CRANBURY, N.J., June 22, 2011 /PRNewswire/ -- The founders of Oncobiologics, Inc. today announced that the firm, a specialist in biologics proof-of-concept services, will launch itself to the biopharmaceutical industry at the 2011 BIO International Convention. The convention is being held June 27-30 at the Walter E. Washington Convention Center in Washington, DC.
Oncobiologics was founded by a group of leading scientists and engineers from top-tier global pharmaceutical and biotech companies, including Genentech, Eli Lilly, Bristol-Myers Squibb, Bayer, Merck, Johnson & Johnson, Schering-Plough and Medarex. The company is commercializing a new one-stop proof-of-concept "engine" that will enable biologic drug developers to economically and efficiently develop more of their pre-clinical drug candidates. Oncobiologics has raised start-up funding through U.S. government grants, bank loans, and investments by listed companies and private equity investors.
Oncobiologics founder and CEO Dr. Pankaj Mohan commented, "Oncobiologics was created to help unleash the tremendous wealth of pre-clinical assets generated by the U.S. biopharmaceutical industry. Historically, roughly 40% of those assets suffer significant delays due to capacity and financial constraints. Oncobiologics aims to deliver the world-class technical capabilities found at top-tier companies, with a cost structure that more closely resembles low-cost country outsourcing, thus easing this critical bottleneck."
Adds Mohan, "Our team sees a great business opportunity here, but we are equally committed to opening up the flow of promising drug candidates to the patient populations that so desperately need them."
The Oncobiologics business model features a core set of expert services that are supplemented by strategic partnerships with external industry specialists. Internal services include cell and molecular biology; and process, analytical and formulation development. Manufacturin
|SOURCE Oncobiologics, Inc.|
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