Known names behind tech startup
NetGenics founder, former Rosetta exec joins forces with past colleagues on GenomOncology
A few familiar names from Northeast Ohio's business community — including the founder of a biomedical company that nearly went public more than a decade ago — are coming together to start a new company called GenomOncology LLC.
Few details are available, but judging by the name of the company and the involvement of NetGenics Inc. founder Manuel Glynias, the business likely will revolve around genetic data related to cancer.
The new company, incorporated earlier this year, has raised $1.25 million from five investors since April 30 and aims to raise another $750,000, according to a document filed May 9 with the U.S. Securities and Exchange Commission.
The SEC document lists Mr. Glynias as the company's CEO and notes that the business is based out of his Westlake home.
Mr. Glynias most recently was a partner at Rosetta Marketing Group LLC, a New Jersey-based interactive marketing firm that has an office in downtown Cleveland. However, he's best known for founding NetGenics, which developed software designed to help drug developers sort genetic data.
NetGenics filed for an initial public offering in 2000 and had 91 employees at the time. The IPO was tabled shortly thereafter, however. In a 2007 interview with Crain's, Mr. Glynias said the company had expanded too quickly to support itself, which drove him to sell it to Lion Biosciences AG in 2002. The German biopharmaceutical company left Cleveland the following year.
Mr. Glynias isn't starting Genom-Oncology alone. The filing lists technology executive Brad Wertz and investor Lee Zapis as directors of the company.
They've worked together in the past. Mr. Wertz about 10 years ago founded technology services firm Xteric Technology Group Inc. of Independence. A few years later he worked on a project with Mr. Glynias, who at the time was running Lucidyx LLC, a gene research software company that he founded after selling NetGenics. After Xteric was bought by Brulant Inc. of Beachwood in 2006, Mr. Glynias joined Brulant as a principal. That company merged with Rosetta in 2008.
Mr. Wertz no longer is with Rosetta, Mr. Zapis confirmed via email.
As for Mr. Zapis, he's the founder of Zapis Capital Group LLC in Westlake, which invested in Lucidyx. Mr. Glynias licensed that company's software to a San Diego company about six years ago.
Mr. Zapis said he would not provide more details because GenomOncology still is working to raise money.