PORTLAND, OR--(Marketwire - October 28, 2009) - MolecularMD Corp announced today that it has
moved their core operations to a expanded dedicated facility with capacity
and functionality to support the expansion of its cancer molecular
diagnostics business.
With a mission to improve cancer survival, MolecularMD partners with cancer
research institutes and pharmaceutical companies to develop diagnostic
tests that will predict and monitor effectiveness of novel targeted cancer
treatments.
MolecularMD launched their Portland operations in late 2005 as a spin-off
of Oregon Health & Science University (OHSU) with early seed funding and
management support from BioCatalyst International
(
www.biocatalystintl.com). Scientific Founders Brian J. Druker, M.D., a
Howard Hughes Medical Institute Investigator, Director of the OHSU Knight
Cancer Institute, and JELD-WEN Chair of Leukemia Research at OHSU, and
Michael C. Heinrich, M.D., Professor of Medicine, Division of Hematology
and Medical Oncology, have contributed significantly during their careers
to the development of targeted cancer therapies specifically with respect
to CML (chronic myelogenous leukemia) and GIST (gastrointestinal stromal
tumor). MolecularMD continues to collaborate closely with OHSU and other
leading clinical cancer research centers around the world.
MolecularMD's success is emblematic of the growing research strength of
OHSU, which was highlighted earlier in September when Dr. Druker was
honored with the Lasker-DeBakey Award for Clinical Medical Research, one of
the most distinguished awards in biomedical research and often referred to
as "America's Nobel."
MolecularMD currently employs 22 scientists, technicians, and business
professionals within their Portland operations team and plans to
aggressively expand their Research and Development group to drive the
introduction of new tests connected with a broad range of cancers and
therapies.
In addition to expanding their Research and Development capability, the new
site will allow MolecularMD to process a larger volume of patient samples
received from clinical research treatment sites around the world and offer
a full companion diagnostics capability with GMP manufacturing.
MolecularMD's success to date can be attributed to their core expertise in
performing RNA and DNA-based diagnostic tests to support a number of large
clinical trials sponsored by major pharmaceutical companies. Stephane
Wong, M.B.A., Ph.D., Chief Scientific Officer, was instrumental in
integrating OHSU clinical leadership with company startup operations which
quickly enabled MolecularMD to meet the pharmaceutical industry
requirements.
In November of 2008, MolecularMD received a $3 million growth equity
investment in from Ballast Point Ventures (
www.ballastpointventures.com)
which will be used to build MolecularMD's corporate infrastructure and to
expand the company's assay portfolio.
About MolecularMD
Founded in 2005, MolecularMD specializes in the development and
commercialization of pharmacogenomic tests employed to measure patient
molecular response of novel targeted cancer therapies. The company has
over 30 years of combined experience in cancer research and has developed
sensitive and highly reliable molecular assays for leukemias, lymphomas and
solid tumors.
New address:
1134 SW Custer Ave.
Portland, OR 97219
About Ballast Point Ventures
Ballast Point Ventures is a later stage venture capital fund established to
provide expansion capital for rapidly growing, privately owned companies in
diverse industries, with a particular emphasis on companies located in
Florida, the Southeast and Texas. The BPV partners have more than 70 years
of combined experience investing in and building high-growth companies in a
number of industries, including healthcare, business services,
communications, technology, financial services and consumer products. The
fund seeks to make equity investments ranging in size from $3 million to
$10 million.
For additional information, please contact MolecularMD at 1-877-459-4979 or
visit our website at
www.molecularmd.com.
Contact Information: Contact:
Paula Howse
MolecularMD
1-877-459-4979
www.molecularmd.com