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Cancer Genetics Announces Acquisition of Gentris Corporation

• Increases Overall Biopharma Contract Backlog to Over $18 Million • Uniquely Positions CGI to Provide Genomic Testing Globally Including China, One of Fastest Growing Countries For Both Clinical Trials and Cancer Testing

 
 
CGI.Logo - low res.
CGI.Logo - low res.
PRLog - Jul. 21, 2014 - RUTHERFORD, N.J. -- RUTHERFORD, NEW JERSEY – July 21, 2014 – Cancer Genetics, Inc. (Nasdaq:  CGIX), an emerging leader in DNA-based cancer diagnostics focused on developing genomic-based oncology tests and services, today announced the signing of a definitive agreement to acquire privately held Gentris Corporation, a global provider of clinical pharmacogenomics solutions, next-generation sequencing, and biomarker testing.

CGI expects the acquisition to add approximately $5 to $6 million in annual sales, and add substantially to it biopharma revenue backlog and capabilities. The company will now be positioned to provide global services for genomic and biomarker testing for biotech and pharmaceutical companies by leveraging both it’s unique tests and comprehensive oncology services.

Gentris provides genomic testing and pharmacogenomics services to half of the top ten biopharma companies globally and has participated and performed genomic analysis for over 1,000 clinical trials. The company has operations in Raleigh (Research Triangle Park), North Carolina and Shanghai, China in state-of-the-art GLP, CLIA and FDA-compliant facilities.

Gentris’ expertise in pharmacogenomics, the study of the role of an individual’s genetics in drug response, enables its clients to quickly obtain and translate quality genomic biomarker results into safer, more effective medicines that improve and personalize the standard of care for patients globally. Gentris also adds CAP accredited biorepository and tissue management services for CGI’s growing global client base through an additional 28,000 square feet of laboratory space.

Panna Sharma, CEO of Cancer Genetics, stated: "The acquisition of Gentris will serve as a strong foundation for the expansion of our programs into the clinical and hospital setting globally. We now have fully staffed laboratories in the U.S., India and China, which gives us a uniquely competitive platform to develop, commercialize, and deliver genomic and biomarker based oncology diagnostics to our clients.   Importantly, this acquisition provides a clear pathway and high growth opportunity to sell our genomic based diagnostic tests to some of the largest pharma companies in the world with additional capabilities such as germline DNA testing and drug response optimization and monitoring.”

Mr. Sharma also added: “The fact that large biopharma companies are continuing to invest heavily in China and that cancer is now the single largest cause of death in China, makes it important that CGI expand its operations and capabilities in this market. Gentris’ presence in China provides us the platform to do so.”  According to Thomson-Reuters clinical intelligence service, Cortellus, 550 to 600 clinical trials are initiated in China each year with nearly forty percent focused on oncology.

With the acquisition of Gentris, and the previously announced BioServe India acquisition, Cancer Genetics will have approximately 60,000 square feet of state-of-the-art lab space and will have established iItself as a unique global provider for the development and delivery of targeted, personalized oncology diagnostics.

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LifeSci Advisors, LLC
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***@lifesciadvisors.com

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Source:Cancer Genetics, Inc.
Location:Rutherford - New Jersey - United States
Industry:Health, Research
Tags:cancer, clinical trial, clinical laboratory, pharmacogenomics
Shortcut:prlog.org/12350549
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