The Toronto oncological MRI agent spinout has been backed by Facit’s Prospects Oncology vehicle, to target applications including the identification and treatment of tumours in the brain.

Nanology Labs, a Canada-based MRI imaging agent spinout of University of Toronto, has secured an undisclosed amount of funding from commercialisation unit Fight Against Cancer Innovation Trust’s (Facit’s) Prospects Oncology Fund. Founded in 2015, Nanology Labs has devised a nanotechnology-powered contrasting agent for MRI scans that exploits the mineral manganese to delineate early-stage tumours in areas including the brain, where it is able to bypass the blood-brain-barrier. In addition to facilitating better clinical decisions, the agent induces oxygen production within the tumour to enhance the therapeutic effectiveness of cancer-fighting irradiation drugs. The funding will help Nanology Labs drive its concept towards clinical development, as it looks to position the business for further investment. Nanology Labs was co-founded by its chief scientific officer Shirley Wu, the director of advanced pharmaceuticals and drug delivery research at University of Toronto’s Leslie Dan Faculty of Pharmacy, and its CEO Mohammad Ali Amini, a research assistant and pre-clinical scientist in Wu’s laboratory. The spinout has not disclosed equity funding previously. Nanology reached the finals of the Facit Falcons’ Fortunes pitch contest in 2018, an achievement that enhanced the persuasiveness of its bid for investment from the Prospects Oncology Fund, which sustains Ontario-based projects through proof-of-concept with a view to helping them secure additional funding.

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