Cancer Genetics, Inc. (Nasdaq: CGIX), a leader in drug discovery
and preclinical oncology and immuno-oncology services, and
StemoniX, Inc., a company empowering the discovery of new medicines
through the convergence of novel human biology and software
technologies, today announced a joint proof-of-concept program.
StemoniX and vivoPharm®, a subsidiary of Cancer
Genetics, recently launched a joint proof-of-concept program to
assess CNS (central nervous system) safety and toxicity of novel
compounds. The Companies believe that combining capabilities and
technologies from each team will save time, drive cost efficiency,
and de-risk decisions, thereby establishing higher confidence in
drug development success. The parties anticipate that the alliance
will demonstrate the expertise of each company and be a first step
for continuing to push forward and develop cutting edge drug
discovery efforts.
“Our goal, in conjunction with StemoniX, is to
create and offer the best-in-class and most innovative drug
discovery solutions to our customers, which include leading
biopharma organizations. Through the full service testing in our
vivoPharm business, we are working toward de-risking the clinical
and preclinical drug development pipeline,” said Jay Roberts, Chief
Executive Officer of Cancer Genetics. “Furthermore, the
relationship sets the stage for future projects leveraging our
respective core competencies.”
Ping Yeh, Chief Executive Officer of StemoniX
stated, “We are pleased to be aligning with Cancer Genetics. The
experience of the vivoPharm team coupled with their existing
relationships with the world’s leading biopharma companies will
allow us to expand our reach into new areas. Taking the results
from our initial studies and advancing them into in-vivo models
augments the work we have completed with StemoniX microBrain® 3D,
our functional in-vitro human neural model for high-throughput
screening and drug candidate selection. We are excited to have
a partner who can provide the necessary additional testing for
‘data ready’ packages required in the regulatory approval
process.”
Cancer Genetics and StemoniX will look to pursue
follow-on projects to further demonstrate how a combined approach
brings high value to clients in the form of a complete end-to-end
solution.
ABOUT CANCER GENETICS
Through its vivoPharm subsidiary, Cancer
Genetics offers proprietary preclinical test systems supporting
clinical diagnostic offerings at early stages valued by the
pharmaceutical industry, biotechnology companies, and academic
research centers. The Company is focused on precision and
translational medicine to drive drug discovery and novel therapies.
vivoPharm specializes in conducting studies tailored to guide drug
development, starting from compound libraries and ending with a
comprehensive set of in vitro and in vivo data and reports, which
are needed for Investigational New Drug filings. vivoPharm operates
in the Association for Assessment and Accreditation of Laboratory
Animal Care International (AAALAC) accredited and GLP compliant
audited facilities. For more information, please visit
www.cancergenetics.com.
ABOUT STEMONIX, INC.
StemoniX is empowering the discovery of new
medicines through the convergence of novel human biology and
software technologies. StemoniX develops and manufactures
high-density, at-scale human induced pluripotent stem (iPS)
cell-derived neural and cardiac screening platforms for drug
discovery and development. Predictive, accurate, and consistent,
these human models enable scientists to quickly and economically
conduct research with improved outcomes in a simplified workflow.
Through collaborations with drug discovery organizations, StemoniX
tests compounds in-house, creates new cell-based disease models,
and operationalizes custom human iPS models at large scale for
high-throughput screening. With leading-edge iPSC technologies,
StemoniX is helping global institutions bring the most promising
medicines to patients. To learn more about how StemoniX products
and services are accelerating discoveries, please visit
www.StemoniX.com.
For more information, please visit or
follow CGI at:
Internet:
www.cancergenetics.com
Twitter: @Cancer_Genetics
Additional Information about the
Proposed Merger and Where to Find It
In connection with the proposed Merger between
Cancer Genetics (“CGIX”) and StemoniX (the “Merger”), CGIX and
StemoniX intend to file relevant materials with the Securities and
Exchange Commission, or the SEC, including a registration statement
on Form S-4 that will contain a prospectus and a proxy statement.
INVESTORS AND SECURITY HOLDERS OF CGIX AND STEMONIX ARE URGED TO
READ THESE MATERIALS (AS WELL AS AMENDMENTS AND SUPPLEMENTS THERETO
AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT CGIX, STEMONIX AND THE PROPOSED MERGER. The proxy statement,
prospectus and other relevant materials (when they become
available), and any other documents filed by CGIX with the SEC, may
be obtained free of charge at the SEC website at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents filed with the SEC by CGIX by directing a written
request to: Cancer Genetics, Inc., c/o John A. Roberts, Chief
Executive Officer, 201 Route 17 North 2nd Floor, Rutherford, NJ
07070. Investors and security holders are urged to read the
Registration Statement and the other relevant materials when they
become available before making any voting or investment decision
with respect to the proposed Merger.
This press release shall not constitute an offer
to sell or the solicitation of an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of
securities in connection with the proposed Merger shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act of 1933, as amended.
Participants in the
Solicitation
CGIX and its directors and executive officers
and StemoniX and its directors and executive officers may be deemed
to be participants in the solicitation of proxies from the
shareholders of CGIX in connection with the proposed transaction
under the rules of the SEC. Information about the directors and
executive officers of CGIX and their ownership of shares of CGIX's
common stock is set forth in its Annual Report on Form 10-K for the
year ended December 31, 2019, which was filed with the SEC on May
29, 2020, and in subsequent documents to be filed with the SEC,
including the Registration Statement referred to above. Additional
information regarding the persons who may be deemed participants in
the proxy solicitations and a description of their direct and
indirect interests in the proposed merger, by security holdings or
otherwise, will also be included in the Registration Statement and
other relevant materials to be filed with the SEC when they become
available. These documents are available free of charge at the SEC
web site (www.sec.gov) and from the Chief Executive Officer at CGIX
at the address described above.
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 Cancer Genetics
Inc.’s expectations regarding future financial and/or operating
results, potential for the collaboration with StemoniX and Mendel
Health and potential for our services, future revenues or growth,
or the potential for future strategic transactions in this press
release 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 our
attempts to adapt to the global coronavirus pandemic, achieve
profitability by increasing sales of our pre-clinical services,,
maintain our existing customer base and avoid cancellation of
customer contracts or discontinuance of trials, raise capital to
meet our liquidity needs, properly evaluate strategic options, and
other risks discussed in the Cancer Genetics, Inc. Form 10-K for
the year ended December 31, 2019 and Form 10-Q for the quarter
ended June 30, 2020, along with other filings with the Securities
and Exchange Commission. These forward-looking statements speak
only as of the date hereof. Cancer Genetics, Inc. disclaims any
obligation to update these forward-looking statements.
Investor Contacts:
Jennifer K. Zimmons. Ph.D.Investor
RelationsZimmons International Communications, Inc.Email:
jzimmons@zimmonsic.com Phone: +1.917.214.3514
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