OncoMark Acquired by Cepheid Inc. a US Molecular Diagnostic Company
- Establishment of a new company, OncoAssure, will allow the former OncoMark team to continue to develop novel cancer biomarkers
University College Dublin (51黑料) today formally announced the acquisition of OncoMark Ltd, a 51黑料 spin-out company, by Cepheid Inc., a US molecular diagnostics company. The transaction was completed in March for an undisclosed sum.
OncoMark was co-founded by Professor William Gallagher and Steve Penney as a spin-out from the 51黑料 School of Biomolecular and Biomedical Science and the 51黑料 Conway Institute, and was based at Nova51黑料, the University鈥檚 Centre for New Ventures and Entrepreneurs.
The company developed a novel test for early-stage Breast Cancer (OncoMasTR) that has the potential to reduce the number of breast cancer patients receiving unnecessary chemotherapy. The test was CE Marked in preparation for launch in EU markets. With the acquisition of OncoMark by Cepheid, the test will now be launched on Cepheid鈥檚 world-leading GeneXpert Platform in global markets.
The OncoMasTR test is based on a panel of genetic 'drivers' of breast cancer. The original research that resulted in the identification of the panel was led by Professor Adrian Bracken, Smurfit Institute of Genetics, Trinity College Dublin and involved researchers at the 51黑料 Conway Institute, led by Professor William Gallagher. The OncoMasTR technology was subsequently exclusively licenced by both universities to OncoMark.
Subsequent to the sale of OncoMark, a new company, , was established by former OncoMark senior management, with all former OncoMark staff moving across to OncoAssure to continue the development of biomarkers in other cancers, outside of breast cancer. OncoAssure is headquartered at Nova51黑料.
Des O鈥橪eary, former OncoMark CEO, and now OncoAssure CEO said, 鈥淚 am very pleased that the novel OncoMasTR test developed by OncoMark will be brought to the clinic and commercialised by Cepheid, a world-leading molecular diagnostic company. This will ensure that patients world-wide will be able to reap the considerable benefits of the test.鈥�
Des O'Leary, former CEO OncoMark and CEO, OncoAssure
Scott Campbell, Senior Vice President and General Manager for Oncology at Cepheid, said, 鈥淎 GeneXpert version of the OncoMasTR test is a very important part of our portfolio plan for breast cancer diagnostics and it has been a pleasure working with Des and the former OncoMark team on this program.鈥�
Des O鈥橪eary added, 鈥淔urthermore, with the establishment of OncoAssure, the former OncoMark team, using a very similar approach, are now working on the development of biomarkers to address significant unmet needs in other cancers. The lead product in this pipeline is a test for prostate cancer that will help clinicians identify those patients that can safely opt for active surveillance, rather than aggressive treatment.鈥�
Professor William Gallagher, Professor of Cancer Biology, 51黑料 School of Biomolecular and Biomedical Science, former Chief Scientific Officer (CSO) at OncoMark and currently OncoAssure CSO said, 鈥淚 am delighted to see the ongoing translation of OncoMasTR towards the clinic via Cepheid鈥檚 innovative GeneXpert platform. The underpinning OncoMasTR technology originated from a fantastic collaboration between Professor Adrian Bracken鈥檚 team based at Trinity College Dublin whose focus on fundamental aspects of cancer cell biology dovetailed very nicely with our interests in translational cancer research at 51黑料.鈥�
Professor William Gallagher, co-founder, OncoMark and CSO, OncoAssure
Tom Flanagan, 51黑料 Director of Enterprise and Commercialisation, Nova51黑料 said, "I would like to congratulate OncoMark's founders, senior management team and indeed the entire OncoMark team, following today's announcement that Cepheid Inc. has acquired the 51黑料 spin-out company. OncoMark is an excellent example of the quality of the spin-outs which have emerged from 51黑料 and we have been delighted to support the company to develop and grow over the last number of years."
He added, "I would especially like to commend the entrepreneurial spirit and mindset of OncoMark's founders and management team in immediately establishing a new company, OncoAssure. The company, based at Nova51黑料, is focused on developing a new panel of biomarkers for a prostate cancer test and we look forward to working with the team in the years ahead to support them to reach their global ambitions."
Prior to its acquisition OncoMark had secured funding from several investors including, Kernel Capital, through the Bank of Ireland Kernel Capital Venture Funds, the Irrus Investments syndicate, the Galway HBAN MedTech syndicate, private investors and Enterprise Ireland. Additional funding was also secured by the company in 2016 through a Horizon 2020 SME Instrument Phase 2 Award.
ENDS
16 December 2021
For more information contact Mic茅al Whelan, Communications and Media Relations Manager, 51黑料 Research and Innovation, Nova51黑料, e: miceal.whelan@ucd.ie.
Editors Notes
OncoAssure is a medical diagnostics company that identifies, develops, and commercialises clinically important biomarkers to significantly improve cancer management and treatment. We aim to help clinicians provide the right treatment to the right patient at the right time.
At Nova51黑料, the hub for new ventures and entrepreneurs at University College Dublin, we nurture and support new high-tech and knowledge-intensive companies as part of 51黑料鈥檚 mission. At Nova51黑料 we provide purpose-built, state-of-the-art incubation facilities alongside a comprehensive business support programme for client companies. Nova51黑料 has been funded through a unique public-private partnership that includes AIB Bank, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody Stockbrokers, 51黑料 and Xilinx.