RESEARCH TRIANGLE PARK – The strategic collaboration between a startup – GeneCentric Therapeutics – and international life science giant Labcorp was about a year in the making, GeneCentric Therapeutics president and CEO Michael Milburn told WRAL TechWire in an interview.
But the relationship between the two companies was already established, as Labcorp is a prior investor in the company, Milburn noted.
“There are milestones in the codevelopment of our gene expression signatures with Labcorp,” said Milburn about the new deal announced this week. “We’ve also worked out, once it is commercialized, the commercialization terms.”
“Our assays, our gene signatures, are very focused on drug therapies, and developing drug therapies, and that’s very aligned with Labcorp’s focus,” said Milburn about the deal with Labcorp. “The work they’re expanding in helping pharmaceutical companies in oncology means we’re a good strategic partner.”
The company develops RNA-based gene signatures that it said in a statement can “provide deeper insights of the tumor and immune micro-environment when compared to traditional DNA testing.” RNA-based gene signatures can also be used to identify broader patient populations, the company noted.
“There’s been a lot of innovation in developing RNA-based tests,” said Milburn. “There are a lot of advantages in developing these tests, they’re more novel.”
“We’re excited about where that space and that technology is going,” said Milburn. “We’re a real leader in that space, and that announcement [Tuesday] helps establish that interest.”
Genetics startup GeneCentric lands strategic collaboration with life science giant Labcorp
More capital coming
Milburn also confirmed to WRAL TechWire that the company is in the process of raising additional capital, up to $3 million more, as indicated on the company’s SEC filing last week.
“It’s going quite well,” Milburn said. “We’ll probably be wrapping that up, announcing in early November.”
Milburn stated that it’s too soon to determine whether the company would raise additional capital beyond the $7.5 million target indicated in the company’s most recent SEC filing.
“We haven’t really decided on where we want to go, in terms of raising more money, we’re a very efficient company,” said Milburn. “We like to stay pretty nimble as a company, pretty efficient,” he added, noting that the company is very data-driven in its approach and strategy.
“We commercialize, develop our diagnostics, with pharmaceutical and biotechnology companies, as well as codeveloping them with reference labs like Labcorp,” said Milburn. “We’re a very efficient organization, with a very efficient business model.”
That will continue, said Milburn, and the company may not raise additional capital. But if it would pursue, there are trends in the industry, and in the region, that may make raising additional capital easier than a decade ago.
GeneCentric raises $4.5M in equity financing from single investor, could raise $3M more
“It’s exciting to see so much funding coming into the Triangle,” said Milburn. “What’s exciting about Research Triangle Park is the number and the quality of the startup companies, and biotech companies, particularly in the last four or five years.”
Milburn began his career at GlaxoSmithKline’s RTP facility as a chemist. After about ten years, he began a series of startup ventures, assisting in the creation and operation of startup companies based in places like Boston and in California.
But now he’s back in Research Triangle Park, and noted that the investment and interest in Triangle-based life science, biotechnology, and agricultural technology companies is significant, and appears to be increasing.
“The Research Triangle Park is a major hub now for biotechnology innovation,” Milburn told WRAL TechWire. That’s likely to continue, Milburn indicated.
“As more quality companies come to this area, you attract really talented scientists and technical people,” said Milburn. “Having worked in Boston and in California, there are some unique advantages to the Triangle, in terms of affordability, quality of healthcare.”
“Attracting scientists to the area and keeping them here,” said Milburn. “A big advantage to the Triangle.”
The company is a spin-out of the University of North Carolina at Chapel Hill, and is hiring for a few positions at this time, Milburn said.
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