ASU Startup Viomics Wins $250,000 in Funding from Arizona Commerce Authority
Molecular diagnostics company is awarded $250,000 to continue development of cancer detection technologies
Scottsdale, AZ (PRWEB) June 21, 2013
Arizona State University startup company Viomics has received $250,000 from the Arizona Commerce Authority (ACA) to continue developing innovative cancer detection technologies that save lives by enabling the early diagnosis and treatment of cancer.
Viomics, a molecular diagnostics company, is one of six startup companies to win ACA’s Spring 2013 Arizona Innovation Challenge, a technology commercialization competition that awards $3 million each year to Arizona’s most promising technology ventures.
A pioneer in the field of molecular diagnostic engineering, Viomics discovers, develops and delivers paradigm-changing cancer detection technologies to enable early and targeted intervention that cures previously deadly cancers. Its products detect specific blood-borne markers generated by the body in response to certain kinds of cancers.
Its first commercial product is LungVantage, a test that detects lung cancer with more than 90 percent accuracy and close to zero percent false positives at all stages, including the earliest stages, when it is still quite treatable. It is the most accurate and least expensive test for non-small cell lung cancer available today. Viomics is also developing tests to screen for breast, liver, pancreatic and colon cancers and is able to look at specific levels of RNA in plasma in pharmaceutical clinical trials using the Viomics ActiveTargeting test for ALK inhibitors.
The company plans to use the Arizona Innovation Challenge funding to finish a clinical trial of the LungVantage test.
“Winning the Arizona Innovation Challenge will allow us to finalize our clinical trial and commercialize LungVantage sooner and also accelerate our fundraising efforts” said David Mallery, president and co-founder of Viomics.
Viomics was founded by Mallery and Scott Morris, chief scientific officer. The Viomics team also includes Troy Shelton, chief operating officer; Kyle Hogarth, senior medical officer; and Glen Weiss, clinical oncology advisor.
The company is a past winner of ASU’s Edson Student Entrepreneur Initiative, a startup accelerator that provides funding, office space, mentorship and training to student entrepreneurs from all university disciplines. The Edson Accelerator is a part of ASU’s Venture Catalyst unit, a joint initiative between the Office of Knowledge Enterprise Development and Arizona Technology Enterprises to propel ASU’s entrepreneurial efforts forward.
About Viomics (http://www.viomics.com)
Viomics is a molecular diagnostics company that uses innovative scientific, engineering and business strategies to discover, develop and deliver paradigm-changing cancer detection applications to enable early intervention that cures previously deadly cancers.
About the Edson Student Entrepreneur Initiative (http://edson.asu.edu) Arizona State University’s Edson Student Entrepreneur Initiative provides funding, office space and mentorship to teams of students from all university disciplines. The Edson accelerator gives student entrepreneurs the opportunity to develop their innovative ideas and launch viable businesses. As an integral program of ASU Venture Catalyst in the Office of Knowledge Enterprise Development, the Edson accelerator gives students access to seasoned entrepreneurs, industry mentors and other Venture Catalyst programs that enable them to advance their enterprises.
About the Arizona Commerce Authority (http://www.azcommerce.com)
The Arizona Commerce Authority (ACA) is an economic development organization that works to grow and strengthen Arizona’s economy. ACA’s Arizona Innovation Challenge is a twice yearly technology commercialization competition that awards $3 million to the state’s most promising technology ventures.
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