Published on February 6, 2014 at 6:04 AM
Rainbow Bioscience, the biotech division of Rainbow Coral Corp. (OTCBB: RBCC), announced today that it is seeking out new capital partners to help expand marketing and streamline development on the BiO Assay, a 3D bioprinting system poised to potentially revolutionize the drug development industry.
Developed by RBCC joint venture partner Nano3D Biosciences (n3D), the BiO Assay is 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.
The market-ready technology could represent the dawn of a new era in pharmaceutical research, offering better and faster results than have previously been possible. Now, RBCC is lining up investors to help put the BiO Assay into the hands of researchers who need it most.
"We believe there is truly a global market for this product, as there's nothing else quite like it in use today," said RBCC CEO Kimberly Palmer. "In order to elevate its development, production and marketing to meet demand, we're going to need some forward-looking capital investors."
Healthcare-related 3D printing is such a hot sector that industry analysts Transparency Market Research predicted last year that the market will enjoy a compound annual growth rate of 15.4 percent over the next six years, expanding from a value of $345 million in 2012 to nearly a billion dollars in 2019. RBCC formed a biotech subsidiary, Rainbow Biosciences, to market and develop innovations such as the BiO Assay in order to compete alongside companies such as Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Amgen Inc. (NASDAQ: AMGN).
Source: Rainbow Biosciences