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Genesis Genomics Lands $1.8M from Canadian Government

NEW YORK (GenomeWeb News) – The government of Canada has given a C$1.9 million ($1.8 million) award to Genesis Genomics through a national research and economic development program in order to fund early cancer detection research and development, Canada's National Research Council said today.

Genesis Genomics, based in Thunder Bay, Ontario, is studying mitochondrial DNA-based biomarkers for a range of human diseases. The company is starting a new project called "Accelerated mtDNA Genome Biomarker Discovery," which is based on a novel class of mtDNA molecules that can be used to develop screening tests for early detection of cancer.

The money was granted through the NRC’s Industrial Research Assistance Program, or IRAP, which provides a range of technical and business-oriented advisory services and financial support to small and medium-sized businesses.

"Our government is committed to building a competitive advantage for the Canadian private sector and supports these leading-edge technology solutions," Greg Rickford, a member of Canada's Parliament, said in a statement.

"The only known cure for cancer is early detection. With the help of NRC-IRAP, we will position our company as the world leader in early detection and be able to provide Canadians with earlier cancer diagnosis and an improved prognosis as a result of early intervention," Robert Poulter, president and CEO of Genesis Genomics, added.

The Canadian Government’s Economic Action Plan has provided $200 million to NRC-IRAP over the next two years to support Canadian companies.

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