| Contacts: | |
| Jonathan Cohen President 20/20 GeneSystems, Inc. Tel: 240-453-6339 jcohen@2020gene.com |
Melissa Maslar RMR & Associates, Inc. Tel.: 301-217-0009 x 38 mmaslar@rmr.com |
ROCKVILLE, MD (July 29, 2002)—20/20
GeneSystems, Inc. (2020gene.com) received awards totaling $250,000 this month
from three agencies that promote the biotechnology industry in Maryland: The
Maryland Department of Business and Economic Development, MdBio, Inc., and The
Maryland Technology Development Corporation.
The Maryland Department of
Business and Economic Development (DBED) issued a $50,000 “Challenge
Investment” to 20/20 GeneSystems after the company successfully beta tested
its image analysis software. The
software, developed for 20/20 by local bioinformatics company Bear Codes, LLC.,
was created specifically for users of 20/20’s proprietary platform technology
called Protein Function Identification Layered Membranes (P-FILM) or Film
for Life™. This was the
second “Challenge Investment” awarded to 20/20 GeneSystems this year.
The first, worth $50,000, was granted in April.
20/20 also received a
$150,000 Project Accelerator Award from MdBio, Inc. that will be used to help
20/20 expand its manufacturing capacity over the next 18 months to meet
anticipated demand for its products. MdBio
is a private, non-profit corporation engaged in advancing the commercial
development of bioscience in Maryland.
Finally, The Maryland
Technology Development Corporation (TEDCO) has agreed to invest up to $50,000 to
support a collaboration between 20/20 and the Surgery Branch of the National
Cancer Institute. The
collaborators plan to use 20/20’s P-FILM to develop new tools for monitoring
patient response to a new class of drugs called angiogenesis inhibitors that aim
to starve tumors by blocking their blood supply.
TEDCO is a state agency that promotes technology transfer from federal
labs and universities to the private sector.
“This
influx of funding from three independent sources really helps validate 20/20
GeneSystems’ potential,” said president Jonathan Cohen. “We are honored to
be recognized by multiple state organizations, particularly on the heels of
winning ‘Biotech Product of the Year’ from the Technology Council of
Maryland and continued success forming deals with marketing partners around the
world.”
Launched in late 2001, the
company’s first P-FILM product has already been sold to nearly 500 drug
companies and biomedical research institutes in over 10 countries.
P-FILM can be applied to diseased tissue to determine which proteins in
the pathway are functioning abnormally and help predict whether a particular
drug will effectively treat that disease.
About
20/20 GeneSystems
20/20 GeneSystems (www.2020gene.com),
based in Rockville, MD, was founded in May 2000 to co-develop the P-FILM
technology with the National Cancer Institute.
The privately held company maintains exclusive rights to this technology.
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