Genomtec signed on December 22 this year. an agreement with the Polish Agency for Enterprise Development (PARP) to co-finance the project “Development of technology and an automatic system for mutation detection in the area of clinical oncology based on the lab-on-chip solution and isothermal amplification techniques of nucleic acids”, the company announced. The amount of funding granted is PLN 21.6 million, and the total project budget will be approximately PLN 36.7 million. The project will start in January 2024 and will last until June 2027.
“Our oncology project was on the list of projects positively assessed by PARP and in the next step we signed an agreement that will release funds from the granted grant. The assessment of independent experts was very important to us, who, when recommending our project for funding, confirmed that the proprietary SNAAT technology developed by Genomtec may be groundbreaking in detecting mutations in the field of oncology. This is particularly important to us because we have brought our oncology project to the stage of submitting an application for patent protection and we want to develop it further, which will be greatly helped by the funds granted by PARP. We will start the work in January 2024 and, according to the planned schedule, we will complete it in 2027. The settlement of funds from PARP will take place as the subsequent stages of work are completed. This means that the company’s required own contribution will also be covered systematically as the project progresses. We hope that our oncology project will significantly increase interest among potential partners with whom we are talking as part of M&A activities,” said Miron Tokarski, president of Genomtec, quoted in the release.
The Genomtec oncology project, which received funding from PARP, involves the development of technology and an automatic mutation detection system in the area of clinical oncology based on the lab-on-chip solution and isothermal nucleic acid amplification techniques. The project covers three modules: R&D, Digitalization and Internationalization.
“As part of the R&D work, laboratory work will be carried out on mutation detection technology in oncological diagnostics using microfluidic cards to enable diagnosis and the use of molecularly targeted therapy. In the course of further work, the technology will be developed using a dedicated analyzer and a clinical trial will be conducted. As part of the Digitization module, an investment will be made in tools enabling more effective implementation of R&D works. As part of the Internationalization module, participation in a number of foreign fair events and protection of the intellectual property of Genomtec S.A. are planned. – we read further in the announcement.
Genomtec is an innovative technology company established in 2016 in Wrocław. He works in the field of molecular diagnostics. It debuted on the NewConnect market in 2021.