GAINESVILLE and BOCA RATON, Fla., Aug. 18, 2016 /PRNewswire-USNewswire/ -- The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Ovation Diagnostics, a Boca Raton-based company with technology developed at University of South Florida. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
Ovation Diagnostics is committed to improving outcomes of women with ovarian cancer. Using a novel biomarker present in urine samples of ovarian cancer patients, the company is developing a laboratory test which will offer women an efficient, noninvasive and affordable method of detection with potentially higher specificity and sensitivity for ovarian cancer compared to existing methods of detection.
"Early and accurate detection is essential for success in treatment of ovarian cancer. Unfortunately the majority of existing tests lack the ability to accurately detect the cancer in its early stages which results in lower survival rates," said Joseph E. Zack, Ovation Diagnostics President. "Our hope is this test may make a difference in earlier detection."
"Ovation Diagnostics is developing novel technology that has the potential to have a significant impact on the survival rates of women affected by this serious and costly disease," said Jackson Streeter, MD, Institute Chief Executive Officer.
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. With funding from the State of Florida through the Department of Economic Opportunity, and through the generosity of mentors, advisors and donors, the Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups. Fifty-five companies have been funded to date, and the Institute's economic impact through June 30, 2015 was $379 million, a return on investment of 14 times to the State of Florida.
About Ovation Diagnostics
Ovation Diagnostics, is focused on the development, manufacturing and commercialization of a novel ovarian cancer diagnostic test, to be used in the screening, prognosis, therapy selection, and monitoring of ovarian cancer. The company was founded in 2014, and the licensing agreement was secured from University of South Florida in 2015.
Chief Operating Officer
Institute for the Commercialization of Public Research
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SOURCE Florida Institute for the Commercialization of Public Research