TIDCO joint venture with Genome Technologies

By Our Special Correspondent

CHENNAI, DEC. 5. The Tamil Nadu Industrial Development Corporation (TIDCO) today signed a memorandum of understanding (MoU) with Dr. Sena Senapathy, founder and CEO of Genome Technologies, University of Wisconsin Research Park, Madison, U.S., to set up a Bioinformatics and Genomics Centre in the city.

The proposed joint initiative will promote projects in laboratory genomic technologies, computational genomics and proteomics technologies for high throughput DNA sequencing and discovery of genetic polymorphism (SNPs), using accelerated sequencing technologies patented by Genome Technologies. It will facilitate research and enable bioentrepreneurs to commercialise their research findings, validate products, offer contract sequence services and provide other services such as training.

Its informatics systems will allow biomedical companies to mine drug development and biomedical information from public and proprietary genome sequence databases.

Estimated to cost Rs. 450 crores on completion of different modules of the project having an ultimate direct employment potential of 600 professionals, the proposed venture will be set up initially at the TIDEL Park, home to Indian operations of several leading information technology (IT) companies from various countries.

Addressing a press conference, Mr. R. Gopalan, Chairman and Managing Director of TIDCO, said the venture's products were expected to generate revenues through licence fees, contract service payments from commercial partners, royalties from sale of products discovered using GTL's products and retail e-commerce sales of informatics systems through branded Internet sites. TIDCO had already entered into a confidentiality agreement with Genome Technologies, whose expertise would help develop the agricultural and health care potential of Tamil Nadu.

The venture was likely to be funded by the Technology Development Board (TDB), Department of Biotechnology, financial institutions and venture capital institutions, besides a small part of the equity being taken up by TIDCO.

Dr. Sena Senapathy, alumnus of AC College of Technology in Chennai and former researcher at the U.S. National Institute of Health, said gene sequencing of various important agricultural products presented a vast market, besides sequencing services for pharmaceutical companies undertaking development of new drugs.

The Chief Minister, who announced Tamil Nadu's Biotechnology Policy in September, was present at the signing ceremony which is considered a milestone in implementation of the policy. TIDCO, which had only a few days ago opened a biotechnology park for women entrepreneurs at Siruseri, near the city, is scheduled to complete the building of a Marine Biotechnology Park at Mandapam, near Tuticorin, in the next few months.

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