ANN ARBOR, Mich., Feb. 19 /PRNewswire/ -- Compendia Bioscience, Inc. today announced results of a second productive year, including a renewed and expanding commitment from all major customers and the addition of several "Top 20" oncology drug companies to its customer roster. The new customers and existing customer commitment expansions led to a greater than 300% revenue increase, with similar growth forecasted for 2008.
A key factor in Compendia's financial growth in 2007 was the mid-year release of Oncomine(TM) Concepts Edition, a unique analysis approach using drug and pathway signatures to help drug researchers and developers better understand a specific drug's biology and predict tumor populations likely to respond to the drug. Additionally, Compendia significantly expanded the Oncomine gene expression database in 2007 with cell line panels and drug perturbation studies, areas of specific interest for its customers.
"The addition of Oncomine Concepts Edition and targeted expansion of our data collection and curation efforts were key to our sales success last year, and multi-year commitments from customers have positioned us well for 2008 and beyond," said John Freshley, Compendia's Chief Business Officer. "We are particularly proud that we now count 12 of the top 20 oncology companies as our customers and are in active discussions with several more."
In addition, a major product milestone was completed in 2007 with the transition of the free academic offering from the University of Michigan to Compendia. With more than 15,000 user registrations, Oncomine has long been a leading tool for academic and non-profit researchers.
"This was a very significant step for Compendia," commented co-founder and CEO Dan Rhodes. "We have actively developed exciting new features for Oncomine within Compendia and the only practical way to guarantee academic community access to these features was to take full responsibility for website support and data delivery."
"It was a big investment in both time and money, but it has always been critical to us that the academic communities have the same research capabilities as our corporate customers. We are proud that many of these new capabilities are still provided under a free research license," continued John Freshley. "Some advanced custom analyses require a license to Oncomine Research Premium Edition, but this modest investment is a tremendous value given the groundbreaking research that we and others have been able to accomplish using the premium features."
Along with expanded and new customer commitments, Compendia received an additional financial boost in 2007 when awarded a $2.4 million dollar SBIR Fast-Track award from the National Cancer Institute.
"This award was terrific validation of our approach and will allow us to truly scale the Oncomine platform in the future," said Dan Rhodes. "We have already completed the phase I feasibility portion of the award and are looking forward to rapidly executing the rest of the project."
About Compendia Bioscience, Inc.
Compendia Bioscience is dedicated to harnessing the global collection of high throughput molecular data to provide researchers with the data and analysis tools necessary to validate biomarker and gene target discoveries, better understand mechanisms of disease, and optimize clinical outcomes. http://www.compendiabio.com
Oncomine(TM) combines a rapidly growing compendium of 24,000+ cancer transcriptome profiles with a sophisticated analysis engine and a powerful web application for data mining and visualization. Oncomine facilitates rapid and reliable biomarker and therapeutic target discovery, validation, and prioritization. http://www.compendiabio.com/products/products.htm
|SOURCE Compendia Bioscience, Inc.|
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