BioMedomics (Research Triangle Park), a privately held biotechnology company co-founded last year by Dr. Frank Wang to develop advanced tools for research and clinical diagnoses, has received a $100,000 Phase I Small Business Innovation Research grant from the National Institutes of Health to advance the firm's technology development work.
The company began with a $25,000 North Carolina Biotechnology Center loan.
Personalized Medicine Growing
The field of personalized medicine is growing rapidly because of its potential to transform the healthcare system by enabling testing for variations in genes, gene expression, proteins, metabolites and cellular functions.
Scientists are seeking new ways to use the techniques to correlate test results with disease states, drug responses and prognoses to help physicians tailor treatments for each patient's needs.
BioMedomics' personalized diagnostics are based on the technology of multiplexed gene detection. Wang, president and CEO of BioMedomics, said the firm already has developed several unique biomarker reagent products and begun to sell an advanced biosensor system for advanced cell assay applications.
Biotechnology Center Support
Earlier this year the North Carolina Biotechnology Center provided BioMedomics a $25,000 Business Development Loan to help pay for inception activities while developing its point-of-care personalized genetic testing systems.
"This BDL loan was very helpful in moving the company along," said Wang, "allowing us to apply for this SBIR funding. And now that we've just gotten this SBIR funding, allowing us to further enhance both our technology and our business development activities, we believe the State of North Carolina will also provide matching funds."
"It's a challenge and opportunity to develop an accurate, simple, reliable, sensitive, and high-throughput diagnostics platform that relies on a limited amount of clinical samples," said Wang. "We are elated that the NIH has validated our scientific approach and our commercialization strategy. BioMedomics is very excited to carry out such a project and move forward our clinical diagnostics technology and business development process."
John Richert, vice president of the Biotechnology Center's Business and Technology Development Program, said North Carolina's willingness to take calculated risks on bioscience employers statewide for the past two decades is the primary reason this state has the third-largest number of such firms.
"In many cases these young biotechnology companies aren't yet on the radar of angel or venture investors," he said. "This expanding legacy of support continues to make our state the envy of the world."
More Information
The Biotechnology Center is a private, non-profit corporation supported by the N.C. General Assembly. Its mission is to provide long-term economic and societal benefits to North Carolina by supporting biotechnology research, business and education statewide.
Contacts
Jim Shamp, news and publications Editor, North Carolina Biotechnology Center, 919-541-9366. Visit the Biotechnology Center's Web site.
At BioMedomics: Dr. Frank Wang at 919-883-5542 or 919-360-9620.
