Arizona Biosciences News

TGen spinoff garners $7.5 million

Compiled from media reports

Summary:

Molecular Profiling Institute Inc., a spinoff of the Translational Genomics Research Institute, has received $7.4 million in equity funding, a figure that ranks as one of the largest investments in an Arizona startup company this year.

Full Story:

Molecular Profiling Institute Inc., a spinoff of the Translational Genomics Research Institute, has received $7.4 million in equity funding, a figure that ranks as one of the largest investments in an Arizona startup company this year.

Molecular Profiling was created last year to help develop and market products that emerge from TGen's research. The company coordinates testing, licensing, and government approvals.

David Mallery, Molecular Profiling's executive vice president, told the Arizona Republic that the money from three biomedical companies will help three new molecular tests for breast cancer, prostate cancer, and lymphoma get underway. Recent investments by Florida-based AmeriPath Inc., California-based Affymetric Inc., and Gen-Probe Inc. also give Molecular Profiling opportunities for expansion.

Molecular Profiling will help validate and market a test for prostate cancer developed by Gen-Probe, a San Diego-based producer of diagnostic and blood-screening products.


For more information:

"TGen spinoff gets $7.5 mil," Arizona Republic, 10/27/2005