GAINESVILLE AND BOCA RATON, Fla., Nov. 10, 2015 /PRNewswire-USNewswire/ -- The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Genetic Networks, a Miami based company with technology developed at the University of Miami.
Genetic Networks accelerates drug discovery and predictive medicine through its proprietary data-driven approach that delivers actionable data on both genes and compounds.
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.
"Genetic Networks' translational medicine informatics engine rapidly identifies lead compounds to therapeutic targets bridging the gap between drug targets, molecules and medicine," said Gennaro D'Urso, PhD, Genetic Networks founder. "Our engine is revolutionary in providing a technology that can rapidly move from disease gene to lead compound without the need to develop time consuming and costly high-throughput screens," he further added.
"The Institute is pleased to support the Genetic Networks team as they work to decrease the time and expense associated with early drug detection," said Jamie Grooms, Institute Chief Executive Officer. "By providing comparable target and drug optimization insights, Genetic Networks' engine will ultimately improve decision making, expand opportunity, and reduce risk associated with drug development."
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. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Forty-four companies have been funded since the program's inception.
About Genetic Networks
Genetic Networks partners with the pharmaceutical industry and foundations to decrease the time and expense associated with early drug discovery by improving decision making, expanding opportunity, and reducing risk. With over a 100 years of combined experience in the application of genomics to human biology, Genetic Networks creates and uses functional network data to find human disease treatments and optimal candidates for pre-clinical and clinical testing. Genetic Networks' technology identifies drug targets and lead compounds, and can repurpose drugs to new indications.
Chief Operating Officer
Institute for the Commercialization of Public Research
SOURCE Florida Institute for the Commercialization of Public Research