The Florida Institute for the Commercialization of Public Research revealed Tuesday in Gainesville that it has entered a funding agreement with Genetic Networks, a drug discovery and predictive medicine group based in Miami.
The institute, a nonprofit organization, supports publicly funded enterprises springing from Florida universities and research institutions by closing early funding gaps. It works cooperatively with technology licensing and commercialization offices within Florida's state universities and private research institutions to establish investable companies that work to create clean jobs in pioneering industries.
"Genetic Networks' translational medicine informatics engine rapidly identifies lead compounds to therapeutic targets bridging the gap between drug targets, molecules and medicine," Genetic Networks Founder Gennaro D'Urso said. "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."
Created by the Florida legislature in 2007, the institute has identified over 100 and funded 44 new company projects and startups across the state.
"The institute is pleased to support the Genetic Networks team as they work to decrease the time and expense associated with early drug detection," Jamie Grooms, the institute's CEO, said. "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."