Assay Depot speeds new drug discovery

A startup has emerged that has designed a new way to connect scientists with pharmaceutical research service providers, helping to streamline the drug discovery process. San Diego-based Assay Depot, an Internet marketplace for the pharmaceutical services industry, announced yesterday they have raised $1.8 million in series A financing from private investors.

Industry and academic scientists that are researching new drugs require samples of their work to be analyzed by third party labs, or service providers. Assay Depot makes this process more efficient by providing a marketplace that brings many service providers together in one place. A researcher (customer) will go on the site and select an option from a research services menu, then mail their sample in a pre-paid overnight express envelope to Assay. That order is then distributed to one of many service providers in Assay’s network, at which point the sample is forwarded by Assay to the corresponding provider. Once they complete the research service, the results are uploaded to Assay who then provides the customer with a full data report. Assay provides a variety of additional services to research providers as well: marketing, legal agreements and billing are all able to be handled on Assay Depot’s side.

The company plans to launch its service in early 2008.

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