Company Expects to Grow Workforce by More Than 50 Percent
Under Chief Executive Officer Dr. Guanghui Hu's leadership, Admera Health is dedicated to developing cutting-edge diagnostics that span the continuum of care. He's pictured here (left) with Brady Millican, Admera's Vice President of Business Development.
TRENTON (September 15, 2016) – As an advanced molecular diagnostic company focused on personalized medicine and non-invasive cancer testing, Middlesex County-based Admera Health is dedicated to developing cutting-edge diagnostics that span the continuum of care. With support from the New Jersey Economic Development Authority (EDA), the company plans to expand its product portfolio and grow its workforce by over 50 percent.
Admera was formed in 2012 as a spinout from GENEWIZ, a global leader in research and development genomic services and one of the first graduates of the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Located in South Plainfield, Admera aims to utilize next generation technology platforms and advanced bioinformatics to redefine disease screening, diagnosis, treatment, monitoring, and management through its innovative, personalized solutions.
Admera currently offers a commercially available 25-gene pharmacogenomics panel that can provide treatment recommendations for over 150 drugs in a number of therapeutic areas, including cardiology, psychology and oncology. These recommendations include what medications should be avoided or administered with caution, dosing information and what medications will provide an expected response based on the patient’s genetic makeup. The biotechnology company is increasing its pharmacogenomics panel to 50 genes, which will broaden the number of associated drugs to 220. Additionally, knowing that a patient’s understanding of his or her care is of the utmost importance, Admera provides doctors with iconographic and color-coded reports, which it says are also easy for the patients to read. Admera also provides genetic testing for inherited cardiovascular diseases and cancer tumor profiling.
The EDA recently closed on a loan with Admera through the Edison Innovation VC Growth Fund, providing the company with working capital to support its operations. Admera anticipates maintaining its current staff of 51 and creating an additional 30 new jobs in New Jersey over the next two years.
“Admera has always been on the forefront of patient care and, with EDA support, we hope to become the standard of care across the industry,” Admera Chief Executive Officer Dr. Guanghui Hu said.
Created in 2011 to enhance support of early-stage businesses that have attracted funds through venture capital (VC) investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
“The loan to Admera is yet another example of State resources being used to help businesses throughout their lifecycle,” EDA CEO Melissa Orsen said. “Biotechnology startups like Admera have a positive impact, not just in New Jersey, but throughout the nation and around the world.”
Earlier this year, Admera won the 2016 North American Frost & Sullivan Award for Technology Innovation. In bestowing the award, consulting company Frost & Sullivan noted that Admera “… is using its expertise to extend this continuum of care by looking beyond conventional diagnostics methodologies to provide a series of diagnostic tests that give patients and physicians the relevant resources and information to make more informed treatment decisions.”
@NJEDATech asked Dr. Hu about his company’s experience in New Jersey and its plans for the future:
Why did you choose to grow Admera in New Jersey?
Admera’s sister company, GENEWIZ, is headquartered in New Jersey. GENEWIZ made a strategic decision to locate here to be near biopharmaceutical hotspots.
What is your company’s biggest success to date?
Admera’s biggest success to date is the development of the most comprehensive pharmacogenomics gene panel commercially available.
What’s on the horizon for Admera?
Beyond expanding its pharmacogenomics panel, Admera is working toward offering a mobile app for physicians and patients to easily access test results, developing a digital health genomic interpretation system, and launching a portfolio of cancer diagnostics that will help physicians make treatment decisions that will improve patient outcomes.
The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.