Rand Partners With Innovate NY Fund to Invest in Personalized Cancer Medicine Business, Empire Genomics, LLC2014-07-02 18:31:09
New investments catalyze Empire Genomics growth to the next stage
Date: July 1, 2014
Buffalo, New York - Rand Capital Corporation (www.randcapital.com) (NASDAQ: RAND) a Buffalo, New York based Business Development Company (BDC) and Small Business Investment Company (SBIC) announced that it has partnered with SCP Buffalo Incubator Innovate NY Fund LP (Buffalo, NY) (www.z80labs.com) in a $1 million financing of Empire Genomics, LLC (Buffalo, NY) (www.empiregenomics.com) a privately held molecular diagnostics company.
Empire Genomics is a growth stage business offering state of the art testing products and services for cancer disease management, that enable physicians to improve their diagnostic capabilities and tailor specific therapeutic treatments using patient DNA. Empire Genomics was created in 2006 from research at the prestigious Roswell Park Cancer Institute (www.roswellpark.org) as part of the Human Genome Project in Buffalo, New York under the leadership of University at Buffalo Professor Norma J. Nowak, Ph.D. (www.bioinformatics.buffalo.edu). Empire Genomics has proprietary assays for prostate and multiple myeloma, with expertise in employing genomic technologies to improve clinical outcomes. Its customers include many well-known hospitals, pharmaceutical clients and academic centers. These funds will be used to accelerate the pace of growth through acquiring new technologies, growing staff and increase its test offerings.
Daniel P. Penberthy, Rand's Executive Vice President, and a new member of Empire's Board of Directors stated, "There have been hundreds of millions spent in our region developing world class medical technology based facilities around Roswell Park Cancer Institute, Hauptman Woodward Medical Research Institute, and NYS Center of Excellence in Bioinformatics and Life Sciences. This governmental investment in creating a consortium of the region's premier health care, life sciences research and medical institutions is now resulting in spin off businesses, like Empire Genomics, that are commercializing these opportunities."
Mark Zogaria, CFO of Z80 SCP Buffalo stated, "Empire Genomics' testing and expertise in cancer disease management are routinely used by pharmaceutical firms to better design drugs and treatments across the world, and it is all based in Western New York!"
"We are happy to have this investment group join and support us as we continue to commercialize our innovative testing technologies. This is another important milestone and a very exciting time for the business and our growing medical technology business sector in the area," said Anthony Johnson, CEO of Empire Genomics.
"As the Founder and Chief Scientific Officer of Empire Genomics, I am very pleased with the progress our team has made over the past several years to bring to market molecular assays that enable improved therapeutic strategies for cancer patients. The investment from Rand Capital, SCP, and a private investor will catalyze our growth to the next stage, and we will benefit from their collective experience," said Norma J. Nowak, Ph.D.