- CGI will provide comprehensive biomarker and genomic testing for CLL, underscoring the company's depth of capability and excellence in blood-borne cancers
- The CLL trials are expected to contribute up to $6.2 million in revenue over several years as patients are selected, treated, and monitored using pathway-specific, targeted therapies, and combination therapies
RUTHERFORD, N.J., June 30, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or the "Company") announced that it has been awarded a multimillion dollar, clinical trial in hematological cancers by a leading biotech company – the trial is the largest in the company's history of providing clinical trial and genomic services to global biopharma companies. As part of the agreement, CGI will perform all testing, and provide genomic information and monitoring for CLL patients enrolled in multi-arm, randomized, multicenter, global trials.
"CGI has built deep expertise in CLL diagnosis, prognosis and theranosis through our work with both the clinical and biopharma community. This recent award is a testament to our team and our ability to provide actionable biomarker information that helps our biopharma partners," said Panna Sharma, President and CEO of Cancer Genetics. "CLL is an evolving, complex disease and CGI's testing capabilities and insights have kept in lock step with the rapid progress in the field. Being selected for this trial demonstrates the value that CGI's depth of expertise and increasing global footprint is delivering to our clients."
CLL accounts for nearly one-third of all newly diagnosed cases of leukemia in the United States. In recent years, approaches to the study of CLL have had to change dramatically due to the disease's clinical heterogeneity and availability of new therapies. As a result, genetic biomarkers have become paramount in the risk stratification and prognostication of the disease. Along with its global infrastructure and unique testing portfolio, Cancer Genetics' dedication to research and development that provide insights into the disease's genetic makeup have positioned the company as a global leader in the changing space of blood cancers. Through its partnerships with companies and institutions that study the disease and develop the latest drugs for CLL, Cancer Genetics is equipped to service the most sophisticated, large scale genomic initiatives in the biopharma industry.
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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 labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have 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.
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, risks that the transaction will not close or, if it closes, will not realize the currently anticipated benefits, 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-K for the year ended December 31, 2014 and 10-Q for the quarter ended March 31, 2015 along with 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.