These tests are expected to accelerate the approval of drugs with greater potency, especially for diseases where current measures delay promising experimental drugs from being approved. It marks the first time that two regulatory agencies have accepted submission of a single application using the same biomarker tests for new drug reviews. Importantly, the collaborative scientific process put in place for these tests sets a standard for review and approval of other biomarkers for future drug development. With these more-sensitive tests, physicians may more quickly determine how effective some medications will be for some individuals or ineffective for others.
As if to further underscore Arizona’s emergence as a center for molecular diagnostics, two for-profit pharmaceutical and diagnostic firms announced significant Arizona investments. To broaden its diagnostic offerings, Swiss-based giant Roche completed its $3.4 billion acquisition of Tucson’s Ventana Medical Systems. Ventana’s leadership in tissue-based testing is expected to provide Roche with companion diagnostics for its oncology therapies, resulting in more differentiated and targeted medicines to patients. Roche recently acquired additional land to expand its Tucson diagnostic services.
Caris Diagnostics, the leading U.S. provider of subspecialty pathology services to outpatient physicians, announced its acquisition of the Molecular Profiling Institute (MPI), a TGen-initiated company focused on molecular diagnostic testing. From its expanded Phoenix laboratories, Caris hopes to increase MPI’s capacity to partner with leading pharmaceutical companies and medical institutions to develop and direct new diagnostic tests into clinical practice.
Capital and Champions
To be successful over the long haul, a state or region needs strong universities, first-rate research facilities, a large and talented scientific pool, and access to venture capital. To maximize the return on its early research investments and commercial ventures, Arizona must build a complementary risk-capital continuum that provides a nurturing environment for new and existing bioscience businesses to flourish. This continuum includes proof-of-concept funding to support prototype development and engineering optimization; pre-seed or early-stage working capital to help a new company complete product development and assemble a management team; and first-stage financing to help a firm initiate full-scale manufacturing and marketing.
Subject to legal constraints imposed on a philanthropic organization, the Foundation proposes to join others to stimulate the broad market-based response. To date, the Foundation has helped Phoenix-area investors launch the Translational Research Accelerator Fund (TRAC), and is exploring similar bioscience funding opportunities that could include the commitment of a variety of resources, including grants, loans, direct investments, and staff and consultant assistance.
Stimulating the marketplace is consistent with the early history and interests of this Foundation and its founders, Dr. Robert S. and Irene P. Flinn. They formed the Foundation almost 45 years ago to promote technology-driven medical care programs and recruit top physician specialists to Arizona. Through the Foundation they supported the emergence of Arizona’s medical school and awarded scholarships to help students prepare for a career in the health professions.
Thanks to their generous bequests, this Foundation is uniquely positioned to help Arizona at a critical time. Analysts suggest that as many as 20 “megapolitan” areas with economic and cultural potential equivalent to the largest and richest of nations are emerging in the U.S. The Sun Corridor – a region stretching from the Prescott area (Dr. Flinn’s hometown) south to Arizona’s border with Mexico – is one of the few with an abundance of natural capital and enormous growth potential. Arizona’s challenge will be to shape an outcome that enhances the quality of life for decades to come. We see the biosciences at the core of Arizona’s future prosperity.
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This will be my final essay as the Foundation’s President and CEO. I have informed the board of directors of my desire to retire effective June 2009, and the board will soon designate an executive search firm to assist in choosing my successor. Guided by the board and our talented staff, the important work this Foundation has been engaged in will be sustained.
John W. Murphy
President and Chief Executive Officer