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Tuesday, November 16, 2010

Cincinnati Grabs Stake In High-Tech Startup From Tennessee: $2 Mil In Venture Cap Funds Lures New Biz To City

CINCINNATI (TDB) -- The company is called Nanodetection Technology, or NDT. It has invented a system for quickly detecting pathogens, DNA and other biomarkers. Investors who put up the $2 million include CincyTech, which has a $250,000 stake.  CincyTech said NDT's sensors could be used in emergency rooms and doctor's offices to diagnose infections in minutes rather than days.  The technology also has potential in spotting threats from terrorists, who may use bio-weapons like anthrax or other diseases in efforts to attack U.S. cities.  Here's what NDT says it does:

"NanoDetection Technology is an early entrant into the diagnostic segment of biochip sensor technology. While the term ‘biochip’ has come to mean many different things, biochips typically combine integrated circuitry and genomic technologies for basic biological research, drug research and disease diagnosis. NanoDetection’s ‘biochip’ is a patented microchip biosensor, based on multiple phototransistor integrated circuits, that detects light (e.g. fluorescence or luminescence) emitted as a result of a chemical reaction caused by DNA hybridization or an antibody/antigen pairing. Unlike historical advances in the diagnostic device sector where new technology simply automates or upgrades conventional methodologies, biochip devices will make obsolete the traditional diagnostic protocol and allow for nearly real-time detection. 

"As the overwhelming majority of public biochip companies focus on the biological research and drug research market, NanoDetection is one of the first few companies to leverage this technology for diagnostic purposes in veterinary diagnostics, bioterrorism and food safety. NanoDetection’s initial markets enable lower technology development and refinement costs because of easy access to biological samples and lower regulatory hurdles and oversight."

The company has been in Oak Ridge.  With the $2 million, NDT plans to finish clinical trials and hopes to lauch its product in the health-care market by 2013.  It is looking for lab space in Cincinnati.  CincyTech invests in startup business in bioscience, information technology and advanced manufacturing.  It is financially supported by Ohio's Third Frontier, foundations and corporate grants.  The goal is to grow the regional economy and jobs market.

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