "Tornado Medical is an
example of what Ontario has to offer in terms of world-class medical
technology innovation that addresses significant issues in healthcare
worldwide. The MAM has the potential to directly impact the high
re-excision rates associated with breast cancer surgery. This will, in
turn, increase clinical efficacy, improve patient outcomes, provide
higher patient throughput, and decrease the overall costs to both
patients and healthcare providers."
"Tornado Medical is changing the face of health care treatment, while
creating jobs and boosting our economy," said Brad Duguid, Ontario
Minister of Economic Development and Innovation. "Pinpointing the
exact surgical care required for those suffering from breast cancer is
key to speedy and full recovery; and key to maintaining healthy,
About Tornado Medical Systems Inc.
Tornado Medical Systems is an early-stage medical imaging and
spectroscopy company committed to developing innovative and proprietary
devices that provide clinicians and scientists with improved tools to
detect and diagnose disease. Tornado Medical System's primary focus
areas are magnetic resonance imaging, optical, and nanophotonics.
Tornado Medical Systems is headquartered in Toronto, Canada with
locations in Thunder Bay, Canada, and Ithaca, USA. For more information
about Tornado Medical Systems and its products, please visit http://tornado-medical.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)
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