Cancer Genetics nabs Gentris Corporation
RUTHERFORD, N.J.—Cancer Genetics (CGI), an emerging leader in DNA-based cancer diagnostics focused on developing genomic-based oncology tests and services, has signed a definitive agreement to acquire privately held Gentris Corporation, a global provider of clinical pharmacogenomics solutions, next-generation sequencing, and biomarker testing.
CGI expects the acquisition to increase annual sales by approximately $5 to $6 million and add substantially to it biopharma revenue backlog and future prospects. The company will now be positioned to provide global services for genomic and biomarker testing for biotech and pharmaceutical companies by leveraging both its unique tests and
comprehensive oncology services.
Gentris provides genomic testing and pharmacogenomics services to five of the top ten biopharma companies globally and has performed genomic analysis for more than 1,000 clinical trials. The company has operations in Raleigh (Research Triangle Park), North Carolina and Shanghai, China in state-of-the-art GLP, CLIA and FDA-compliant facilities.
Gentris' expertise in pharmacogenomics, the study of the role of an individual's genetics in drug response, enables its clients to quickly obtain and translate quality genomic biomarker results into safer, more effective medicines that improve and personalize the standard of care for patients globally. Gentris also adds CAP accredited biorepository and tissue management services for CGI's growing global client base through an additional 28,000 square feet of laboratory space.
Panna Sharma, CEO of Cancer Genetics, stated: "The acquisition of Gentris will serve as a strong foundation for the expansion of our programs into the clinical and hospital setting globally. We now have fully staffed laboratories in the U.S., India and China, which gives us a uniquely competitive platform to develop, commercialize, and deliver genomic- and biomarker-based oncology diagnostics to our clients. Importantly, this acquisition provides a clear pathway and high-growth opportunity to sell our genomic-based diagnostic tests to some of the largest pharma companies in the world with additional capabilities such as germline DNA testing and drug response optimization and monitoring."
Sharma added that "The fact that large biopharma companies are continuing to invest heavily in China and that cancer is now the single largest cause of death in China, makes it important that CGI expand its operations and capabilities in this market. Gentris' presence in China provides us the platform to do so." According to Thomson-Reuters clinical intelligence service, Cortellus, 550 to 600 clinical trials are initiated in China each year with nearly forty percent focused on oncology.
With the acquisition of Gentris and the previously announced BioServe India acquisition, Cancer Genetics will have approximately 60,000 square feet of state-of-the-art lab space and will have established itself as a unique global provider for the development and delivery of targeted, personalized oncology diagnostics.
Cancer Genetics, Inc. serves some of the most prestigious medical institutions in the world. Its tests target cancers that are difficult to diagnose and predict treatment outcomes, including hematological, urogenital and HPV-associated cancers. It also offers 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. Its state-of-the-art reference lab is focused entirely on maintaining clinical excellence and is both CLIA certified and CAP accredited and
has licensure from several states including New York State. It has established strong research collaborations with major cancer centers including Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
Source: Cancer Genetics, Inc.