Mayo Clinic, Cancer Genetics form joint venture
RUTHERFORD, N.J.óMayo Clinic and Cancer Genetics Inc. have announced the launch of OncoSpire Genomics, a joint venture that aims to improve cancer care through the discovery and commercialization of diagnostic tests based on next-generation sequencing. The two companies will have equal ownership of OncoSpire, which will be based in Rochester, Minn. Cancer Genetics will provide operating capital, commercial expertise and other guidance, while Mayo 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 together positions OncoSpire Genomics to create a major impact in the development of advanced genomic-based cancer diagnostics. Our investment in OncoSpire Genomics represents the potential for a paradigm shift in patient management that can result in more efficient use of health care resources, ultimately improving the cost structure of cancer diagnosis and treatment," Panna Sharma, CEO of Cancer Genetics, said in a press release. "We expect this will add value to our commercial offerings as next-generation sequencing becomes more widely accepted by the clinical community. A major factor behind our decision to work with Mayo was the depth of their world-class clinicians and thought leaders, who we believe are in a position to drive clinical value and clinical adoption for the tests being created by OncoSpire Genomics."
Research will be performed in genetics and life sciences labs at Mayo Clinic, including Mayo's Center for Individualized Medicine Biomarker Discovery Program and the medical genome facility. OncoSpire will focus on mutually identified projects in the Biomarker Discovery Program, with initial 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 biomarker discovery research already underway at Mayo Clinic Cancer Center," Robert Diasio, M.D., cancer researcher and director of the Mayo Clinic Cancer Center, commented in a statement. "Transforming discoveries into individualized cancer therapies will benefit patients, so we are excited to be part of these efforts."
Mayo Medical Laboratories and Mayo Clinic's Department of Laboratory Medicine and Pathology will work with Mayo's Center for Individualized Medicine to help translate discoveries from OncoSpire to patients at Mayo Clinic and beyond.
"Individualized medicine and genomic testing give us a fundamental understanding of the inner workings of wellness and disease. We recognize the transformative power of these tools and are committed to using every resource at our disposal to bring individualized medicine to our patients," said Gianrico Farrugia, M.D., a Mayo Clinic gastroenterologist and director of Mayo Clinic's Center for Individualized Medicine. "That is why this joint venture is so important."
"Next-generation sequencing will change the future of health care, 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 have forged this new relationship with Mayo with the goal of furthering next-generation sequencing technologies. Cancer Genetics' strength in hematological and urogenital cancers brings a tremendous knowledge base to the partnership. Together we can make a significant impact in the pursuit of personalized medicine that is transforming cancer treatment."
SOURCE: Cancer Genetics press release