Gamida Sense Diagnostics plans to complete a $10 million private placement by the end of the first quarter of 2002, CEO Avi Reinhartz told TheMarker.com.
The firm will use the proceeds, which are to come from Israeli and European capital venture funds, for R&D. Specifically, it hopes to complete development of an advanced product prototype by mid-2002, based on its proprietary OCEAN technology.
Gamida is developing a diagnostic kit that creates genetic profiles for the optimal prescription of drugs and dosages.
The basic concept is that drugs created based on genomic mapping can be marketed together with a "genetic profile" diagnostic kit. Doctors will be able to prescribe optimal tailor-made drug treatments based on the patient's DNA fingerprint, hopefully with less side effects.
By 2010 Gamida hopes to achieve a 15% share of the market, which Front Line Strategic Management Consulting expects to grow to $13 billion, from $900 million in 2001.
Today's drugmakers must run comprehensive tests to see how different genotypes (genetic types) react to drugs. Today's tests cost say an average of $1, while Gamida Sense's kit will cost mere cents per test, Reinhartz said.
Gamida is negotiating alliances with pharmas, genome companies and research firms.
Gamida, founded in 1996 by Reinhartz and scientist Sari Alajem, maintains a staff of 15 in Ashdod offices.