23 May 2013, BioSpectrum Bureau , BioSpectrum
Singapore: Mayo Clinic and Cancer Genetics have collaborated to form OncoSpire Genomics, a 50:50 joint venture (JV) with the singular goal of improving cancer care by discovering and commercializing diagnostic tests that leverage next-generation sequencing. The JV will be based in Rochester, US.
OncoSpire will focus on mutually identified projects in the Biomarker Discovery Program within Mayo's Center for Individualized Medicine. Initial focus areas will include hematological and urogenital cancers, and potentially other cancers, as selected by a scientific review committee, which has been formed by OncoSpire and comprises of six researchers, thought leaders and clinicians. Cancer Genetics will contribute operating capital, commercial expertise and other guidance. Mayo will contribute in-kind with sequencing and laboratory resources, clinical and research expertise, and other operational resources.
Research will be conducted in genetics and life sciences labs at Mayo Clinic, including Mayo's Center for Individualized Medicine Biomarker Discovery Program and the medical genome facility. Mayo Medical Laboratories and Mayo Clinic's Department of Laboratory Medicine and Pathology will work with Mayo's Center for Individualized Medicine to help bring discoveries from the joint venture to patients at Mayo Clinic and elsewhere.
Dr Robert Diasio, cancer researcher and director, Mayo Clinic Cancer Center, US, sad that, "We expect this new venture to accelerate cancer biomarker discovery research already underway at Mayo Clinic Cancer Center. Transforming discoveries into individualized cancer therapies will benefit patients, so we are excited to be part of these efforts."
Ms Panna Sharma, CEO of Cancer Genetics, says: "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. 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."