TRENTON (AP) – The Jackson Laboratory announced Monday the launching of the first commercial enterprise to spin off from the genetics research institution, a business projected to grow in value to $50 million within five years.

Bar Harbor Biotechnology is offering what was described as an improved system for capturing the genetic profile of biological samples and analyzing them for faulty gene expression that could be associated with such diseases as cancer, heart failure, Alzheimer’s and diabetes.

Among potential customers for the company’s approach are life science research institutes and companies, including clinical researchers and even clinicians, the Jackson Laboratory said.

Speakers at the announcement included Gov. John Baldacci, who said the new enterprise represents the kind of research and development ventures that are key to Maine’s economic future.

“We need to expand research and development to keep pace with the global economy,” the governor said.

Initial funding for Bar Harbor Biotechnology was arranged through an investment by Borealis Ventures of Hanover, N.H., an early-stage venture capital firm.

Bar Harbor Biotechnology is being launched with four employees, a number projected to grow to 10 in the first year.

“Bar Harbor Biotech is bringing high paying jobs to Down East Maine with the customers and investor dollars mostly coming from out of state, contributing to the strengthening economy of our state,” Baldacci said.

The new company is located along Route 3 in Trenton.