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.
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