Genomics startup Codominancy has announced it is set to invest £5m in a new UK venture to grow its business, following its acquisition of the company.
Codominance is developing technology for the extraction and sequencing of DNA from samples, and will be working with a UK-based company to help create its next generation of sequencing technologies.
The company said it will work closely with the UK company, which is building technology to use a DNA-sequencing machine to analyze and map DNA.
The technology will also help Codominant build a data-collection platform for businesses that need to quickly identify, analyse and produce a high-quality set of data for a large range of purposes, such as regulatory approval, drug discovery and disease surveillance.
Codomancy’s CEO, Dr. David Deacon, said:”Codominancy is an innovative company and one that is building an exciting new industry.
Our aim is to make it the first of its kind to harness DNA from the human genome to generate novel products, and we look forward to working with the British and US companies that will help us create this next generation.”
Codominancer was founded in 2016 and has already created the first commercially-available genome-sequenced DNA sample for use in medical diagnostics.
It is currently developing technology that can read the DNA from DNA samples and analyse the resulting data in order to identify diseases.
Codonomics’ chief scientific officer, Dr Michael O’Sullivan, said the company would be working closely with Codominancer to build a technology that could be used in the analysis of the genome of human samples, which would help Codomancy expand its ability to provide healthcare services.
“We see Codominancing’s commitment to the genomic research industry as a positive step forward in bringing genome sequencing to the forefront,” he said.
“This is an important step forward as Codominances technology is capable of sequencing millions of nucleotides and analysing their sequence, and is a powerful new tool that can help our researchers build an accurate diagnostic model.”
He added:”We are excited about the prospect of working with Codomancers technology to create a DNA sequencing platform to provide better insight into our patients’ genetic makeup.”
Codomancer is based in Oxford, UK, and Deacon said it has the ability to work with other major genomic companies, including GenomeOne, to help develop new technologies.