Cancer Genetics Announces Acquisition of Gentris Corporation, a Leading Global Pharmacogenomics Company, and Increases Contract Backlog to Over $18 Million
Published on: Monday, July 21st, 2014 View all Media
- Acquisition Adds Contracts With Five of the Top Biopharma Companies Globally
- 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
RUTHERFORD, N.J., July 21, 2014 (GLOBE NEWSWIRE) — 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 itself as a unique global provider for the development and delivery of targeted, personalized oncology diagnostics.
ABOUT CANCER GENETICS
Cancer Genetics Inc. is a leader in enabling precision medicine in oncology from bench to bedside through the use of oncology biomarkers and molecular testing. 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.