FT. MYERS, Fla., July 18, 2012 /PRNewswire/ -- NeoGenomics, Inc. (NASD OTC BB: NGNM), a leading provider of cancer-focused genetic testing services, announced today that it has validated and launched 20 new molecular assays thus far in 2012 and that it expects to validate another 15-20 molecular assays by the end of 2012. NeoGenomics also announced that it is in the process of launching a series of new NeoTYPE™ Cancer Profile Panels in conjunction with this significantly expanded molecular testing menu. These NeoTYPE™ Panels are specifically designed to detect cancer-related genetic mutations in patients that have failed their first line therapies in order to assess which additional types of treatments may be effective.
The first NeoTYPE™ Panels will provide comprehensive molecular profiles of certain solid tumor cancers, but the Company expects to offer additional NeoTYPE™ Panels for hematopoietic cancers in the future. Each NeoTYPE™ Panel will profile the molecular abnormalities in a cancer by using high throughput, highly reliable Sanger sequencing and will use ancillary FISH testing if deemed necessary. These NeoTYPE™ Panels are specifically designed to help physicians better plan the therapeutic approach for their cancer patients as well as help determine if a patient would be a good candidate for one of the many new cancer therapeutics that are currently in clinical trials. The initial NeoTYPE™ Panels are based on sequencing combinations of the following 10 oncogenes: TP53, KRAS, NRAS, PIK3CA, BRAF, EGFR, c-KIT, IDH1, IDH2 and DNMT3A, however, additional oncogenes may be added or substituted depending on the type of cancer being targeted in each panel. The initial NeoTYPE™ Solid Tumor Profiles are:
- NeoTYPE™ Breast Tumor Profile
- NeoTYPE™ Colorectal Tumor Profile
- NeoTYPE™ Gastric Tumor Profile
- NeoTYPE™ Lung Tumor Profile
- NeoTYPE™ Solid Tumor (Other) Profile
Douglas VanOort, the Company's Chairman and CEO, commented, "NeoGenomics now has one of the most advanced molecular testing labs in the United States. Many of these new tests use bi-directional Sanger sequencing, currently the gold standard in molecular testing. Bi-directional sequencing is significantly more powerful than traditional polymerase chain reaction (PCR) analysis, which only allows for the analysis of specific point mutations on a certain gene. Bi-directional sequencing, on the other hand, allows us to analyze all the DNA sequences on a given gene, which enables us to detect a greater number of mutations. Dr. Albitar's extensive background in molecular testing is allowing us to rapidly accelerate our plans for our molecular laboratory to take advantages of the enormous growth opportunities in this segment of the market."
Dr. Maher Albitar, the Company's Chief Medical Officer and Director of Research and Development, commented, "With the development of numerous new therapeutic agents that target specific molecular pathways in cancer, there is a need to identify the molecular abnormalities that correspond to these pathways. Patients who are resistant to conventional chemotherapy for a specific cancer may respond to one of the new therapeutics that targets a specific molecular abnormality in that cancer. These new NeoTYPE™ test panels represent our first generation of "precision" clinical cancer profiling tests, which we hope will provide clinicians with tools to better understand and manage their patients. Although next generation sequencing is leading in the discovery of new molecular abnormalities, Sanger sequencing is the best and most reliable method for clinical testing at this time. As the field advances, we will modify our testing accordingly, but cancer molecular profiling is becoming a clinical necessity."About NeoGenomics, Inc. NeoGenomics, Inc. is a high-complexity CLIA–certified clinical laboratory that specializes in cancer genetics testing, the fastest growing segment of the laboratory industry. The company's testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, immunohistochemistry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA, Tampa, FL and Fort Myers, FL. NeoGenomics services the needs of pathologists, oncologists, urologists and other clinicians, and hospitals throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.com. 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.