Genesis Genomics--the genesis behind the Thunder Bay
biotechnology company.
by Ross, Ian
Genesis Genomics is one of the cornerstones of Thunder Bay's
fast-growing bio-medical and biotechnology sector.
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Their groundbreaking health care research to detect early signs of
skin cancer is leading to a new suite of products for the innovative
16-employee Northern Ontario company.
The six-year-old venture is making the transformation from a
privately-held research and development outfit, to a public one with
last year's landmark deal to bring one of their cancer bio-marker
products to market.
Their agreement with VitalScience Corp., a global skin care
producer, is to manufacture and market a two-step DNA skin test called
skinphysical.
The test determines ultraviolet damage to a person's skin over
their lifetime. The product will be rebranded as DermaDNA and is
expected to hit the shelves at Shopper's Drug Mart and other
pharmacies through their distribution deal with VitalScience.
A United States-based lab has been selected to test thousands of
DNA swabs and is expected to handle their entire global processing for
these tests.
The product was seven years in the making and is Genesis
Genomics' first commercial breakthrough.
This past winter, the Thunder Bay biotech company has been
assembling its management team in preparation to go public next year.
New President-CEO Robert Poulter is leading the molecular research firm
toward an Initial Public Offering (IPO) in the fall of 2009. He follows
co-founder Dr. Bob Thayer who has retired as CEO, but will remain as a
board director.
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Poulter has added Gregory Hines as 'chair-elect' of the
board of directors.
Hines is president/CEO of ArcticDx Inc., a molecular diagnostic
company in Toronto and previously headed up Tm Bioscience Corp.
Also on the roster is Michael Fawcett who was named vice-president
of business development. He was a former Eastern Europe Regional
Business Manager for Microsoft's Global Accounts.
The fast-growing Munro Street company is a biotech leader in the
research of mitochondrial DNA biomarkers and the development of
non-invasive molecular diagnostic tests used to detect the early warning
signs of cancers, diseases and other medical conditions. It's one
of a number of cancer detection, sunscreen and related lifestyle
products Genesis Genomics is taking to market.
Last winter, Genesis Genomics received $311,735 in provincial
government investment to commercialize their new prostate cancer test,
Biopsy+.
The company is also conducting research to determine if their
processes can also be used for the early detection of breast cancer.
Genesis Genomics was recently named one of Canada's top investment
prospects in life sciences, cleantech and technology companies by the
Ottawa Centre for Research and Innovation.
"No question there's been a lot more interest from the
investment community," says Poulter, of his company's efforts
to raise $10 million privately to develop new product offerings.
"Some days the phone is ringing fairly regularly."
Poulter says the market's attitude toward their type of life
sciences technology remains mixed because of current uneasiness in the
financial sector.
"The general sentiment in the market is not that great, but
the companies we've been talking to (venture capital firms, fund
companies, brokerage firms) to assist us through this process are quite
optimistic and keen to take a company like ours into the pubic
forum."
The fact his technology company was recognized as a top 10 Canadian
life sciences company is an attention-getter with potential investors.
"It gives us some credibility because the award came from a
jury of people within the investment community."
Genesis Genomics also has a three-employee research lab at a
business incubator at Newcastle University in the United Kingdom.
www.genesisgenomics.com
QUICK FACTS
Genesis Genomics
President/CEO Robert Poulter
Year established: 2002
What they do: specializing in cancer bio-marker products.
Number of employees: 19
By IAN ROSS
Northern Ontario Business
COPYRIGHT 2008 Laurentian Business Publishing,
Inc. Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2008 Gale, Cengage Learning. All rights
reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.