In The News

Toronto firm, Profound Medical Inc., is being recognized for developing a new treatment for prostate cancer, that uses magnetic resonance imaging (MRI) technology to make the process faster and more efficient. As reported by the Toronto Star, the company has been awarded the $200,000 Premier's Catalyst Award for a start-up company with the best innovation.

"The award "is an important validation not just of the technology but of the business model," says Paul Chipperton, CEO of Profound Medical Inc."

"Prostate cancer is the most prevalent cancer among men, with roughly 25,000 new cases diagnosed in Canada each year. While surgery and radiation are often successful, they also carry risk of impotence and incontinence as a result of damage to surrounding nerves and tissue."

"There is a huge emotional and psychological price to pay for the inability to treat prostate cancer successfully without side effects," says Chipperton, who gets a call every couple of weeks from newly diagnosed men who are looking for treatment alternatives. He says although it has not been tested on patients, preclinical data shows the non-surgical technology developed by the Sunnybrook researchers will be more accurate, more precise and faster."

"Chipperton has met with U.S. regulators at the Food and Drug Administration and clinical trials are set to begin there next year involving hundreds of patients, and later in Canada. He hopes to secure $10 million in venture capital in the next two months."

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original source the Toronto Star