 |
| Cancer Genetics CEO Panna Sharma |
New Jersey's Cancer Genetics (CGI) ($CGIX) will supply cancer-related biomarker-based testing for AstraZeneca ($AZN), underscoring the ever-increasing alliance Big Pharma is forming with molecular diagnostics companies as the sector expands services and advances new drug development programs.
Neither side is discussing the financial details. But the agreement calls for CGI to work with AstraZeneca CAMCAR, a division of the drug giant that does business in Central America and the Caribbean. Specifically, CGI will supply complex testing for patients with lung cancer, and over time focus more broadly on different cancer categories. AstraZeneca plans to use CGI's technology and services in other regional countries down the line and also incorporate it into some cancer drug trials.
CGI CEO Panna Sharma said in a statement that the AstraZeneca deal helps it expand globally, and "serves as testament to the growing global awareness of the value of our brand."
CGI certainly pairs with other major players. For example, the company signed a new extended molecular diagnostic cancer testing partnership with Roche ($RHHBY) in February and it is also focused on the Caribbean and Central America. The three-year deal allows CGI to become the exclusive provider of molecular diagnostic cancer testing for Roche's Servicios division in both regions, covering lung, breast, lymphoma and other cancers. Their initial partnership first took shape in 2012, and involves the use of Roche's FDA-approved cobas molecular diagnostic testing platforms.
In April 2013, CGI pulled in $6.9 million in an overallotted IPO, though it was much lower than what it had initially sought. A $46 million secondary offering soon followed, giving the company the capital it needed to pursue a global expansion for its diagnostic testing and services. CGI runs a clinical reference laboratory focused on cancer testing, but also develops cancer-focused molecular diagnostics tests.
Cancer Genetics said its tests focus on blood, urogenital and HPV-related cancers. The company's testing lab is CLIA certified, CAP accredited and licensed in a number of states. CGI also conducts research with cancer centers including Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
- read the release