- CGI has signed five agreements and contracts to develop focused, high-performance liquid biopsy tests for a broad range of solid tumors
- The liquid biopsy tests are focused on therapy monitoring & companion diagnostic development for a potential $20 billion market by 2020
RUTHERFORD, N.J., Jan. 09, 2017 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq: CGIX ) (“CGI” or “The Company”), a leader in enabling precision medicine for oncology through molecular markers and diagnostics, announced today that it is actively involved in five programs and projects that are funded by leading biotech and pharmaceutical companies to develop and validate multi-marker liquid biopsy tests for a broad range of solid tumors. CGI expects that revenue from these projects will begin immediately and will help the Company accelerate the development of multi-marker companion and complementary liquid biopsy diagnostics. These five programs range across a variety of cancers including: breast, lung, renal, prostate, and gastro-intestinal.
Healthcare analysts at J.P. Morgan predict that the liquid biopsy market could be worth as much as $20 billion by 2020, and replace traditional tissue based biopsies in a wide range of cancers. Analysts also expect that liquid biopsies may open the market to new, cost-effective ways to routinely assess the effectiveness of cancer therapies and detect cancers earlier and with higher sensitivity. “There are a wide range of platforms and methods being used in liquid biopsy today, and CGI is uniquely positioned to rapidly create high-performance, clinically useful liquid biopsy tests for our biotech and pharmaceutical partners,” commented Mr. Panna Sharma, CEO & President of Cancer Genetics. “CGI’s experience in developing, comparing and validating biomarker assays for precision oncology is unmatched, and in high need, as liquid biopsies begin to create clinical interest and enable new, less-invasive methods for detection and monitoring.”
CGI is currently providing genomic testing, biomarker analysis, and companion diagnostic development for over 120 oncology trials and studies – ranging from preclinical studies to phase three and four clinical trials. Mr. Sharma continued, “As technologies for the detection of cell free and circulating DNA, RNA, exosomes, and other biomarkers continue to improve and show clinical correlation, analytical robustness, and improvements in detection over current assays, there will be a growing need to develop new focused liquid biopsy tests that can provide less invasive, and more cost-effective insight into the cancer of each individual. During 2017 we expect revenue from liquid biopsy programs from both our biopharma and clinical customers to increase rapidly and be a cornerstone of our continued revenue growth and path to profitability.”
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.
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Forward-Looking Statements 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: panna.sharma@cgix.com
