Mayo Clinic Forms Joint Venture with Cancer Genetics
RUTHERFORD, N.J.--(BUSINESS WIRE)--
Clinic ("Mayo") and Cancer
Genetics Inc. (OTCQB: CGIX) today launched OncoSpire Genomics
("OncoSpire"), a joint venture with the singular goal of improving
cancer care by discovering and commercializing diagnostic tests that
Individualized medicine and genomic testing give us a fundamental
understanding of the inner workings of wellness and disease. We
recognize the transformative power of these tools and are committed to
using every resource at our disposal to bring individualized medicine to
our patients, says Gianrico
Farrugia, M.D., a Mayo Clinic gastroenterologist and director of
Mayo Clinics Center
for Individualized Medicine. That is why this joint venture is so
OncoSpire will focus on mutually identified projects in the Biomarker
Discovery Program within Mayos Center for Individualized Medicine.
Initial focus areas will include hematological and urogenital cancers,
and potentially other cancers, as selected by a scientific review
committee. OncoSpire will be based in Rochester, Minn., and will be
equally owned by Cancer Genetics and Mayo Clinic. Cancer Genetics will
contribute operating capital, commercial expertise and other guidance.
Mayo will contribute in-kind with sequencing and laboratory resources,
clinical and research expertise, and other operational resources.
We expect this new venture to accelerate cancer biomarker discovery
research already underway at Mayo Clinic Cancer Center, says Robert
Diasio, M.D., cancer researcher and director of the Mayo
Clinic Cancer Center. Transforming discoveries into individualized
cancer therapies will benefit patients, so we are excited to be part of
Research will be conducted in genetics and life sciences labs at Mayo
Clinic, including Mayos Center for Individualized Medicine Biomarker
Discovery Program and the medical
genome facility, a resource that allows medical researchers
to investigate how individual differences in the structure and function
genomes influence health outcomes.
Technological advances, such as next-generation
sequencing, have driven down the cost to perform whole genome
sequencing. What originally took $3 billion over 13 years for the Human
Genome Project and the first human genome sequence can now be
accomplished for a few thousand dollars in a matter of days.
Panna Sharma, CEO of Cancer Genetics, says: The combination of
resources we are bringing together positions OncoSpire Genomics to
create a major impact in the development of advanced genomic-based
cancer diagnostics. Our investment in OncoSpire Genomics represents the
potential for a paradigm shift in patient management that can result in
more efficient use of health care resources, ultimately improving the
cost structure of cancer diagnosis and treatment. We expect this will
add value to our commercial offerings as next-generation sequencing
becomes more widely accepted by the clinical community. A major factor
behind our decision to work with Mayo was the depth of their world-class
clinicians and thought leaders, who we believe are in a position to
drive clinical value and clinical adoption for the tests being created
by OncoSpire Genomics.
Medical Laboratories and Mayo Clinics Department
of Laboratory Medicine and Pathologywill
work with Mayos Center for Individualized Medicine to help bring
discoveries from the joint venture to patients at Mayo Clinic and
elsewhere. According to Frost & Sullivan, a health care industry
analyst, the U.S. cancer biomarker testing market is expected to reach
$11.5 billion by 2017.
Next-generation sequencing will change the future of health care,
especially in complex disease categories such as cancer, says R.S.K.
Chaganti, Ph.D., founder and chairman of Cancer Genetics. We are
pleased to have forged this new relationship with Mayo with the goal of
furthering next-generation sequencing technologies. Cancer Genetics
strength in hematological and urogenital cancers brings a tremendous
knowledge base to the partnership. Together we can make a significant
impact in the pursuit of personalized medicine that is transforming
OncoSpire has formed a scientific review committee, which is composed of
six researchers, thought leaders and clinicians.
Investor RelationsRedChip Companies, Inc.Jon Cunningham,
800-733-2447, ext. email@example.comMayo
ClinicSam Smith507-284-5005 (days)507-284-2511
Source: Cancer Genetics Inc.