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FOR IMMEDIATE RELEASE MedicaMetrix receives Funding from John Adams Innovation Institute MedicaMetrix receives Funding for Clinical Trial of ProstaGloveTMJuly 1, 2010 WAYLAND – The Medical Device Development Center (M2D2) has awarded Medicametrix, Inc., a grant in the amount of $66,950 under the M2D2 “fast-lane” program. The grant is supported by the Massachusetts Technology Collaborative’s John Adams Innovation Institute. “We are very pleased to receive the grant. We are grateful for M2D2’s continuing support as MedicaMetrix develops ProstaGlove™, which can reduce the diagnostic cost of prostate cancer by hundreds of millions of dollars in the U.S. alone,” said Christopher LaFarge, CEO of MedicaMetrix. ProstaGlove™ enables measurement of prostate volume using a disposable procedure glove with an embedded sensor. Prostate volume, combined with the PSA result, produces PSA Density, a far more accurate predictor of prostate cancer than PSA alone. ProstaGlove™ will eliminate more than one third of prostate biopsies, while capturing substantially all prostate cancers identified under prevailing diagnostic methods. Medicametrix estimates that ProstaGlove™ will reduce the cost of prostate cancer diagnosis (including cost of ProstaGlove) by more than $250M US and $650M globally. MedicaMetrix has prepared a preliminary Comparative Effectiveness Analysis indicating a more than $500M global market for ProstaGlove™ based on current prostate cancer screening rates and incidence of other bladder and urinary tract conditions affected by an enlarged prostate. The grant from M2D2/John Adams Innovation Institute will support, in part, the conduct of clinical trials for FDA clearance of ProstaGlove™. “ProstaGlove™ is precisely the type of innovative device that merits public sector support”, said Steve McCarthy of M2D2. “With federal and state governments, through Medicare and Medicaid, paying hundreds of millions annually for diagnosis of prostate cancer, ProstaGlove™ has demonstrated comparative effectiveness, with the potential to deliver substantial savings”. MedicaMetrix will be conducting an offering to complete funding for FDA clearance trials and comparative effectiveness field studies.
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