RUTHERFORD, N.J., Feb. 20, 2014 (GLOBE NEWSWIRE) -- 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.
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.
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Source: Cancer Genetics