WASHINGTON, D.C. - A new company, backed by George Mason University and $5 million in private investment funds has been formed by two cancer researchers to tailor chemotherapy treatments for individuals based their individual needs.

Two cancer researchers, Dr. Lance Liotta and Emanuel Petricoin have announced the formation of Theranostics Health LLC. The President and Chief Executive Officer, Joseph Reilly stated that "rather than relying on a one size fits all method to choose chemotherapy, information on protein activity in tumor cells will allow doctors to select the best drug".

Petricoin told reporters at a news conference in Washington that "the technology will analyze the cellular circuitry in tumor tissue and identify pathways that are driving the growth of the cancer in an individual patient"

The technology was developed by scientists at George Mason University, located in Fairfax Virginia. George Mason owns the rights but is licensing it to the company.

The company is based in Gaithersburg, Maryland.

The company will initially negotiate agreements with harmaceutical companies to anti-cancer drugs, then run clinical trials to assess them. By next year the company is expected to work with doctors and individual patients.