Cancer Genetics, Inc. New Clinical Trial Backlog Exceeds $13 Million
February 20 2014 - 7:50AM
Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or the "Company"), an
emerging leader in DNA-based diagnostics, initiated two additional
multi-year clinical trial contracts with biopharmaceutical
customers. The Company estimates that the new contracts increase
its total SelectOneTM pipeline to over $13 million in revenue over
the next two years.
CGI's SelectOne program provides biotech and pharmaceutical
companies with access to a range of genomic and biomarker-based
testing technologies that improve the design and management of
oncology clinical trials.
"Our SelectOne program is one of the key elements of our growth
strategy, and these new contracts further validate our ability to
develop compelling programs for our biopharma partners," said Panna
Sharma, President and CEO of CGI. "With cancer drug approvals at
only 13%, as measured from Phase 1 to FDA approval, there is a
substantial need for improvement in patient selection and
stratification among biotechs and pharma companies. Using our
clinically-robust, CLIA-approved tests, our SelectOne customers
benefit from more accurate understanding of biomarker-driven
endpoints while refining the selection of specific patient groups.
By understanding the genomic makeup of patient populations and how
and why they respond to certain therapeutic agents there is an
opportunity to drive the potential acceleration of clinical trials
and to improve success rates and outcomes for patients, ultimately
driving rapid growth in our SelectOne business."
CGI continues to build upon its existing relationships with
leading global biotech and pharmaceutical clients to expand
SelectOne, which was formally launched in early 2012. As demand for
these clinical trial services continues to increase, CGI will
expand its organization and invest in additional technology
infrastructure to accommodate the growing test volumes.
About SelectOne™
The SelectOne™ clinical trial offering was specifically created
by CGI to service biopharmaceutical and biotechnology companies
with their oncology-focused clinical trial programs, biomarker
discovery and companion diagnostic development. This service
leverages our knowledge of clinical oncology and molecular
diagnostics and our laboratory's fully integrated capabilities. We
develop customizable tests and techniques utilizing our proprietary
microarrays and laboratory services to provide enhanced genetic
signature and more comprehensive understanding of complex diseases
at earlier stages. Our genomic database and assay development
capabilities are used in the development and validation of
companion diagnostics.
Select One™ clinical services are designed to allow our
customers to improve patient responder selection, thereby
potentially increasing the likelihood a product being approved by
the FDA. These services may also reduce the costs associated with
drug development by determining earlier in the development process
if a company should proceed with additional clinical studies.
About Cancer Genetics:
Cancer Genetics, Inc. is an emerging leader in DNA-based cancer
diagnostics, servicing some of the most prestigious medical
institutions in the world. Our tests target cancers that are
difficult to diagnose and predict treatment outcomes. These cancers
include hematological, urogenital and HPV-associated cancers. We
also offer a comprehensive range of non-proprietary
oncology-focused tests and laboratory services that provide
critical genomic information to healthcare professionals, as well
as biopharma and biotech companies. Our state-of-the-art reference
lab is focused entirely on maintaining clinical excellence and is
both CLIA certified and CAP accredited and has licensure from
several states including New York State. We have established strong
research collaborations with major cancer centers such as Memorial
Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National
Cancer Institute. For further information, please see
www.cancergenetics.com.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements pertaining to future financial and/or
operating results, future growth in research, technology, clinical
development and potential opportunities for Cancer Genetics, Inc.
products and services, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements. Any statements
that are not historical fact (including, but not limited to,
statements that contain words such as "will," "believes," "plans,"
"anticipates," "expects," "estimates") should also be considered to
be forward-looking statements. Forward-looking statements involve
risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, risks of cancellation of customer contracts or
discontinuance of trials, uncertainty in the results of clinical
trials or regulatory approvals, need and ability to obtain future
capital, maintenance of intellectual property rights and other
risks discussed in the Company's Form 10-Q for the quarter ended
September 30, 2013 and other filings with the Securities and
Exchange Commission. These forward-looking statements speak only as
of the date hereof. Cancer Genetics disclaims any obligation to
update these forward-looking statements.
CONTACT: Investor Relations
Michael Rice
Life Science Advisors LLC
646-597-6979
Media Relations
RedChip Companies, Inc.
Paul Kuntz, 800-733-2447, ext. 105
paul@redchip.com
Cancer Genetics (NASDAQ:CGIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cancer Genetics (NASDAQ:CGIX)
Historical Stock Chart
From Jul 2023 to Jul 2024