Rainbow Coral’s division, Rainbow BioSciences said that it was impressed with the award-winning track record of Nano3D Biosciences, a developer of advanced nanoparticle cell-growth technology. Rainbow BioSciences has recently announced that it has started the due diligence analysis for a possible joint venture or acquisition of Nano3D Biosciences.
Nano3D Biosciences received the $250,000 Pre-Seed Commercialization Award from the Texas Emerging Technology Fund in June 2010 for the development of a novel device that grows cells magnetically, allowing the growth of three-dimensional tissue utilizing a proprietary proportion of nanoparticle-based reagents. The company is entitled to get a total fund of $1 million via the Texas Emerging Technology Fund.
Nano3D Biosciences had been awarded the first Goradia Innovation Prize in September 2010 at the Gulf Coast Innovation Conference & Showcase. Consequently, the company received $10,000 from the Houston Technology Center. The possibility for a long-term success, the capability to create jobs within the region, the reliability of the business plan and the innovation’s market potential were the selection criteria for the award.
Nano3D Biosciences has been well accepted by the pharmaceutical and medical research community. The UT Health Science Center, Baylor College of Medicine, Methodist Hospital and MD Anderson Cancer Center are some of the current customers of the company.
The Chief Executive Officer at Rainbow Coral, Patrick Brown stated that these awards and recognition by the Texas Medical Center is a testament to the value of Nano3D Biosciences and strengthens Rainbow BioSciences’ decision to proceed with its plans for Nano3D Biosciences.
Source: http://www.rainbowbiosciences.com