Cancer Genetics, a diagnostics firm focused on developing genomic-based oncology tests, made its initial public offering at a time of rapid growth in the diagnostic testing market. The 50/50 venture has not been formally established but both organizations have agreed to its development, a Mayo spokesman said. Cancer Genetics will provide capital investments and Mayo will contribute scientific and laboratory expertise. “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 Dr. Gianrico Farrugia, a Mayo Clinic gastroenterologist and director of Mayo's Center for Individualized Medicine in an e-mailed news release. “That is why this joint venture is so important.”

Modern Healthcare by Jaimy Lee

Tags: Cancer, Cancer Genetics, diagnostics, Dr. Gianrico Farrugia, Individualized medicine, Industry News & Competitive Intelligence, Mayo Clinc's Center for Individualized Medicine, Modern Healthcare, oncology tests, Patient Care