The joint venture of Rainbow Coral Corp. and Nano3D Biosciences (n3D), moved significantly closer to its funding goals this week thanks to a prestigious research grant from the National Institutes of Health.
The NIH’s Small Business Innovation research (SBIR) program is a set-aside program for small business concerns to engage in research and development that has the potential for commercialization. Nano3D was awarded a Phase I SBIR grant for work associated with its recent proposal, titled “Novel 3D high-content/throughput assay with mobile device-based data acquisition.”
Alongside RBCC, n3D is working to market and develop the BiO Assay: the world’s first commercially available 3D bioprinting system designed for high throughput and high-content drug screening. The automated toxicity assay uses biocompatible magnetic nanoparticles to print cells into 3D structures much faster and more affordably than competing bioprinting tech currently on the market.
Nano3D’s winning proposal details a 3D model that is rapid, quantitative, and representative for high-throughput toxicity testing to meet these needs by magnetically printing 3D cultures.
“We’re immensely gratified that the NIH recognizes the unprecedented research potential of the Bio Assay,” said RBCC CEO Kimberly Palmer. “This effective, affordable technology could soon replace traditional in vitro and animal toxicity tests permanently.”
RBCC formed a biotech subsidiary, Rainbow Biosciences, to market and develop new medical and research technology innovations such as the BiO Assay to compete alongside companies such as Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Amgen Inc. (NASDAQ: AMGN). In 2012, Rainbow Biosciences acquired an equity interest in n3D.
About Rainbow Biosciences
Rainbow Biosciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB: RBCC). The Company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit www.RainbowBioSciences.com.