Cancer Genetics, Inc. Launches Entry into Comprehensive Hereditary Cancer Testing for Breast & Ovarian Cancers, Addressing a $2.5 Billion Market
- CGI believes that hereditary cancer testing will generate significant additional revenue from both clinical and biopharma customers during 2017 and beyond.
- Launch of hereditary panel, branded Focus::HERSite™, will cover the 16 most critical genes associated with breast and ovarian cancers.
RUTHERFORD, N.J., Jan. 25, 2017 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) (“CGI” or “The Company”), a leader in precision diagnostics for oncology, announced today that it has launched a focused genomic panel for hereditary breast and ovarian cancer syndrome (HBOC). The Company's initial offering for hereditary cancer, Focus::HERSite™, will analyze the 16 most common genes associated with breast and ovarian cancers and provide comprehensive coverage of BRCA1 and BRCA2. The company estimates that the U.S. market for hereditary breast and ovarian cancer testing is approximately $2.5 billion today and growing at 7% annually.
“The demand for high quality, clinically validated hereditary cancer testing continues to rise. Over the past year we have seen significant demand from our customer base, both clinical and biopharma, to provide hereditary cancer testing,” said Panna Sharma, President and CEO of CGI. “The market is demanding that hereditary cancer testing be both more widely available, and more integrated into one’s comprehensive health profile. We believe that our entry into comprehensive hereditary cancer testing will generate significant additional revenue for CGI during 2017 and beyond.”
It is estimated by the Centers for Disease Control and Prevention that over half of women with BRCA1 and BRCA2 mutations will develop breast cancer by the age of 70, and approximately 30% will develop ovarian cancer by the age of 70. “Managing cancer risk by combining our rigorously validated panel of hereditary cancer tests, like Focus::HERSite™, with the insights and guidance provided by board-certified genetic counselors allows patients to have confidence that a highly-informed and personalized preventive plan is being created for their needs,” said Daniel Duncan, MD, Medical Director at CGI.
“As a precision oncology diagnostics company, involved in over 130 clinical studies and serving 8 of the top 10 biopharma companies in the world, as well as hundreds of laboratories and hospitals, the launch of our hereditary cancer panel is a natural outgrowth of our goal to become the leading precision medicine oncology diagnostics company. Our new panel, Focus::HERSite™ will enable healthcare providers and community genetic counselors to identify women at a high risk for breast and ovarian cancer, enabling individualized risk management and intervention as needed. Additionally, the hereditary offering will include comprehensive coverage of the genes BRCA1 and BRCA2, with the ability to detect large genomic rearrangements, duplications, and deletions in those genes, which are often overlooked or missed by companies using only hotspot based panels without in-depth profiling.”
CGI expects that it will partner with community based genetic counselors at cancer centers, research facilities and integrated health networks to help reach the significant patient population that still needs to be tested for predisposition to breast and ovarian cancer risk. CGI’s plans to follow its initial entry into hereditary cancer testing with additional panels that will cover other major high risk hereditary cancers including colorectal, kidney, prostate and pancreatic.
About Cancer Genetics:
Cancer Genetics, Inc. is an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information. 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.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Cancer Genetic, Inc.'s expectations regarding future financial and/or operating results and potential for our tests and services, and future revenues or growth in this press release 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 anticipated benefits from acquisitions will not be realized, 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 Cancer Genetics, Inc. Form 10-K for the year ended December 31, 2015 and the Form 10-Q for the Quarter ended September 30, 2016 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.
Contact: Panna Sharma CEO & President Cancer Genetics, Inc. Tel: 201-528-9200 Email: email@example.com
Released January 25, 2017