- Revenue from the study will begin immediately, and the Company expects it to continue through 2018
- The hereditary breast and ovarian panel, Focus::HERSite™, will also be offered for select international markets immediately
RUTHERFORD, N.J., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) (“CGI” or “The Company”), a leader in precision diagnostics for oncology, announced today that its hereditary cancer panel, Focus::HERSite™, for breast and ovarian cancer, has been selected by a global pharmaceutical company for a 1,000+ patient clinical study. The study will determine how inherited mutations associated with cancer will impact therapy response and cancer progression in breast cancer. This multi-year, multi-region study is expected to improve patient stratification, management, and outcomes in breast cancer.
The Company's panel for hereditary cancer, Focus::HERSite™, analyzes the 16 most common genes associated with breast and ovarian cancers and provides comprehensive whole gene coverage of BRCA1 and BRCA2. Pharmaceutical and biotech companies are putting resources towards determining how inherited or germline mutations can be used to predict therapy response, manage overall risk, and stratify patients. Improved and earlier genomic insight about which patients might relapse or respond to a drug can have significant impact on therapy choice, increase response rates in clinical trials, and improve cancer outcomes.
"The use of inherited genomic information is critical to fully assess overall patient risk and improve durability of therapeutic response for both clinical care and therapeutic trials," said Panna Sharma, CEO and President of Cancer Genetics. Mr. Sharma continued, "Our market share and revenue will continue to expand as comprehensive genomic information from both the inherited genome and the tumor genome become mainstream in decision making -- this broader trend is a major validation of our comprehensive bench to bedside strategy, which we believe is the key to enable precision medicine in oncology."
“Cancer Genetics is uniquely positioned to provide its Focus::HERSite™ cancer panel to large biopharma companies, community hospitals and clinics, as it now works with 8 of the top 10 biopharma companies in the world as well as hundreds of locally based healthcare providers. By partnering with community based genetic counselors at cancer centers, hospitals, and integrated health networks to identify women predisposed to breast and ovarian cancer, we are fulfilling our mission to become a leader in enabling precision medicine for oncology,” said Mr. Sharma.
“Our Focus::HERSite™ platform will become a significant revenue driver as demand for our tests increase from our biopharma clients and the hundreds of hospitals and clinics in our client network including many from international markets," Mr. Sharma added.
It is estimated by the Centers for Disease Control and Prevention that over half of women with BRCA1 and BRCA2 mutations will develop breast cancer by the age of 70, and approximately 30% will develop ovarian cancer by the age of 70. CGI helps physicians diagnose patients earlier and more accurately and determine more precise therapeutic options by managing cancer risk through the utilization of rigorously validated hereditary cancer tests, like Focus::HERSite™. CGI believes that biotech and pharmaceutical companies will increasingly look to determine and utilize inherited cancer mutation status to stratify and monitor patients and determine treatment options.
About Cancer Genetics:
Cancer Genetics, Inc. is an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information. CGI is developing a global footprint with locations in the US, India and China. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan Kettering, The Cleveland Clinic, Mayo Clinic, Keck School of Medicine at USC and the National Cancer Institute.
The Company offers a comprehensive range of laboratory services that provide critical genomic and biomarker information. Its state-of-the-art reference labs are CLIA-certified and CAP-accredited in the US and have licensure from several states including New York State.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Cancer Genetic, Inc.'s expectations regarding future financial and/or operating results and potential for our tests and services, and future revenues or growth 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 the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that anticipated benefits from acquisitions will not be realized, 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 Cancer Genetics, Inc. Form 10-K for the year ended December 31, 2015 and the Form 10-Q for the Quarter ended September 30, 2016 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.
Contact: Panna Sharma CEO & President Cancer Genetics, Inc. Tel: 201-528-9200 Email: firstname.lastname@example.org