Gentronix raises funds to boost genotoxicity offering
UK-based Gentronix is developing its in vitro capabilities and adding services to give clients more specific details about the genotoxicity of a compound. Using this information sponsors can decide early into development to abandon a compound that is likely to fail, saving time and money.
To continue development of its services and intellectual property portfolio Gentronix has raised £610,000 ($934,000). The funding was provided by a mix of venture capitalists and private investors who, along with the University of Manchester, have supported Gentronix since it began.
Steve Beasley, commercial director at Gentronix, told Outsourcing-Pharma that the primary strength of Gentronix is its reporter-based assays. Initially Gentronix just sold the technology for use in-house by biopharm but in response to client demand introduced a service offering.
The service offering will now be expanded, for instance through the addition of other mammalian cell-based assays. The overall goal is to make Gentronix into a full service in vitro toxicology company, said Beasley.
”We are seeing an increase in demand for specialist toxicology services and products and the successful completion of this fund raising will allow us to respond to our customers needs”, said John Nicholson, CEO of Gentronix, in a press statement.
Expansion of the service offering will be accompanied by hiring of additional staff. Gentronix is a lean enterprise currently employing 14 people, said Beasley, but this will increase when new scientists and sales and marketing staff are hired.
In June 2009 Gentronix bolstered its service offering by entering into a strategic partnership with Apredica, a US-based contract research organisation (CRO). This deal expanded Gentronix’s predictive toxicology and adsorption, distribution, metabolism and excretion (ADME) capabilities.
Beasley said Gentronix is also looking to enter into relationships with companies that have in vivo capabilities.