Matrix-Bio receives funding for breast cancer diagnosis and recurrence testing

WEST LAFAYETTE, Ind. - Officials of Matrix-Bio Inc. announced Thursday (Aug. 12) that the company has received funding from Main Street Venture Fund to help move its new technology that shows great potential for early breast cancer detection and recurrence monitoring.

Matrix Bio Inc. founder and Purdue University professor Daniel Raftery prepares a mass spectrometer multiport injector robot for testing blood samples. The test will determine the level of small-molecule metabolites in the blood sample, which could help improve early cancer diagnosis. Raftery said the company is focusing on early breast cancer detection. Main Street Venture Fund in Fort Wayne, Ind., is providing funding to move the technology to commercialization. (Photo provided by Purdue Research Park)

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"The earlier cancer is diagnosed or a recurrence is diagnosed, the sooner treatment can begin and the better chance of long-term survival, which is our goal with the technology we are developing," said Daniel Raftery, Matrix-Bio founder and chief science officer. "The support from Main Street Venture Fund will enable us to move our technology to the public faster where it can help the public."

Matrix-Bio, a Purdue Research Park-based company, will use the funding to accelerate a method that could detect breast cancer cells earlier and more accurately than a mammogram. Main Street Venture Fund is a Fort Wayne, Ind.-based angel investment group.

"Main Street Venture Fund has believed in our vision and technology from the beginning and has provided not just financial support, but also the seasoned counsel and real-world experience necessary to move our young company forward," Raftery said. "The investment will move our breast cancer recurrence test from the research lab to the clinical lab, providing the validation needed for commercialization.

"This is great news for patients who are breast cancer survivors and live with the knowledge that this cancer can recur, even after successful treatment."

Patients who have been treated for breast cancer often are advised by their doctors to have regular tests to see whether the cancer has come back, or recurred. Matrix-Bio's patent-pending technology provides a more accurate test to detect recurrence and detects recurrence much earlier than what is currently available.

Matrix-Bio's technology employs advanced metabolic profiling to detect breast and other forms of cancer in the earliest stages and also cancer recurrence during and after treatment. The blood tests in development analyze multiple small-molecule metabolite biomarkers to determine the presence of cancer with a high degree of sensitivity, specificity and, therefore, accuracy. Matrix-Bio's technology has the potential to significantly enhance and complement the current methods of breast cancer detection and recurrence monitoring, which rely primarily on mammography and MRI.

Blood samples in a mass spectrometer multiport injector robot could help diagnosis cancer in its earliest stages and may improve long-term survival for cancer patients. (Photo provided by Purdue Research Park)

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Main Street Venture Fund's Karen Goldner said Matrix-Bio's metabolite-based testing technology has both momentum and synergy, making it attractive to investors.

"Dan and his team have made excellent progress in advancing their technology and are well on track with their business plan to commercialize it initially as a breast cancer recurrence monitoring diagnostic tool," Goldner said. "Because the metabolite profiling technology is highly accurate, non-invasive to the patient as well as cost effective, it's in tune with today's health-care environment, which is looking for better, safer and less costly diagnostic tools and treatments."

Matrix-Bio currently is concluding clinical trials being conducted by two groups in Fort Wayne: the Women's Health Advantage, led by Dr. Todd Rumsey, and the Lutheran Health Network. Matrix-Bio is in negotiations with several independent labs to conduct tests to validate its research findings.

Founded in 2006, Matrix-Bio Inc. is an Indiana-based life science company focused on the development and commercialization of advanced metabolite profiling-based blood tests for early cancer detection, recurrence detection and therapy monitoring that offer greater accuracy, convenience and lower cost than current testing methodologies. Matrix-Bio's patent-pending metabolite profiling technology has the potential to be leveraged to other applications for the early detection of disease and medical conditions. For information, visit http://www.matrix-bio.com

The 725-acre Purdue Research Park has the largest university-affiliated business incubation complex in the country. The park is home to more than 160 companies. About 110 of these firms are technology-related and another 39 are incubator businesses. The park is owned and managed by the Purdue Research Foundation, a private, nonprofit foundation created to assist Purdue University in the area of economic development. In addition to the Purdue Research Park of West Lafayette, the foundation has established technology parks in other locations around Indiana including Indianapolis, Merrillville and New Albany.

Established by Ruffolo Benson in 2006, the Main Street Venture Fund is an angel investment group that provides equity and mezzanine capital to promising businesses that might not otherwise have access to capital. Based in Fort Wayne, Ind., the Main Street Venture Fund focuses on investing in companies with a proven ability to execute their business plan, strong management teams and credible exit plan. For information, visit http://www.mainstreetventurefund.com

Contact:
Cynthia Sequin, Purdue Research Park, 765-588-3340, casequin@prf.org

Matrix-Bio receives funding for breast cancer diagnosis and recurrence testing

Main Street Venture Funds investment will accelerate development of Matrix-Bio's paradigm changing technology