RNA Diagnostics, a Sudbury-based medical diagnostic company, has successfully closed an additional round of angel investment with support of the NORCAT Innovation Mill Angel group.

RNA Diagnostics, with their patented RNA Disruption Assay™ (RDA™), enables clinicians to identify patients who are not responding to chemotherapy early during treatment. Patients who are not responding can be switched quickly to alternate therapies, thereby avoiding unnecessary toxic side effects and improving their survival chances.

Ken Pritzker, CEO of RNA Diagnostics, was very pleased with closing the investment round with support from the local angel group. “The calibre, organization, and capacity of the NORCAT Innovation Mill Angels clearly demonstrated they were in the room to get business done. Throughout the process, the support we received from the NORCAT mentors, market research group, and ultimately the angels, was exceptional. We are thrilled with the support we have received from the investors and are looking forward to building a global biotech business in Sudbury.”

Peter Dal Bianco, Chair of the NORCAT Innovation Mill Angels, was not only happy with the outcome, but also very pleased with the pace at which the transaction was completed and the amount of the investment. “The opportunity RNA presented clearly demonstrated a value proposition that builds on their strong track record. Recognizing this, the angels worked to close over 50% of the total funding for this round with local investors, giving RNA the opportunity to continue to grow.”

RNA Diagnostics was founded on intellectual property based out of Sudbury’s Laurentian University and the company continues to operate with offices in Sudbury and Toronto while conducting clinical trials in multiple clinical research centres in Canada, US and Europe.

Don Duval, NORCAT’s CEO, stated “As an innovation centre, our job at the NORCAT Innovation Mill is to support the burgeoning start-up tech community in Sudbury. Beyond our entrepreneurship programs and services, it is critical that we engage our local group of angel investors and present quality investment opportunities. This transaction exemplifies the calibre and just how vibrant our tech entrepreneurial community is in Sudbury.”

For more information please contact Hailey Short, NORCAT Communications, at hshort@norcat.org.


About the NORCAT Innovation Mill

As part of the Ontario Network of Entrepreneurs, NORCAT’s Innovation Mill serves as Sudbury’s Regional Innovation Centre partnering with community stakeholders to help start and accelerate the growth of innovative companies.  For more information please visit www.norcat.org.

 

About RNA Diagnostics

RNA Diagnostics is a Canadian molecular diagnostics company developing diagnostic tools to improve chemotherapy management. The company’s first product, RNA Disruption Assay™ (RDA™), determines early in a woman’s breast cancer treatment if she is responding to chemotherapy. If the chemotherapy is not working effectively she can be switched quickly to other treatment, avoiding the harmful side-effects of ineffective chemotherapy and thereby improving her outcome. For more information on RNA Diagnostics, please visit www.rnadiagnostics.com.