NEW YORK – Polish molecular diagnostic company Genomtec announced Wednesday that it has received PLN 21.6 million ($5.5 million) from the Polish Agency for Enterprise Development (PARP) to develop technology to detect cancer mutations.
The company will develop an automated system for detecting clinical oncology mutations based on lab-on-chip solutions and isothermal nucleic acid amplification techniques, it said in a statement, adding that laboratory work will be conducted on the mutation detection technology using microfluidic cards and further developed using a dedicated analyzer. A clinical study will also be conducted.
The project is expected to begin in January 2024 and be completed in 2027, Genomtec said, with a total budget of about PLN 36.7 million.
PARP's independent expert evaluation "was crucial for us, as their recommendation for funding confirmed that the proprietary [Streamlined Nucleic Acid Amplification Technology] developed by Genomtec could be groundbreaking in detecting mutations in the field of oncology," Genomtec CEO Miron Tokarski said in a statement. "This is particularly important for us because we have advanced our oncology project to the stage of applying for patent protection, and we want to continue its development, with the funds granted by PARP being a significant help."
Tokarski added that the company hopes the project will "significantly increase interest among potential partners with whom we are in discussions as part of M&A activities."