NEW YORK, July 19 - A startup genomics company in Spain became the first one of its kind in that country to win a cash award, in this case €300,000, from a Spanish science fund.
Oryzon Genomics, which opened its doors on July 5 in Barcelona, was created to design DNA chips, according to the fund, Neotec. It is a spin-off of the University of Barcelona and is currently funded by the Bosch and Gimpera Foundation, the Center for Information and Business Development, and Spain's Ministry of Science and Technology.
The company, whose home now is the Barcelona Science Park, said it has developed a technology based on DNA chips that might eventually increase the production of rice.
According to the rules of the fund, companies must repay the full amount of their award as soon as they become profitable.