JumpStart Invests $250,000 in GenomOncology
Northeast Ohio Company Views Unlocking DNA as Boon to Cancer Treatment
CLEVELAND, June 5, 2012 /PRNewswire/ -- Nonprofit venture development organization JumpStart Inc. (www.jumpstartinc.org) has committed $250,000 to GenomOncology (www.genomoncology.com), a Cleveland-based company developing technology to automate the analysis of sequenced genetic information.
Whole-genome sequencing (WGS) is the process by which an individual's inheritable traits are decoded based on their DNA sequence. Previously prohibitively costly and time-consuming, WGS is now much more accessible and affordable thanks to recent technological advances. However, these same advances have created an unmet need for sequence analysis. Currently, the way to speed up interpretation of the 3.2 billion data points in each sequenced whole genome is through hard-coded software programs that can handle vast amounts of data, but impose the risk of missing important findings due to their inflexibility.
Enter GenomOncology, a new player in this emerging field, whose proprietary software and analytical tools can rapidly and interactively analyze and interpret sequenced genomic data. GenomOncology's technology is designed to detect and analyze gene mutations, a hallmark of the presence of cancer, within the sequenced genomes. Their approach enables cancer researchers or clinical oncologists to capture critical findings and produce a robust analysis report in less than a day. GenomOncology further distinguishes itself by its full-service approach. As the primary interface with researchers and oncologists, the company plans to be a "one-stop shop" for the entire process of analyzing the large volume of data and making it useful for clinicians.
The company expects its technology will reduce the time necessary for researchers to make new discoveries, which will ultimately provide clinicians with the information necessary to prescribe "personalized" medical treatment. "GenomOncology has an opportunity to be a market leader by attacking the emerging genome analysis space with a service-oriented business model," says JumpStart's Managing Venture Partner, Jerry Frantz.
While continuing to raise capital in this current round, GenomOncology's management team plans to use JumpStart's funding to develop a go-to-market strategy, build out the management team and secure its first commercial contracts. "The support we've received from our initial investors, including JumpStart, is validation that we are at the forefront of a truly exciting opportunity in the genomics market," says GenomOncology's founder and chief executive officer Manuel J. Glynias. "We have started to build our team and have every intention of developing GenomOncology into a true Northeast Ohio success story."
Since 2004, JumpStart has invested nearly $24 million in 64 Northeast Ohio tech-based businesses and has provided free technical business assistance to more than 400 entrepreneurs and young companies in Greater Cleveland.
GENOMONCOLOGY An emerging player in the field of genomics, GenomOncology has developed technology to speed up the process of analyzing sequenced genetic information. For more information, visit www.genomoncology.com or send an inquiry to [email protected]
JUMPSTART INC JumpStart Inc. accelerates the successes of diverse entrepreneurs, their companies, and the ecosystems supporting them. JumpStart has given intensive business assistance to more than 400 entrepreneurial clients and invested in 64 early stage Northeast Ohio companies. For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
Samantha Fryberger, JumpStart
SOURCE JumpStart, Inc.