Feb 06, 2017 09:03 AM EST By Amanda Foster, UniversityHerald Reporter

A cancer research and treatment center in Buffalo, New York is taking a huge leap in advancement. The Roswell Park Cancer Institute, is announcing a new spin off of a new company. The institute was first a dedicated medical facility for cancer research and treatment in the country and it introduces a host of other companies to its goal. 

It is also the only upstate New York facility to hold the National Cancer Institute title of a comprehensive cancer center. The Roswell Park Cancer Institute has been aiming to develop new drugs, therapies, advanced treatments in different forms for its adult and pediatric cancer patients.

Now, with the new spin off, the institute is planning to commercialize technology from its research, as reported by Buffalo Business First. Last year, the medical facility has launched Global Biotechnology & Cancer Therapeutics. It is led by Dr. Thomas Schwaab who is currently Roswell Park's chief of strategy of business development and outreach. He will serve as the CEO for GBCT with COO David Donovan by his side.

Schwaab explains that the spin off will provide newer platforms for discoveries in the research. It also opens up opportunities for venture capitalists to invest in biotechnology. The spin off company is owned wholly by Roswell Park. According to the recent press release, the GBCT will be using local and international partnerships to help investors raise revenue and gain approvals from the FDA. It will also need to license inventions through its tech offices.

GBCT is not the only spin off from Roswell Park. Other company spin offs include OmniSeq and MimiVax. They are also invested in the goal for cancer therapy and research.

In addition to GBCT, Roswell Park also spun off another company called Tactiva Therapeutics. It will mainly focus on the body's ability to attack cancer cells with the use of genetically engineered blood, as reported by Washington Times.

Know more about Tactiva in the video below through Dr. Kunle Odunsi's words, the Chief Medical Officer at Tactiva:

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