AstraZeneca PLC (AZN) Chooses Cancer Genetics, Inc. (CGIX) For Cancer Diagnostic Pact ; Cancer Genetics Stock Up 4.73% At 3:39PM ET On Monday
6/9/2014 8:21:06 AM
Cancer Genetics, Inc. Announces Partnership With AstraZeneca to Provide Biomarker & Molecular Based Testing
RUTHERFORD, N.J., June 9, 2014 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or the "Company"), an emerging leader in DNA-based cancer diagnostics, has been selected by AstraZeneca CAMCAR, S.A., ("AZ-CAMCAR"), a division of multinational pharmaceutical and biologics company AstraZeneca, serving Central American and Caribbean countries, to provide biomarker-based diagnostic testing for cancer. Under the terms of the agreement, CGI will perform complex testing for diagnosis and prognosis of cancer patients in Central America and the Caribbean. CGI will work in close conjunction with AZ-CAMCAR on exploring expansion opportunities into additional geographic territories, further oncology categories, and into select oncology trials.
"We chose to partner with Cancer Genetics in this endeavor because of their experience in biomarker-based diagnostic testing and their commitment to delivering timely and accurate results to healthcare professionals and patients," said Rodrigo Fernandez, Country President of AstraZeneca CAMCAR, S.A.
"Partnering with AstraZeneca further strengthens our ability to touch the lives of patients globally," said Panna Sharma, Chief Executive Officer of Cancer Genetics, Inc. "We believe our ability to provide accurate, state-of-the-art biomarker-based testing was a key factor in AstraZeneca's decision to partner with us, and serves as a testament to the growing global awareness of the value of our brand. We are committed to positively impacting cancer care globally, and this relationship serves as another major milestone in fulfilling that mission."
The relationship is expected to concentrate on multiple cancer categories, with lung cancer being an initial area of focus. According to the Pan American Health Organization ("PAHO"), lung cancer is the third most common cancer and the leading cause of cancer deaths in the Americas, with more than 300,000 new cases and nearly 250,000 deaths each year. PAHO expects the number of new cases and deaths from lung cancer to double in Latin America by 2030.
About Cancer Genetics, Inc.
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 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. 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. For further information, please see www.cancergenetics.com.
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 future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management 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, 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 Company's Form 10-K for the year ended December 31, 2013 and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.
CONTACT: Investor Relations
Life Science Advisors LLC
RedChip Companies, Inc.
Paul Kuntz, 800-733-2447, ext. 105
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