NEW YORK, April 11 (GenomeWeb News) - Biomedical text-mining firm Reel Two has acquired the rights to high-throughput gene searching technology that it developed for Genesis Research and Development, a therapeutic-development company based in New Zealand.
The software, called Cartesian, was written for in-house use at Genesis. The firms recently reached an agreement under which Reel Two owns the patents and gains the right to commercialize the software, while Genesis will be entitled to a share of the revenues.
"Reel Two has worked closely with Genesis to develop the Cartesian software and is the ideal party to take the product to market," said Stephen Hall, CEO of Genesis, in a statement.
According to Genesis, the Cartesian software has been designed to perform "very fast searching of genetic sequences." The company said that in internal use, the software "reduced analysis and computation time by many orders of magnitude, reducing tasks that had previously taken many months on a large computer cluster down to hours on a single machine."
Further financial terms of the agreement were not disclosed.
This article originally appeared in BioInform, a GenomeWeb News publication.