Lexicon Genetics Receives Award From Texas Enterprise Fund For Major Biotechnology Initiative
New OmniBank Library Will Form The Core Of The Texas Institute For Genomic Medicine
Lexicon Genetics Incorporated announced that it has been awarded $35 million from the Texas Enterprise Fund for the creation of a comprehensive knockout mouse embryonic stem cell library containing 350,000 cell lines. Lexicon will create the library using its proprietary gene trapping technology for the Texas Institute for Genomic medicine, a newly formed non-profit institute whose founding members are Texas A&M University, the Texas A&M University System Health Science Center and Lexicon Genetics. The Texas Enterprise Fund has also awarded $15 million to The Texas A&M University System for the creation of facilities and infrastructure to house the library.
When complete, the new library is expected to be the world's largest collection of mouse embryonic stem cells that have been engineered for the study of gene function, allowing researchers to identify which genes offer the most promise for future drug development. Institute researchers may also access specific cells from Lexicon's current gene trap library of 270,000 mouse embryonic stem cell lines and will have certain rights to utilize Lexicon's patented gene targeting technologies. In addition, Lexicon will equip the Institute with the bioinformatics software required for the management and analysis of data relating to the library.
The Texas Institute for Genomic Medicine is designed to pioneer the development of life-changing medical breakthroughs, accelerate the pace of medical discoveries and foster the development of the biotechnology industry in Texas. The Institute will prioritize diabetes and obesity research and other areas of significant medical need such as infectious disease and cancer. It is structured to encourage participation and membership by all Texas academic, medical and commercial entities. Entities outside of Texas will also be invited to participate in the Institute to further their scientific research efforts. The Institute will make cells from its library available to researchers worldwide. Its facilities will be located in Houston at the Texas A&M System Health Science Center's Institute of Biosciences and Technology and in College Station at Texas A&M University.
With the support of the Texas Enterprise Fund, the Texas Institute for Genomic Medicine is envisioned to positively impact the growth and development of Texas as a center of biotechnology innovation. It will offer the opportunity for job creation and the incubation of new biotechnology companies throughout the State and is designed to attract well-known researchers, venture capital and grant funding to Texas.
"I am proud to announce that the state of Texas is committing $50 million from the Enterprise Fund to help Lexicon Genetics and The Texas A&M University System establish the Texas Institute for Genomic Medicine, a groundbreaking genetics research center that will bring 5,000 new jobs to Texas, attract millions of new dollars for medical research and lead to the development of life-saving medical treatments and therapies," Gov. Rick Perry said.
Other news from the department business & finance
