Funding is provided to continue cutting-edge cancer research.
Laurentian University and the Northern Health Sciences Research Institute say Rna Diagnostics Incorporated, a cancer diagnostics company, has received $ 8 million from iGan Partners and BDC Capital.
The discovery that chemotherapy can promote RNA degradation in patients’ tumors was made in 2007 by Laurentian University professor Dr. Amadeo Parissenti and his research associate Dr. Baoqing Guo.
According to Dr Parissenti, the RNA disruption test determines whether a patient responds to cancer treatment during early treatment, regardless of the type of cancer and the cancer treatment.
He adds that this means that if a patient’s tumor does not respond to treatment, 80% of ineffective doses and wasted time can be avoided.
The funding will be used for ongoing studies and clinical trials.
Rna Diagnostics’ reference laboratory is headquartered at the North Health Sciences Research Institute in Sudbury and Dr Parissenti continues to study the cellular mechanisms involved in RNA disruption with Drs. Carita Lanner and Tom Kovala of the Northern Ontario School of Medicine in hopes of finding additional tools to predict or monitor chemotherapy response and outcome in cancer patients.
Laurentian University and the Northern Health Sciences Research Institute also thank the Canadian Cancer Society Clinical Trials Group and the Northern Cancer Foundation for supporting the discovery and additional validation studies.
“Laurentian University is proud to congratulate Dr. Parissenti and Rna Diagnostics Inc. for this incredible milestone, the investment will provide essential funding to complete clinical trials and bring technology to market that will improve treatments against cancer worldwide while having a positive impact on the quality of life of cancer patients, ”said Laurentian University vice-president of research Tammy Eger. “A true Nordic innovation created by exceptional partnerships and collaboration. “
“Our institution is delighted to host the RNA Diagnostic Inc. Reference Laboratory, which collects and analyzes samples from around the world for the BREVITY trial,” said Greg Ross, HSN and vice president of Academic Impact and of HSNRI research. “Dr. Parissenti’s leadership in this strategic research is evident through his mentorship of learners in his lab and positive exposure to meaningful research opportunities that will help patients in our northern communities. RNA Diagnostics Inc. truly puts Sudbury on on the map.
“The continued support from iGan Partners and our current investors, combined with the support from BDC Capital as a new investment partner, is exciting,” said John Connolly, President and CEO of Rna Diagnostics. “The closing of this Series A funding will allow us to complete the RNA Disruption Assay ™ (RDA) ™ Pivotal Validation Trial (BREVITY). BREVITY is currently recruiting patients from more than 40 breast cancer centers in Europe and North America.
“It’s a huge and costly problem for cancer centers. Typically, in solid tumors, only 30-40% of patients experience any survival benefit from a given drug regimen, ”adds Connolly. “Patients with unresponsive tumors (identified by RDA) can therefore forgo the ineffective treatment and its side effects and quickly switch to alternative treatments.”