NeoGenomics Awarded $374,000 In R&D Grants From The US Government
FT. MYERS, Fla., Nov. 4, 2010 /PRNewswire-FirstCall/ --- NeoGenomics, Inc. (OTC Bulletin Board: NGNM), a leading provider of cancer-focused genetic testing services today reported that it had been awarded two research and development grants totaling $374,479 from the US government under HR: 3590 - Patient Protection and Affordable Care Act (the "Act").
Under the Act, $1 billion was earmarked for qualifying therapeutic discovery projects that show the potential to produce new cost saving therapies, create U.S. jobs, increase the country's competiveness, or significantly advance the goal of curing cancer within the next 30 years.
NeoGenomics submitted two applications under this program for expenses incurred in connection with its new test development activities. NeoGenomics was awarded $244,479 under the first application, the maximum allowable award per application, and $130,000 under the second application.
Doug VanOort, NeoGenomics' Chairman and CEO, said, "We are very pleased to have been awarded these grants. They are an important recognition of the work we are doing to bring new cancer diagnostic tests to the market. We expect to receive the funds sometime during the month of November."About NeoGenomics, Inc. NeoGenomics, Inc. is a high-complexity CLIA–certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company's testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, and hospitals throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.com. For more news and information on NeoGenomics, please visit www.IRGnews.com/coi/NGNM where you can find a fact sheet on the company, investor presentations, and more. Interested parties can also access additional investor relations material, including an investment profile and an equity research report, from Hawk Associates at http://www.hawkassociates.com or from the American Microcap Institute at http://www.americanmicrocapinstitute.com/ngnm/. Forward Looking Statements Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements. These forward looking statements involve a number of risks and uncertainties that could cause actual future results to differ materially from those anticipated in the forward looking statements, Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, the company's ability to continue gaining new customers, offer new types of tests, and otherwise implement its business plan. As a result, this press release should be read in conjunction with the company's periodic filings with the SEC. SOURCE NeoGenomics, Inc.
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