TORONTO, July 15, 2014 /CNW/ - Proteocyte Diagnostics, a company with a unique test for early identification of oral cancers, announced today that it has officially joined MaRS' SVX (Social Venture Connexion).
Proteocyte Diagnostics Inc. is a Canadian molecular diagnostics company that has developed a novel diagnostics test, Straticyte™, that accurately detects precancerous oral lesions at high risk of becoming cancerous.
"As an innovative healthcare company focused on preventing cancer, Proteocyte has a clear triple bottom line that was able to meet our robust social and financial standards," said Adam Spence, Associate Director, MaRS Centre for Impact Investing and Founder, SVX. "We're excited that this potentially life-saving innovation has chosen to use our platform."
SVX, launched in September 2013, connects socially conscious accredited investors with ventures providing social or environmental impact, along with a demonstrated capacity for financial return. The platform allows investors to identify screened investment opportunities, reducing the time and cost burden of due diligence, and provides ventures and funds with increased access to capital and financial expertise at low cost. There are currently 20 issuers on the SVX platform; together, they have raised $1.2 million in financing since September, 2013.
Dr. Mario Thomas, Proteocyte's Chief Commercialization Officer, notes that SVX has specific, demanding criteria that all participating startups must pass. "Acceptance into the SVX provides further validation of Proteocyte's viability to investors looking for projects that affect social change and provide financial returns. By identifying oral cancer before it happens, Straticyte™ will save lives, increase quality of life and reduce healthcare costs. We're pleased to join a group of leading ventures providing tangible solutions to key social challenges," Thomas said.
SVX is led by the MaRS Centre for Impact Investing, in close collaboration with TMX Group and with support from the Government of Ontario, Torys LLP, KPMG, RBC, the J.W. McConnell Family Foundation and a host of other partners.
About Proteocyte Diagnostics
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. For more information please see www.proteocyte.com
SVX is a local, impact first platform connecting impact ventures, funds, and investors in order to catalyze new debt and equity investment capital for local ventures that have demonstrable social and/or environmental impact, including nonprofits, co-operatives, and for-profit corporations. The SVX allows investors to identify screened investment opportunities reducing their burden of due diligence and it provides ventures and funds with increased access to capital and financial expertise at low cost. SVX is registered as a Restricted Dealer with the Ontario Securities Commission (OSC). SVX adheres to all relevant and applicable securities legislation as prescribed by the OSC. For more information about SVX, please visit: www.svx.ca.
MaRS Discovery District (@MaRSDD) in Toronto is one of the world's largest urban innovation hubs. MaRS cultivates high-impact ventures and equips innovators to drive economic and social prosperity. MaRS provides expert advice and market research, and makes connections to talent, customers and capital. MaRS startup clients have created 6,500 jobs and, in the last three years alone, they have raised $1 billion in capital and earned $500 million in revenue.
SOURCE: MaRS Discovery District
For further information: Media contact: Melissa Hughes, Manager, Media & Community Relations, MaRS Discovery District, 416.673.8152, [email protected]