Compendia Bioscience receives $1.3 million to upgrade cancer profiling database
Compendia Bioscience, an Ann Arbor-based University of Michigan spinoff company, landed $1.3 million in federal funds to make improvements to its cancer profiling database, the company announced today.
The firm received a grant from the Small Business Innovation Research program to incorporate information about micro-RNA molecules into the firm's existing database.
The molecules have "been identified as an important contributor to cancer development, progression and metastasis, creating a need for cancer researchers to easily access and query this new data type," Compendia said in a news release.
Compendia's database helps scientists and researchers tailor their drug development efforts by identifying important biological red flags that can make people susceptible to cancer.
The startup last year said that it had signed 15 of the top 20 cancer drug companies as clients. The company was also expected to turn a profit for the first time in 2009.
Compendia CEO Daniel Rhodes said in a statement that the SBIR funds would help the company pursue legitimate revenue opportunities.
"Several major pharma companies have indicated strong interest in querying and analyzing microRNA data from cancer patients,” Rhodes said.
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