Tag: biobusiness

Oncospire Genomics brings investment, jobs to Rochester

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Investment in Rochester-area bio businesses is getting a boost, thanks to the recent launch of Oncospire Genomics, a joint venture between Mayo Clinic and Rutherford, N.J.-based cancer research company Cancer Genetics, Inc.

Oncospire officially launched in Rochester and is set to receive up to $6 million in direct cash investments from Cancer Genetics Inc. This money goes directly into research and development activities (think scientific and administrative jobs) in labs and offices of the Mayo Clinic Center for Individualized Medicine and Mayo Clinic Cancer Center.

Oncospire will focus initially on developing new tests for lung cancer, non-Hodgkin lymphoma and multiple myeloma. More will come online as Oncospire ramps up and delivers profits. All of Oncospire’s projects take advantage of a rapidly growing new biosciences technology called next-generation sequencing, which allows researchers and physicians to understand the genetic underpinnings of many diseases. From major diseases like heart disease and arthritis to rare familial disorders, genome sequencing technologies are fueling a revolution in health care.oncospire

 

What are your ideas to make Rochester even more attractive for research and biotechnology businesses?   

Rochester’s medical community: Great power, great responsibility

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shruthi
Shruthi Naik, PhD, Blog Author

The amount of brainpower concentrated within the Rochester area is staggering. Mayo Clinic’s remarkable achievements in delivering exemplary patient care have been heralded as a model to the country and the world. What is perhaps less known are the armies of scientists: biologists, chemists, engineers, statisticians, all dedicated to developing ideas that change the way we look at, understand, and treat disease.

Turning these ideas into reality, into companies and products that improve patient care, should be a key focus of DMC’s Commercial Research and technology initiative. It is our responsibility as a medical community to further innovations that improve patient care and these innovations in turn will build the local economy, create jobs and contribute to the DMC vision of making Rochester and Minnesota a Global center for healthcare.

“Easier said then done” is putting it lightly when it comes to describing the process of turning ideas into reality, especially in the area of biotechnology where product development is expensive, highly-regulated, and capital-intensive. Development of technologies to improve treatment of cancer, Alzheimer’s, and other major diseases is imperative, and while we have the best minds in the world working to develop solutions, the transition of these technologies to patients remains arduous. Critical resources that I hope are part of DMC’s commercial research and technology initiative include improved access to commercial lab space, funding for early stage companies, and the legal, financial, clinical and regulatory expertise needed to facilitate this process.

I am excited about the ability to realistically build companies and develop groundbreaking new technologies in Rochester. There is an increasing awareness of the existing hurdles, a willingness to address them, and an emphasis on developing the resources and people needed to overcome them. To borrow a corny but appropriate superhero adage, the DMC vision highlights our great power, our innovative and dynamic community, and our great responsibility, to take on the challenge of applying these technologies to benefit Rochester and the lives of people worldwide.

Shruthi Naik, PhD, is a research fellow at Mayo Clinic and co-founder of Omnis Pharma, a biotech company dedicated to transforming cancer therapy through innovation.

 

 

DMC a ‘new dawn’ for commercial research and technology

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Jamie Sundsbak, Blog Author
Jamie Sundsbak, Blog Author

Commercial Research and Technology is term that can be difficult to grasp. Simply put, the Rochester area is looking to attract and develop businesses based on research and technology.  Some of these businesses will come from elsewhere, some will be started right here in Rochester largely based on intellectual property (IP) developed at Mayo or IBM.

In fact, the Rochester area is a gold mine of IP. Per capita, Rochester generates more IP per year than even Silicon Valley!  This is due to our educated, creative, and hardworking citizens that create game changing breakthroughs every day.

The passage of the DMC has sparked a new dawn for Rochester commercial research and technology. I believe that technologies created here in Rochester should have incentives to be developed here. We shouldn’t be outsourcing our ideas to Minneapolis, Boston, or Madison. In fact, we should be “in sourcing” talent and ideas from other places to continue the long tradition of Rochester based innovation started by the Mayo Brothers over one hundred years ago.

The growth of biobusiness in our area has already begun. Biotech and healthcare IT companies are starting to emerge. Rochester biobusiness entrepreneurs have pioneered a new industry in our community and should be applauded for their efforts. Additionally, the Mayo BioBusiness Accelerator hosts over 10 new start-ups right now with many more in the pipeline. These start-ups will create new jobs help to diversity our local economy as well as attract investment dollars to our region. That’s an exciting recipe for success and a bright future for Rochester biobusiness.

I’m excited to see what the next twenty years of DMC holds for Rochester. Ultimately, DMC is about the people in our community who have the willingness to take the risks to make this grand vision come true. All you need to do to help is to find your passion and make it happen. Let’s build our future together.

What are your ideas on developing biobusiness in Rochester and the State of Minnesota? Share your ideas in the comments section below.

Jamie Sundsbak is a senior research technologist at Mayo Clinic and founder of BioAM, a monthly meet-up group dedicated to fostering a biobusiness start-up culture in Rochester.