Tenomix receives FACIT funding to commercialize innovative oncology device
October 18, 2021
Tenomix, a medical technology company creating innovative solutions in pathology and a client at The Forge, has recently received six-figure funding from FACIT, a commercialization venture firm that builds companies with entrepreneurs to accelerate oncology innovation. FACIT’s portfolio has attracted more than $1 billion in investment to Ontario. FACIT receives support through its strategic partner, the Ontario Institute for Cancer Research (OICR), which is funded by the Government of Ontario. FACIT’s Prospects Fund is designed to support early-stage proof-of-concept (POC) studies within Ontario academic institutions and start-ups that fit with FACIT’s Ontario First Investment Strategy and has the potential to act as deal flow for the Compass Rose Fund, which is the next investment stage. The nascent company was also selected as a finalist in FACIT’s annual pitch competition for Ontario-based oncology innovations in early 2021.Tenomix will assist in commercializing a bench-top robotic scanning device that can automate the detection of lymph nodes in resected colorectal cancer tissues. The device would assist pathology staff to shorten sample preparation time, accelerate sample throughput, achieve productivity gains, and contribute to the current standard of care with the use of fewer laboratory resources than existing manual methods.
“Being able to receive this investment from FACIT has certainly minimized several risk areas for our startup, and it has allowed my team and I to focus on what matters the most, which is to create something valuable for cancer patients, pathology staff, and hospitals,” explained Dr. Saumik Biswas, CEO and founder of Tenomix. The funding from FACIT will enable Dr. Biswas and his team to continue product development and initiate preliminary clinical validation studies.
“My team and I cannot express how grateful we are to The Forge, as well as our Hamilton and London partners, for the continuous support over the last several months. Being able to access a strong network of highly experienced mentors and an array of resources has definitely prepared us to tackle any of the upcoming challenges that may arise along the commercialization pathway.”