Mitomics Announces Alignment of Resources

THUNDER BAY, ON, Sept. 17, 2012 /CNW/ - Mitomics Inc., a developer of mitochondrial DNA-based tests for early disease detection, today announced it has undertaken an alignment of its product-development department to best utilize existing laboratory capacity. Chief Laboratory Officer, Jennifer Creed, will now lead end-to-end product development for Mitomics. The alignment sees a reduction of Mitomics' workforce by eight positions. The company is not planning additional staffing changes.

"As we grow Mitomics into an industry-leading diagnostics firm, it will sometimes be necessary to make difficult decisions," said Robert Poulter, President and CEO of Mitomics. "We have become better at what we do, which is the detection of biomarkers for diseases. This proficiency has generated efficiencies that will better enable us to deliver the important technology we've developed for doctors and cancer patients in a competitive marketplace. Mitomics continues to face tremendous opportunity and potential for growth in the diagnostics arena. We remain committed to research and development in Thunder Bay and to developing our pipeline of innovative mitochondrial DNA-based tests for the early detection of cancer and other diseases. It is difficult seeing colleagues and friends leave the company, and we know that this will be a trying time for them and their families."

Mitomics' flagship product is the Prostate Core Mitomic Test™ (PCMT), a non-invasive assay that detects biomarkers associated with malignant cancer cells in benign tissue. Developed in Thunder Bay and launched in 2011, PCMT meets significant unmet need in the oncology field, providing doctors and patients with a level of certainty far greater than can be achieved through traditional prostate cancer screening methods. PCMT is licensed for distribution in numerous countries, including USA, United Kingdom, Germany, Australia and New Zealand.

About Mitomics
Mitomics provides clinical solutions that deliver the earliest possible detection of disease through mitochondrial DNA-based testing. Using proprietary technology, called Mitomic Technology™, the company has developed a platform on which it is developing an array of molecular tests that address significant needs in oncology. The company's flagship product, the Prostate Core Mitomic Test™, was launched in 2011, and is the most accurate and safest test currently on the market for prostate cancer screening. PCMT is a simple test, conducted in Mitomics' CLIA-certified lab, using existing biopsy tissue to identify the biomarker associated with malignant cells in benign tissue. Mitomics is currently using its platform of mtDNA testing to develop similar tests for the detection of breast cancer, bladder cancer, thyroid cancer, melanoma, ovarian cancer, pancreatic cancer, uterine cancer, and endometriosis. Mitomics is headquartered in Thunder Bay, Ontario, Canada.

SOURCE: Mitomics Inc.

For further information:

Shaun Smith
Manager, Media Relations
TMX Equicom
416-815-0700 x252

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