Genesis Genomics is one of the cornerstones of Thunder Bay’s fast-growing bio-medical and biotechnology sector.
Their groundbreaking health care research to detect early signs of skin cancer is leading to a new suite of products for the innovative 16-employee Northern Ontario company. 
The six-year-old venture is making the transformation from a privately-held research and development outfit, to a public one with last year’s landmark deal to bring one of their cancer bio-marker products to market.
Their agreement with VitalScience Corp., a global skin care producer, is to manufacture and market a two-step DNA skin test called skinphysical.
The test determines ultraviolet damage to a person’s skin over their lifetime. The product will be rebranded as DermaDNA and is expected to hit the shelves at Shopper’s Drug Mart and other pharmacies through their distribution deal with VitalScience.
A United States-based lab has been selected to test thousands of DNA swabs and is expected to handle their entire global processing for these tests.
The product was seven years in the making and is Genesis Genomics’ first commercial breakthrough.
This past winter, the Thunder Bay biotech company has been assembling its management team in preparation to go public next year. New President-CEO Robert Poulter is leading the molecular research firm toward an Initial Public Offering (IPO) in the fall of 2009. He follows co-founder Dr. Bob Thayer who has retired as CEO, but will remain as a board director.
Poulter has added Gregory Hines as ‘chair-elect’ of the board of directors.
Hines is president/CEO of ArcticDx Inc., a molecular diagnostic company in Toronto and previously headed up Tm Bioscience Corp.
Also on the roster is Michael Fawcett who was named vice-president of business development. He was a former Eastern Europe Regional Business Manager for Microsoft’s Global Accounts.
The fast-growing Munro Street company is a biotech leader in the research of mitochondrial DNA biomarkers and the development of non-invasive molecular diagnostic tests used to detect the early warning signs of cancers, diseases and other medical conditions. It’s one of a number of cancer detection, sunscreen and related lifestyle products Genesis Genomics is taking to market.
Last winter, Genesis Genomics received $311,735 in provincial government investment to commercialize their new prostate cancer test, Biopsy+ .
The company is also conducting research to determine if their processes can also be used for the early detection of breast cancer. Genesis Genomics was recently named one of Canada’s top investment prospects in life sciences, cleantech and technology companies by the Ottawa Centre for Research and Innovation.
“No question there’s been a lot more interest from the investment community,” says Poulter, of his company’s efforts to raise $10 million privately to develop new product offerings. “Some days the phone is ringing fairly regularly.”
Poulter says the market’s attitude toward their type of life sciences technology remains mixed because of current uneasiness in the financial sector.
“The general sentiment in the market is not that great, but the companies we’ve been talking to (venture capital firms, fund companies, brokerage firms) to assist us through this process are quite optimistic and keen to take a company like ours into the pubic forum.”
The fact his technology company was recognized as a top 10 Canadian life sciences company is an attention-getter with potential investors.
“It gives us some credibility because the award came from a jury of people within the investment community.”
Genesis Genomics also has a three-employee research lab at a business incubator at Newcastle University in the United Kingdom.
