Mayo Clinic, Cancer Genetics form joint venture
The partners have launched OncoSpire Genetics, a new joint venture focused on diagnostic test for cancer care
RUTHERFORD, N.J.—Mayo Clinic and Cancer Genetics Inc. haveannounced the launch of OncoSpire Genomics, a joint venture that aims toimprove cancer care through the discovery and commercialization of diagnostictests based on next-generation sequencing. The two companies will have equalownership of OncoSpire, which will be based in Rochester, Minn. Cancer Geneticswill provide operating capital, commercial expertise and other guidance, whileMayo will make in-kind contributions of sequencing and laboratory resources,clinical and research expertise and other operational resources.
"The combination of resources we are bringing togetherpositions OncoSpire Genomics to create a major impact in the development ofadvanced genomic-based cancer diagnostics. Our investment in OncoSpire Genomicsrepresents the potential for a paradigm shift in patient management that canresult in more efficient use of health care resources, ultimately improving thecost structure of cancer diagnosis and treatment," Panna Sharma, CEO of CancerGenetics, said in a press release. "We expect this will add value to ourcommercial offerings as next-generation sequencing becomes more widely acceptedby the clinical community. A major factor behind our decision to work with Mayowas the depth of their world-class clinicians and thought leaders, who webelieve are in a position to drive clinical value and clinical adoption for thetests being created by OncoSpire Genomics."
Research will be performed in genetics and life scienceslabs at Mayo Clinic, including Mayo's Center for Individualized MedicineBiomarker Discovery Program and the medical genome facility. OncoSpire willfocus on mutually identified projects in the Biomarker Discovery Program, withinitial focus areas slated to include hematological and urogenital cancers,with the potential inclusion of other cancers as well.
"We expect this new venture to accelerate cancer biomarkerdiscovery research already underway at Mayo Clinic Cancer Center," RobertDiasio, M.D., cancer researcher and director of the Mayo Clinic Cancer Center,commented in a statement. "Transforming discoveries into individualized cancertherapies will benefit patients, so we are excited to be part of theseefforts."
Mayo Medical Laboratories and Mayo Clinic's Department ofLaboratory Medicine and Pathology will work with Mayo's Center forIndividualized Medicine to help translate discoveries from OncoSpire topatients at Mayo Clinic and beyond.
"Individualized medicine and genomic testing give us afundamental understanding of the inner workings of wellness and disease. Werecognize the transformative power of these tools and are committed to usingevery resource at our disposal to bring individualized medicine to ourpatients," said Gianrico Farrugia, M.D., a Mayo Clinic gastroenterologist anddirector of Mayo Clinic's Center for Individualized Medicine. "That is why thisjoint venture is so important."
"Next-generation sequencing will change the future of healthcare, especially in complex disease categories such as cancer," added R.S.K.Chaganti, Ph.D., Cancer Genetic's founder and chairman. "We are pleased to haveforged this new relationship with Mayo with the goal of furtheringnext-generation sequencing technologies. Cancer Genetics' strength in hematologicaland urogenital cancers brings a tremendous knowledge base to the partnership.Together we can make a significant impact in the pursuit of personalizedmedicine that is transforming cancer treatment."
SOURCE: Cancer Genetics press release