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Molecular Mining Shuts its Doors

This article has been updated to state the total amount of funding raised in US dollars. A previous version of this article stated the amount in Canadian dollars. 

 

NEW YORK, March 11 - Gene expression analysis software firm Molecular Mining has gone out of business, a company official told GenomeWeb today.

 

The Kingston, Ontario-based company, which sold a line of microarray analysis software under the name of GeneLinker, has shut its doors and is currently considering options for liquidating its assets, said John Molloy, president and CEO of PARTEQ Innovations, the technology commercialization agency for Queen's University in Kingston. Molloy helped launch Molecular Mining in 1997, and is also on the company's board of directors.

 

As of December, the company had more than 40 employees between its Kingston headquarters and a sales office in Cambridge, Mass. Layoffs began in January, when it discontinued its in-house drug discovery projects. At the time, Molecular Mining CEO Evan Steeg told GenomeWeb's sister publication BioInform that the company was focusing its efforts on software sales to generate short-term revenues.

 

The company, which raised over $10 million in financing, claimed to have over 100 users for its GeneLinker gold and GeneLinker Platinum software products and announced a research collaboration with GlaxoSmithKline in December.

 

While the future of the company's intellectual property and other assets is "still up in the air," Molloy said, the board of directors intends to have a clearer picture of how these assets will be handled "in the next week or so."

 

Molloy added that the board intends to keep the technology available in some form. "We are going to make an effort to try and keep all of the technology packaged together to be able to maintain momentum that has been built up for the product ... whether it's a restart, or a consulting organization, or whatever kind of organization gets put together to try to move the technology forward."