Tenomix secures oversubscribed $2.1M, all-Canadian financing round to advance cancer staging

Mar 8, 2024
The Tenomix founding team smiles and poses for a photo.

Tenomix, an image-guided diagnostic company based out of Western University’s BioNext Medtech Incubator, recently celebrated a significant milestone with an oversubscribed all-Canadian $2.1M funding round. Established in 2021 by four alums of WORLDiscoveries’ Medical Innovation Fellowship program at Western University, Tenomix is transforming cancer staging, particularly in colorectal cancer, with its innovative approach.

Currently, cancer staging is a manual, burdensome, and time-consuming process. Surgeons manually remove the tumour and surrounding tissues and submit these tissues to a pathology laboratory, where pathology staff investigate the tissues by hand to locate all lymph nodes, which are then further analyzed through histology – a process that is a critical factor for accurate cancer staging. Unfortunately, this manual method of finding lymph nodes is prone to missing lymph nodes, leading to potential misdiagnoses and incorrect treatment plans for cancer patients. Tenomix addresses this issue head-on by integrating robotics, ultrasound imaging and AI technology to autonomously identify lymph nodes for pathologists, thus enhancing both the speed and accuracy of the staging process.  

“Our technology lets pathology staff focus on other incoming urgent clinical work while it completes all of the heavy lifting,” explains Dr. Saumik Biswas, CEO and co-founder. The technology’s set-and-forget feature aims to save time, reduce costs for pathology labs, and ensure a precise lymph node dissection every time.

The recent funding will fuel Tenomix’s ambitions to expand its technical team, accelerate their IP applications, and complete validation studies with leading North American hospitals and health centres. Achieving those milestones will pave the way for FDA and Health Canada clearance, furthering the impact on patient care and health systems.

“Our province’s life science ecosystem is world-renowned for its talent, who continue to push the envelope in developing the next-generation technologies that aid in medical breakthroughs,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “Tenomix’s cutting-edge cancer screening robotics system demonstrates the best of Ontario innovation, and we congratulate them on their continued successes.”

This $2.1M funding round includes contributions from FACIT, the Ontario Centre of Innovation’s Life Science Innovation Fund, Phoenix Fire Fund (part of the Archangel Network of Funds), Ontario Bioscience Innovation Organization’s Women in Health Initiative Seed Program, and individual angel investors.

“Tenomix exemplifies the spirit of innovation that Ontario is known for, and their commitment to improving the accuracy of cancer screening through technology aligns with the Ontario Centre of Innovation’s mission to invest in commercialization opportunities that will generate the highest return on innovation,” said President and CEO of the Ontario Centre of Innovation, Claudia Krywiak. 

“Having access to this capital will allow us to accelerate our technical efforts and achieve our commercialization goals. For that, we are thankful to our early-stage investors and the wonderful ecosystem we operate within for the continuous belief in our company’s mission and vision. We wake up every morning excited to grow this company and build a great machine, which I believe could have a huge impact on cancer care,” stated Michael Lavdas, CTO and co-founder.

Tenomix, currently focusing on colorectal cancer, foresees its technology being adaptable for various cancer types. Dr. Eveline Pasman, COO and co-founder, expresses enthusiasm for the potential of ultrasound and artificial intelligence in enhancing diagnostic pathology workflows: “We are excited to be leading the charge on how ultrasound can revolutionize pathology in the years to come.”

Dr. Sherif Abdou, CBO and co-founder, also added that in their med-tech venture, having the right team and invaluable guidance of mentors and advocates are their largest cornerstones. “The blend of expertise and collaborative spirit among our team is pivotal for success. This robust team culture not only drives innovation but also assures our investors of our ability to hit crucial inflection points with excellence and reliability,” said Abdou.

In summary, Tenomix’s innovative combination of robotics, ultrasound imaging, and AI represents a significant advancement in cancer staging, promising to enhance lymph node dissection accuracy and efficiency. With this recent funding, Tenomix is poised to substantially impact the field of pathology and beyond.

If you want to learn more about Tenomix and their robotic imaging technology, we invite you to follow their Linkedin page or visit their website: https://tenomix.com

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