Innovation fund to bolster adoption of prostate cancer test

The test utilizes biological data, clinical information, and machine learning models to generate a risk score for aggressive prostate cancer.

Nanostics Inc has announced that it has received an investment from the University of Alberta Innovation Fund (UAIF) to facilitate adoption of the company’s ClarityDX Prostate test in North America.¹

The test, which was launched in Canada in September 2023, is available through Nanostics’ accredited laboratory in Edmonton, Alberta. Clarity DX Prostate, which is currently available in Canada as a laboratory-developed test, utilizes biological data, clinical information, and machine learning models to generate a risk score for aggressive prostate cancer.

"This support from the University of Alberta Innovation Fund will help us continue to promote the use of the ClarityDX Prostate test by men suspected of prostate cancer", said Dr. John Lewis, CEO of Nanostics and Bird Dogs Chair of Translational Oncology at the University of Alberta in a news release.¹ "Detecting aggressive prostate cancer early is critical to improve patient outcomes and quality of life."

"The Nanostics team is well positioned to tackle critical diagnostic needs in prostate cancer while expanding their product pipeline to help address other unmet clinical needs", said Sheetal Mehta Walsh, CEO of UAIF, in the release.¹ "We are delighted to partner with an Alberta-based company that has global ambitions to address health concerns while leveraging their innovative AI technologies."

According to Nanostics, the fund raised through the UAIF will be put toward the expansion of access to ClarityDX Prostate across North America as well as supporting the expansion of its product pipeline. This includes the development of the minimally invasive bladder cancer diagnostics test ClarityDX Bladder.

In a separate news release, Nanostics highlighted the support of the Alberta Prostate Cancer Research Initiative, the University Alberta, and global research institutions in the development and validation of Clarity DX Prostate.² The company also acknowledged the role of donors in developing the test.

“We are dedicated to creating more moments for Albertans facing cancer and it's a mission we share with Dr. Lewis and the Nanostics team,” Wendy Beauchesne, CEO of the Alberta Cancer Foundation said in the release.^{2 "}Through the launch of ClarityDX Prostate, we are enhancing detection and treatment options. It's incredible to see what can happen when Albertans come together to support big ideas."

REFERENCES

1. Nanostics receives funding from the University of Alberta Innovation fund to propel adoption of the ClarityDX Prostate test. News release. Nanostics. April 23, 2024. Accessed May 1, 2024. https://www.prnewswire.com/news-releases/nanostics-receives-funding-from-the-university-of-alberta-innovation-fund-to-propel-adoption-of-the-claritydx-prostate-test-302124009.html

2. Nanostics launches ClarityDX Prostate Test in Alberta to significantly improve prostate cancer screening. News release. Nanostics. September 28, 2023. Accessed May 1, 2024. https://www.newswire.ca/news-releases/nanostics-launches-claritydx-prostate-test-in-alberta-to-significantly-improve-prostate-cancer-screening-807242360.html