Feb. 5, 2021
UArizona Startup GenetiRate Acquired by Aquaculture Biotechnology Firm
TUCSON, Ariz. – College of Arizona startup GenetiRate has been acquired by biotechnology firm IMV Applied sciences.
GenetiRate was based in 2018 on a know-how invented by Benjamin Renquist, affiliate professor of animal and comparative biomedical sciences on the UArizona College of Agriculture and Life Sciences and a member of the college’s BIO5 Institute. Renquist’s laboratory developed a brand new assay that measures the metabolic price of particular person aquatic animals, from fish to mollusks to crustaceans, to determine and kind out those who develop extra shortly, making it a helpful know-how for the aquaculture business. Kyle Kentch, a analysis specialist at UArizona, was the lead developer of know-how that automated the GenetiRate course of.
“IMV’s acquisition of GenetiRate is nice information for the know-how’s future, and a testomony to the impactful analysis being undertaken on the College of Arizona,” stated Doug Hockstad, assistant vice chairman of Tech Launch Arizona. “This can be a nice achievement for Dr. Renquist, and we look ahead to working with him extra sooner or later.”
“Considered one of our strategic intents is to be an financial driver within the state of Arizona,” stated Shane Burgess, vice chairman of the UArizona Division of Agriculture, Life and Veterinary Sciences, and Cooperative Extension and dean of the School of Agriculture and Life Sciences. “Dr. Renquist’s work exemplifies the innovation in our Faculty of Animal and Comparative Biomedical Sciences, creating jobs and serving to us fulfill our land-grant college raison d’être.”
In spring 2019, GenetiRate obtained the North Atlantic Seafood Discussion board’s Seafood Innovation Award for bettering sustainability and manufacturing, and joined the aquaculture targeted accelerator Hatch.
“We’re joyful to have recognized, invested in and offered an organization in slightly below two years with a know-how that may make the sector an order of magnitude extra environment friendly. It is nice to see how our mannequin of investing in sustainable aquaculture innovation and offering in-depth market know-how and community creates worth to business and buyers alike,” stated Carsten Krome, managing associate at Hatch.
GenetiRate was additional financially supported by means of awards supplied by the startup and bioscience communities in Arizona. The startup was acknowledged at StartUp Tucson’s 2019 IdeaFunding occasion with a 2020-2021 Flinn Basis Bioscience Entrepreneur Fellowship. GenetiRate additionally was a 2020 finalist for the Governor’s Celebration of Innovation within the startup class.
“With comparable buyer bases and merchandise and a shared concentrate on know-how growth, becoming a member of the IMV household was a pure match,” Renquist stated. “IMV will present the muse for us to quickly develop the appliance of GenetiRate’s applied sciences to reinforce manufacturing throughout the aquaculture business. We look ahead to growing know-how to automate our choice course of in most species.”
IMV Applied sciences is the world chief in animal assisted copy biotechnologies. Based in 1963, IMV Applied sciences, a French firm, has subsidiaries and/or manufacturing amenities in Brazil, China, France, India, Italy, the Netherlands, Russia, Scotland, South Africa and the US.
“We’re excited to welcome GenetiRate and its group to the IMV Applied sciences household,” stated Eric Schmitt, director of innovation, science, and know-how at IMV Applied sciences stated. “Dr. Renquist and his lab have developed vital know-how that we imagine must be taken to the marketplace for the advantage of the salmon and trout industries and past.”
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Tech Launch Arizona
The College of Arizona, a land-grant college with two independently accredited medical faculties, is likely one of the nation’s high 40 public universities, in line with U.S. Information & World Report. Established in 1885, the college is widely known as a student-centric college and has been designated as a Hispanic Serving Establishment by the U.S. Division of Training. The college ranked within the high 20 in 2019 in analysis expenditures amongst all public universities, in line with the Nationwide Science Basis, and is a number one Analysis 1 establishment with $734 million in annual analysis expenditures. The college advances the frontiers of interdisciplinary scholarship and entrepreneurial partnerships as a member of the Affiliation of American Universities, the 65 main private and non-private analysis universities within the U.S. It advantages the state with an estimated financial affect of $4.1 billion yearly. For the newest on the College of Arizona response to the novel coronavirus, go to the college’s COVID-19 webpage.