Licensee Procyon BioPharma is to purchase the technology for an undisclosed sum with a view to finding partners to develop it as a rapid, non-invasive screening test.
Colopath is a mucus-based test and is registered as a Class II medical device in Canada and has patents in the US, South Africa, Australia and Europe.
At the Canadian Conference on Colon Cancer in May, researchers reported on trials showing it had 88 per cent sensitivity. It was invented by Dr George Krepinsky, Dr Jack Chociej, Dr Gabor Kandel and Dr Ka Sing Yeung of the University of Toronto.
Hans Mader, president of Procyon Biopharma, said: "The outright purchase of this technology will now allow Procyon to determine the partner with whom it believes this test can be developed most effectively in terms of quality and time-to-market.
"We believe this technology to be of high commercial value and that is why we have taken this step."
Under a 30 day memorandum of understanding, the sale will be completed within 30 days.
Report Copyright: Englemed Health News at http://www.internationalmedicalnews.com