Galileo Genomics Inc., a Montréal-based next generation genomics company, announced that Investissement Québec is providing a CAD$7 million loan under its BioLevier programme. Galileo will use these additional funds to accelerate the search for genes associated with more than 20 common and economically important diseases. Galileo had previously announced on January 7, 2004 an equity financing of $11.15 million.
The objective is the discovery of "GeneMaps", groups of common interacting genes that are directly involved in disease-causing biochemical processes. These are expected to lead to new drug and diagnostic targets that will accelerate the progression to personalized medicine, through the combined use of a gene-based drug and a genetic diagnostic to treat the root causes of common diseases, and not just the symptoms.
Michel Audet, the Quebec government's minister of regional and economic development, expressed his delight at Galileo's contribution to the development of genomics in Québec: "The pharmaceutical industry is working increasingly to develop new medicines tailored to patient genetics and Galileo's work in genomics is a response to this growing need. In addition, Galileo is a promising Québec company that has caught the attention of major Québec and foreign investors and established strategic partnerships. Today, our government reiterates its unfailing support for research and innovation in Québec, activities that are vital to the development of a competitive economy."
"We expect to be among the leaders in the discovery of genes and GeneMaps associated with common diseases," commented Dr John Hooper, president and CEO of Galileo Genomics. "We are very pleased that the government of Quebec has decided to assist us in achieving this objective. Its contribution to our discoveries will be significant, and Investissement Québec's debt financing will assist us in expanding our research capabilities in Québec."
The company's research relies partly on the study of genetic data collected from the Québec founder population, a relatively homogeneous population of six million people largely descended from a group of approximately 2,600 ancestors that emigrated to Québec from France between 1608 and 1760. Through collaboration with over 700 clinical investigators in Quebec, Galileo has collected over 17,000 DNA samples from patients with precisely defined phenotypes and their relatives in over 20 common diseases, and expects to collect a further 18,000 such samples in the next 2 years.