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FOR IMMEDIATE RELEASE
August 18, 2010
Flagstaff, AZ
Press Release: PathoGene Exceeds Initial Financing Goal and Launches Molecular Diagnostics Company
PathoGene, LLC - a molecular diagnostics company located in Northern Arizona - has completed its first round of financing and raised 150% of its stated goal of $500K in seed money for a total of $750K. This new venture is being championed by top tier scientists, successful laboratory managers and experienced biotech executives who are using licensed technology from Northern Arizona University (NAU) and The Translational Genomics Research Institute (TGen) as a launching pad for building a successful bioscience business. During the financing period (April-July, 2010) Todd Snowden, President of PathoGene, was a featured speaker at the Southwest Bioscience Expo in Tucson, Arizona where he presented the business case for investing in PathoGene.
PathoGene’s assays have the potential to dramatically improve patient care, reduce the inappropriate use of antibiotics, and lower healthcare costs associated with treating life-threatening infections. A main differentiator is the ability to quickly uncover critical genetic information about resistance to antibiotics so as to better target treatment to drugs that are more likely to work. PathoGene is focused on infectious diseases where treatment is currently difficult and drug resistance is a growing problem.
PathoGene is developing and validating assays for clinical use that will provide physicians with information essential to the timely and accurate treatment of several infectious diseases. Specifically, the company is focused on drug resistant pathogens including Methicillin-Resistant Staphylococcus Aureus (MRSA) (a common “super bug” and deadly hospital-based infection that already kills more people each year than HIV in the US), Influenza (including H1N1) and Valley Fever (human and animal). Currently the global market for molecular diagnostics is approximately $5B and is expected to grow by 15% to 20% over the next 5 years, largely driven by advances in testing for infectious diseases.
“Given the growing incidence of “super bug” infections worldwide, the increasing resistance to antibiotics, and the high cost of treating these infections, diagnostics that can provide earlier and better information to the treating physician will have a significant global impact” said Dr. Paul Keim. Dr Keim is Director of the Pathogen Genomics Division of TGen and is a Regents Professor and holder of the Cowden Endowed Chair in Microbiology at NAU. He is internationally known for his work in human pathogen epidemiology using DNA identification techniques including his groundbreaking work with Anthrax. He has been instrumental in producing the scientific discoveries underlying PathoGene’s novel molecular assays.
PathoGene’s aim is to license the world-class science coming out of Dr Keim’s laboratory at NAU and TGen and convert it into diagnostic tools that help medical practice achieve a higher standard of care. A board and management team has been assembled who have significant experience doing just this. “The combination of unique, high value technology with a well balanced and experienced management team focused on a rapidly growing worldwide market creates a tremendous business opportunity for PathoGene and an important addition to Arizona’s bioscience community” said Todd Snowden, President of PathoGene.
In addition to founding board member, Dr. Paul Keim, PathoGene board and executive team members bring a full complement of skills and experiences essential to the company’s commercial success. Dr. Thomas Vorpahl is a board certified pathologist with over thirty years experience in laboratory medicine, including several successful entrepreneurial endeavors. David Engelthaler is the Director of Operations at TGen North where he oversees a group of investigators working on pathogen genomics projects targeting clinical medicine, public health and bio-defense. David was previously the State Epidemiologist for Arizona. William Gibbs is CEO of Norchem Laboratories, which is a high volume toxicology laboratory that has experienced 25% annual growth since 1997. Jeanne Ambruster recently joined PathoGene as Board Chair and is CEO of The Avenues Company - a marketing consulting group that has been focused for over ten years on the translation of bioscience innovations from bench-top to clinical practice. Prior to that she was instrumental in growing W.L. Gore and Associates’ medical device business and launching a genetic testing company through the completion of a successful IPO. Todd Snowden recently joined PathoGene as President and combines extensive experience in medical device and diagnostic sales, marketing and business development with a track record of success in operating and growing his own businesses.
PathoGene now has adequate start-up capital and a committed team of experts who can accelerate delivering value to the health care community. The company will do so by out licensing high value, validated assays to leading diagnostics companies who will in turn incorporate them into their platforms and sales channels. Board Chair Jeanne Ambruster summed it up, “The confidence our investors have shown in PathoGene and the team we have assembled is humbling. This will give us the necessary seed funds to launch a company that will ultimately provide valuable information to physicians treating infectious diseases and save lives… doing well by doing good.”
Contact Information:
PathoGene LLC
2225 N. Gemini Drive, Suite E-11
Flagstaff, Arizona 86001
Phone: 928-863-3248
Email:
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