- -- The companies have entered into an agreement to offer biotech and pharmaceutical companies access to BARC's network of global central laboratories covering 7 locations in 2 hemispheres in combination with Cancer Genetics' expertise in biomarker and genomic testing as well as companion diagnostic development for oncology.
- -- The partnership is focused on the 5.4 billion U.S. Dollars expected to be spent by biotech and pharmaceutical companies in biomarker and genomic testing to support oncology clinical trials from Phase I through Phase IV by 2020.
RUTHERFORD, N.J., GHENT, Belgium and PARIS, Sept. 21, 2016 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX); ("CGI" or "The Company"), a leader in enabling precision medicine for oncology through molecular markers and diagnostics, announced today that it has entered into a partnership with the Bio Analytical Research Corporation (BARC), a global central laboratory supporting clinical trials and serving large pharmaceutical and biotech companies globally, including in Europe, Africa, China, Australia and the USA.
BARC has a global network of 7 clinical labs supporting the pharmaceutical and biotechnology industry in the development and approval of new drugs by managing the laboratory component of Phase I thru IV clinical trials, with 60% of these trials in oncology. BARC's worldwide network includes The Americas, Europe, South Africa, and Asia Pacific. BARC is part of Cerba HealthCare, a European medical leader with an international multidisciplinary network of 350 clinical labs, 4,200 staff members, and has been in business for over 25 years.
BARC and CGI are expected to jointly market, sell and deliver on contracts that service a market that is increasingly global, and in demand for more validated biomarker and companion strategies that support oncology trials. The partnership will have an immediate focus on immuno-oncology, hematological cancers and lung cancer and will plan on developing market specific offerings that are collaboratively sold and serviced.
"We are very excited about this partnership, as this will help our customers on a global basis to accelerate their drug development and incorporate the additional biomarker and genomic data needed to improve decision making. CGI will enable BARC to offer world class genomics expertise to make early decisions in the complex field of oncology, especially in the very competitive environment of immuno-oncology," said Michel Abiteboul, CEO of BARC. "We strongly believe that our combined efforts will support the precision medicine approach of pharmaceutical companies globally for the benefit of patients and their families."
"With BARC and CGI focused on the same goal of providing patients, physicians and pharmaceutical companies with the best healthcare service, this partnership will meet the most demanding standards in personalized medicine worldwide. It will satisfy the enormous need among biotech and pharmaceutical companies for more efficient and comprehensive testing solutions by integrating CGI's specialized, genomic testing with BARC's laboratory solutions and global network. Providing better and more integrated access to both US and European markets is a critical need in oncology trials that are becoming more global and increasing in cost and complexity," said Panna Sharma, CEO of Cancer Genetics.
With later stage clinical research and trials shifting overseas, the partnership will provide clients access to combined expertise on a global basis - ranging from complex, oncology-focused genomic testing to core central laboratory analysis, project and data management and sample logistics. It will address the increased pressure regarding turn-around time (TAT) due to increasingly globalized studies. The combined expertise in biomarker discovery and companion diagnostics development will become critical for offering the development and validation of oncology biomarkers and for implementing technology transfers that support the precision oncology efforts of with global customers.
Based on recent industry reports by PhRMA, an industry organization representing the country's leading biopharmaceutical research companies, per-patient clinical trial costs are estimated to have averaged $36,500 during Phase III trials, with oncology trials showing the highest average per-patient cost of $59,500 during Phase III. The CGI and BARC combination is expected to help lower clinical trial costs and complexity by facilitating access to international markets, implementing harmonized protocols and data integration standards across lab and trials and reducing the complexities of workflow across sites, sample management and storage and logistics.
Oncology testing services are central to CGI's business model and are also a core focus area for BARC. Together, the two companies will leverage their respective expertise to provide key insights to the oncology drug development and clinical trial process, one that is expected to reach over $5.4 billion in spending on oncology trials that need biomarker and genomic testing support.
ABOUT CANCER GENETICS
Cancer Genetics, Inc. is a leader in enabling precision medicine in oncology from bench to bedside through the use of oncology biomarkers and molecular testing. CGI is developing a global footprint with locations in the US, India and China. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan Kettering, The Cleveland Clinic, Mayo Clinic, Keck School of Medicine at USC and the National Cancer Institute.
The Company offers a comprehensive range of laboratory services that provide critical genomic and biomarker information. Its state-of-the-art reference labs are CLIA-certified and CAP-accredited in the US and have licensure from several states including New York State.
For more information, please visit or follow CGI at:
ABOUT BARC CENTRAL LAB
BARC Central Lab is part of a global lab group, Cerba HealthCare, with more than 4000 staff located in its different units. BARC Central Lab is dedicated to clinical trials and serves large pharmas to biotechs in the different regions of the world. Focusing on innovation and customer service, BARC is supporting global development of drugs through its network of laboratories in US, Europe, Africa, China, Singapore, Australia and Japan. BARC has been very active in the field of oncology and hemato oncology, working on the front runner drugs globally.
The Company offers a comprehensive range of laboratory services from routine to highly innovative tools including NGS, flow cytometry, and versatile biomarkers in different fields.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Cancer Genetics Inc.'s expectations regarding the completion, timing, pricing and size of the offering described in this press release 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, risks that anticipated benefits from acquisitions will not be realized, 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 Cancer Genetics, Inc. Form 10-K for the year ended December 31, 2015 and the Form 10-Q for the quarter ended June 30, 2016 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.
Contact: Panna Sharma CEO & President Cancer Genetics, Inc. 201-528-9200 firstname.lastname@example.org
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cancer Genetics, Inc. via Globenewswire