RUTHERFORD, N.J. – Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "the Company"), an emerging leader in DNA-based diagnostics, announced today that it has entered into a partnership with the Laboratory Services group of ICON plc, the global CRO (Nasdaq:ICLR).
ICON's Laboratory Services provide global testing services to the pharmaceutical, biotechnology and medical device industries. The partnership will provide clients access to combined expertise ranging from complex, oncology-focused genomic testing to core central laboratory analysis, project and data management and sample logistics on a global basis.
Oncology testing services are central to CGI's business model and are also a core focus area for ICON Laboratory Services. Together, the two companies will leverage their respective expertise to provide key insights to the oncology drug development and clinical trial process: ICON's expertise in strategic development and in management and analysis of lab data from large-scale clinical programmes, and CGI's extensive knowledge in applying genomics and other advanced technologies focused on cancer. The partnership is focused on providing a comprehensive, integrated and efficient solution for laboratory testing for global oncology trials from Phase 1 through Phase IV.
"We are looking forward to working with the CGI team and to enhancing our client offering with complementary laboratory service programs," said James Miskel, Executive Vice President, ICON Laboratory Services. "Together, CGI and ICON are uniquely positioned to provide a full range of comprehensive lab solutions for our customers with current and future oncology focused clinical trials."
With the projected value of the cancer diagnostics market estimated to reach $169B globally by 2020, the industry has growing demand for complex oncology laboratory testing services. CGI provides complex genomic testing for six out of ten major pharmaceutical companies in the US.
"This partnership will satisfy the enormous need among biotech and pharmaceutical companies for more efficient and comprehensive testing solutions by integrating CGI's specialized, genomic testing to ICON's laboratory solutions, " said Panna Sharma, CEO of Cancer Genetics."
ABOUT CANCER GENETICS
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State. We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.