AusBiotech is the leading Australian industry body representing and advocating for organisations doing business in and with the global life sciences economy. AusBiotech marked 30 years since the industry organisation was founded on 28 December 2015. As part of the 2016 celebrations of this event, the organisation is publishing ’30 success stories in 30 days’ in February, showcasing the impressive achievements of Australia’s biotechnology industry
Genetic Signatures was featured as part of these Australian Biotechnology industry success stories.
Australian-born Genetic Signatures made its successful IPO on the ASX last year, further enabling its life-saving work with molecular tools to screen for a wide array of infectious pathogens.
Genetic Signatures, or Human Genetic Signatures as it was originally known, was co-founded by the late Dr Geoffrey Grigg and Mr Chris Abbott in 2001.
Both masters in their respective fields, Dr Grigg was a prolific Australian scientist and former division chief at the CSIRO with an exceptional ability to exploit opportunities in both research and biotechnology, whilst Mr Abbott was a highly regarded businessman who co-founded the investment firm Maple-Brown Abbott. However what drew the two men together was their deep held interest and belief in the potential of the Australian biotech market.
The company’s original focus was on commercialising technology associated with methylation analysis, which is central to the regulation of many cellular processes. The most widely used method for methylation analysis, the sodium bisulphite conversion method, was conceived by Dr Grigg whilst working at Cambridge in the 1980s and subsequently improved at Genetic Signatures by Chief Scientist, Dr Douglas Millar. During the development phase of DNA methylation markers of oncogensis, the company discovered that the sodium bisulphite conversion method could be used in the development of molecular assays for the detection of infectious pathogens.
Today the company’s EasyScreen™ kits, which are based on the company’s unique 3base™ technology, simplify the detection of entire classes of microbial species, and are saving lives by providing the molecular tools to screen for a wide array of infectious pathogens in a rapid and high-throughput environment.
Originally based at the CSIRO’s North Ryde laboratories, Genetic Signatures now employs a team of 27 staff (which still includes the first employee, Dr Doug Millar), and has recently moved to new headquarters in Sydney’s East.
Another recent development is the successful IPO of Genetic Signatures onto the Australian Securities Exchange in early 2015, which raised additional capital to fund the company’s ongoing development and international expansion plans as well as cemented the vision of the biotech’s two founders.
Central to this achievement is Genetic Signatures’ ongoing commitment to developing and trialing new products in Australia as well as the company’s flexible approach built around innovation and commercialisation. This combination has helped drive Genetic Signatures through its original inception and local growth into new international markets worth billions of dollars.
Reinforcing this strategy Mr Abbott, who remains close to the company to this day, believes that there are many more similar opportunities for other organisations in the Australian biotechnology sector if they can similarly overcome the challenge of bridging the gap between medical science and commercialising new products.
As Genetic Signatures reaches its first anniversary since going public, the company’s board is more determined than ever to take this Australian-developed technology to the world. With a strong development and commercial heritage backed by Australian scientific and commercial expertise, Genetic Signatures’ solution is using Australian science to help solve a global problem.
GSS Price at posting:
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