Cancer Genetics, Inc Awarded 3 Qualifying Therapeutic Discovery Project Grants
Cancer Genetics, Inc granted over $735 thousand for research and development of unique diagnostic research for cancer–
Rutherford, NJ – www.cancergenetics.com – Cancer Genetics, Inc (CGI), an emerging leader in personalized treatment for cancer, has been awarded 3 grants to further commercialize molecular diagnostics for oncology. CGI has announced that these grants were issued from the Qualifying Therapeutic Discovery Project program under section 48D of the Internal Revenue Code. This program was created under the Affordable Care Act and is aimed to fund projects and initiatives that demonstrate the ability to advance new therapies, reduce long-term healthcare costs, or take steps to curing cancer within the next 30 years. CGI’s founder, Dr. R.S.K. Chaganti says, “The success with this award is a clear validation of CGI’s novel approaches and innovative technologies towards taking molecular diagnostics of cancer to the next level.” The three funded projects cover personalized treatment and diagnosis in the areas of: mature B-cell neoplasms, HPV-associated cancers, and renal cancer. CGI is expected to commercialize these products over the next year, with an initial launch in late November of 2010 of the first application of the mature B-cell neoplasm microarray, MatBA™.
The Qualifying Therapeutic Discovery Project program was allotted $1 billion for credits and grants to fund projects designed to improve health and save lives. The IRS, in conjunction with the Department of Health and Human Services, reviewed applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Projects aimed in the determination of molecular factors through the use of molecular diagnostics to guide therapeutic decisions were highly regarded in the selection process. CGI aims to develop diagnostic assays for prognosis of cancer that help to guide effective treatments and reduce healthcare costs. The funding is geared towards making testing and diagnostic services more affordable, allow for further clinical trials, and educate medical personnel on the information and usage of CGI products.
Qualified Therapeutic Discovery Projects at CGI:
A microarray-based comparative genomic hybridization (CGH) assay developed to detect chromosomal gains and losses frequently observed in mature B-cell neoplasms. In it’s first version MatBA™-CLL, DNA gains and losses in chronic lymphocytic leukemia (CLL) over and above that currently reported by fluorescence in-situ hybridization (FISH), are detected and physicians can utilize the results to assist in the diagnosis and prognosis of CLL.
Used as a patented-pending diagnostic tool, FHACT™ is a FISH-based assay that can identify chromosomal changes in HPV-associated cancers. FHACT™, when used as a reflex test for abnormal cytology specimens, will provide an additional level of triage to patients and assist clinicians in determining the most suitable treatment for the patient that is the least invasive and most cost-effective.
This FISH-based renal cancer detection (FReCaD™) assay is designed to differentially diagnose the four main subtypes of renal cortical neoplasms, three of which are malignant and one benign. By detecting genomic copy number alterations inherent to the renal cancer subtypes, the FReCaD™ assay allows a more accurate diagnosis of image-guided pre-operative fine needle aspirates and biopsies subsequently guiding personalized clinical management of an ever increasing aging population in which suspect renal masses are detected..
About Cancer Genetics, Inc (CGI)
Based in of Rutherford, NJ, CGI was founded by Dr. R.S.K. Chaganti in 1999 and has become an emerging leader in personalized cancer treatment. CGI’s synergistic business model provides cancer-focused diagnostic testing services to leading oncologists, pathologists, hospitals, and academics centers as well as the development of next-generation diagnostic products that leverage CGI’s unique IP in molecular genetics and oncology. Products developed by CGI are revolutionizing the management and treatment of certain cancers as well as reducing healthcare costs. The company can be found on the Internet at www.cancergenetics.com or reached at (201) 528-9200.
Released November 11, 2010