Caris Diagnostics Announces Combination With Molecular Profiling Institute
Published: Dec 07, 2007
IRVING, Texas and PHOENIX, Dec. 6 /PRNewswire/ -- Caris Diagnostics, the leading provider of subspecialty focused pathology services to outpatient physicians, today announced that it has entered into a definitive agreement to combine with Molecular Profiling Institute, Inc. and its subsidiary, the Tissue Banking and Analysis Center, Inc. ("MPI"), a CLIA certified molecular diagnostics company focused on the development and commercialization of novel molecular diagnostic tests based on genomic and proteomic profiling.
"This acquisition of the Molecular Profiling Institute demonstrates our commitment to deliver health improvement by advancing the commercialization of personalized medicine," said David D. Halbert, Chairman of Caris Diagnostics. "MPI significantly expands our ability to help ensure that through the right diagnosis, patients get the right treatment, in the right dosage, at the right time. We look forward to putting our resources behind this already solid company to accelerate the achievement of its mission to develop and direct new diagnostic tests into clinical practice so that patients can more quickly benefit from ongoing scientific discoveries. In addition, we are eager to help bolster MPI's capacity to partner with leading pharmaceutical companies and academic institutions in facilitating targeted drug development."
MPI is a specialty reference laboratory that helps patients by applying the discoveries of the Human Genome Project to personalized medicine. The company provides cutting-edge testing facilities, prognostic testing services, and resources for genomic and proteomic profiling to help guide physicians in the treatment of cancer and other complex diseases. MPI has a robust set of proprietary products, including Target Now (a late stage cancer panel to guide targeted therapy selection), Mammostrat (an exclusive, early-stage breast cancer prognostic test), and the CardioEvaluatR program (a cardiovascular disease management panel).
Through its Tissue Banking and Analysis Center, MPI also offers a one-stop shop for biospecimen procurement, storage, tracking, analysis, and reporting for research institutes, pharmaceutical and diagnostic companies, and medical centers. These services are used along the spectrum of research and development activities, from new compound discovery through phase three clinical trials. For example, MPI partners with US Oncology as the preferred provider for all of the biospecimen collection and analysis within their national clinical trial network.
"Together, we are well aligned in our mission to accelerate personalized medicine by not only introducing diagnostics that provide more effective individualized treatments, but also assisting our partners with their clinical trials," commented Dr. Robert J. Penny, Chairman and Chief Executive Officer of MPI. "Caris Diagnostics enhances our ability to provide more robust analysis, repository functions, and distribution to patients across the country."
"We are excited about the combination of the Tissue Banking and Analysis Center with Caris Diagnostics and look forward to leveraging their resources and expertise to accelerate the utilization of genomic and proteomic analysis to develop more individualized therapies for our patients in our national clinical trial network," said Dr. Atul Dhir, President of the Cancer Information and Research Group for US Oncology and board member of the Tissue Banking and Analysis Center.
MPI is headquartered in Phoenix, Arizona and employs approximately fifty individuals, almost half of whom have Medical or Doctorate degrees. Caris Diagnostics also has a large presence in the Phoenix market, with its 24,000 square foot facility at the Cotton Center in Tempe, Arizona. The companies remain committed to maintaining each facility, so that the MPI team can focus on the development of novel diagnostics and the support of the development of targeted therapeutics, while Caris Diagnostics can maintain its focus on attracting and developing the highest quality subspecialty pathologists, operating its state-of-the-art laboratory and getting the combined company's products to patients and physicians through its national sales force.
"Caris Diagnostics and our entire team of employees are extremely pleased to welcome MPI and all of its employees into our company. MPI has developed unique assets in the growing field of molecular diagnostics to create an admirable position. This combination solidifies our leadership in diagnostics, which is built upon a shared commitment to providing the highest quality services for physicians and patients in anatomic pathology and now molecular testing," concluded Gail Marcus, President and CEO of Caris Diagnostics.
About Caris Diagnostics
Caris Diagnostics provides world-class surgical pathology services to physicians who treat patients in an ambulatory setting. The company provides its academic-caliber medical consultations through its industry-leading team of subspecialty fellowship and expert trained pathologists in gastrointestinal and liver pathology and dermatopathology. The company provides the highest levels of service to its clinician customers and their patients through its state-of-the-art laboratories, proprietary, advanced clinical practice solutions, and rigorous quality assurance programs. More than 1,500 physicians nationally use Caris Diagnostics. Formed in 1996, the company is headquartered in Irving, Texas and operates three laboratories in Irving, Texas; Phoenix, Arizona; and Newton, Massachusetts. Additional information is available at http://www.carisdx.com.
About Molecular Profiling Institute
The Molecular Profiling Institute is a CLIA-certified molecular diagnostics company that applies the discoveries of the Human Genome Project to personalized medicine. Molecular Profiling provides cutting-edge testing facilities, products and resources for genomic and proteomic profiling and treatment of cancers and pharmaceutical services to identify populations that may respond to targeted therapies. The company leverages strategic relationships with the International Genomics Consortium, the Translational Genomics Research Institute, the Biodesign Institute of Arizona State University and US Oncology. For more information, visit http://www.molecularprofiling.com.
About the US Oncology Research Network
The US Oncology Research Network is an established community-based research operation specializing in all phases of cancer clinical trials. The research network currently has more than 536 physicians actively enrolling patients, 88 research sites, and is currently involved in 72 open research trials. The network has contributed to the development of 23 of 29 of the latest cancer-fighting drugs approved by the Food and Drug Administration for use. Since 1993, nearly 30,000 patients have participated in clinical trials managed by US Oncology network practices. For more information, visit the "Research" section under "Our Services" on the company's website, http://www.usoncology.com.
CONTACT: Leslie Brille, SVP Corporate Affairs of Caris Diagnostics,
+1-212-521-4400; or Dr. Robert Penny, Chairman and CEO, or Brian Wright,
Director of Marketing, both of Molecular Profiling Institute Inc.,
Web site: http://www.carisdx.com/