Molecular Profiling Institute, Inc. acquires NanoBiomics, Inc.
Developing a platform to commercialize novel genomics-based products
The Molecular Profiling Institute, Inc. (Molecular Profiling) today announced the acquisition of the assets of NanoBiomics, Inc. NanoBiomics is an early-stage company whose mission is to develop and commercialize genomic-based diagnostics utilizing nanoscale-processing technologies created at the Applied Nanobioscience Center at ASU. Nanobiomics was recently recognized as the "Startup Biotechnology Company of the Year" from the Arizona BioIndustry Association at the Arizona Bio Expo 2005.
NanoBiomics was formed by the Translational Genomics Research Institute (TGen) and Arizona Technology Enterprises (AzTE) with the intention to commercialize technology from both organizations. Molecular Profiling, a collaboration between TGen and the International Genomics Consortium (IGC), is a specialty reference laboratory and a leader in using genetic signatures to help tailor medical therapy. Molecular Profiling is the first for-profit spin-off venture for TGen and IGC.
"The acquisition provides Molecular Profiling with a platform for commercializing novel, genomic-based diagnostic products in the future," said Richard Love, acting president of NanoBiomics and Managing Director of TGen Accelerators. "Molecular Profiling is currently driving physician adoption of such tests in the reference lab setting. As these tests are accepted into the practice of medicine, NanoBiomics' technologies will help enable lower cost diagnostic products to be produced and commercialized more broadly."
Molecular Profiling will work closely with Dr. Frederic Zenhausern, Director of the Applied Nanobioscience Center at ASU's Biodesign Institute. "Dr. Zenhausern is a pioneer in using nanoscale processing technologies to perform complex biological processes on cartridges the size of credit cards," said Dr. Robert Penny, CEO of Molecular Profiling. "These technologies will ultimately drive down the cost of genomic-based diagnostic testing and this transactions will provide a commercial focus for the collaboration to enhance the collaboration between TGen, IGC and ASU at Molecular Profiling."
According to Zenhausern, "The goal of developing the technologies behind NanoBiomics is to be able to one day provide better diagnostic platforms for physicians to better diagnose and treat complex diseases."
The acquisition brings together the diagnostic platform developed by ASU, the diverse and extensive database of DNA signatures and scientific leadership from TGen, and the reference laboratory expertise and market access offered by Molecular Profiling.
"The complementary technologies that Molecular Profiling, TGen and NanoBiomics bring to bear create a stronger molecular diagnostics products and services company with a clear commercialization path," said Peter Slate, the CEO of AzTE. "This is a case where the sum is worth substantially more than the individual parts."
The terms of the acquisition have not been disclosed.
Source: Eurekalert & othersLast reviewed: By John M. Grohol, Psy.D. on 21 Feb 2009
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