Life-Science Firm That Received Federal, Purdue Funding is Generating Revenue
August 2, 2012
WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--Jul. 31, 2012-- A Purdue-based new venture that develops nanotechnology to improve research and development in life-science companies, pharmaceutical companies and cancer research centers has succeeded in generating its first revenues from sales after only two years in business.
Tymora Analytical Operations LLC has begun selling its PolyMAC product to university professors and industry researchers. The technology, which promotes the discovery of new cancer drugs in laboratory settings, is based on research by W. Andy Tao, an associate professor in Purdue's Department of Biochemistry. Anton Iliuk is the company's president and chief technology officer.
Iliuk said PolyMAC helps drug developers and researchers discover new cancer drug targets and analyze the source of drug resistance after prolonged treatment.
"PolyMAC more correctly pinpoints whether a candidate for drug development is targeting the intended proteins," he said. "Researchers can feel more confident in their results because PolyMAC is a more reliable and sensitive tool, which is a key in effective early-stage drug discovery."
Tymora Analytical Operations has received funding from several sources to develop Tao's research into commercialized products. These sources include the National Science Foundation, Purdue's Emerging Innovations Fund and business plan competitions, including the Burton D. Morgan Business Plan Competition.
Elizabeth Hart-Wells, assistant vice president and director of the Purdue Office of Technology Commercialization, said Purdue's Emerging Innovations Fund strengthens early-stage companies that license technology from the Purdue Office of Technology Commercialization or are based in the Purdue Research Park, aiming to increase their chances of successful commercialization.
Richard Cosier, the Avrum and Joyce Gray Director of the Burton D. Morgan Center for Entrepreneurship, said students from Purdue University's Krannert School of Management participated in the due diligence process to select Emerging Innovations Fund recipients.
Iliuk said the Emerging Innovations Fund is more likely than other sources to take a chance on promising technology at an earlier stage.
"The Emerging Innovations Fund funding we received has allowed us to commercialize and start marketing and make the first sales of our first product, PolyMAC, and will support our commercialization efforts for the next product release in the near future," he said.
Source: Purdue Research Foundation
Purdue Research Foundation
Steve Martin, 765-588-3342