SAN FRANCISCO, Nov. 11, 2013 (GLOBE NEWSWIRE) -- CollabRx, Inc. (Nasdaq:CLRX), a data analytics company focused on informing clinical decision making in molecular medicine, today announced a multi-year, non-exclusive agreement with Quest Diagnostics (NYSE:DGX), the world's leading provider of diagnostic information services, related to medical annotation for new next-generation sequencing test services for cancer.
Under the agreement, Quest Diagnostics has the right to incorporate into clinical test reports for its next-generation sequencing cancer tests medical content, such as scientific literature, medical guidelines and published therapeutic protocols. The service was developed by CollabRx and customized for use by Quest Diagnostics. The annotated content may help physicians better understand, through the database, the clinical significance of test results indicating the presence of one or more gene mutations. Quest will also have the right to incorporate the CollabRx content into clinical trials services performed on behalf of its pharmaceutical and other clients. Additional terms of the agreement were not disclosed.
"CollabRx is privileged to provide a customized version of our recently launched Genetic Variant Annotation (GVA) Service™ to Quest Diagnostics, one of the most influential and highly respected companies in the area of diagnostic innovation," said Thomas Mika, Chairman, President & CEO of CollabRx. "Quest Diagnostics has a robust track record and capability in next generation sequencing and molecular clinical diagnostics, making it well positioned to help providers gain the most from CollabRx's expertise and services. This collaboration will expand our reach to physicians and patients and help the cause of precision medicine with sound science and informed treatment planning."
"The Quest Diagnostics agreement demonstrates CollabRx's accelerating pace of business and channel development in 2013," said Mika. "This new milestone attests to the growing adoption of CollabRx technology and interpretive analytics in top-tier laboratories worldwide as a standard aspect of test reporting for clinical genetic sequencing in cancer and other diseases."
Quest Diagnostics, which generated revenues of about $7.4 billion in 2012, serves about half the physicians and hospitals and one in three adults in the U.S. annually.
CollabRx, Inc. (Nasdaq:CLRX) is a recognized leader in cloud-based expert systems to inform healthcare decision-making. CollabRx uses information technology to aggregate and contextualize the world's knowledge on genomics-based medicine with specific insights from the nation's top cancer experts, starting with the area of greatest need: advanced cancers in patients who have effectively exhausted the standard of care. More information may be obtained at http://www.collabrx.com.
CollabRx Safe Harbor Statement
This press release includes forward-looking statements about CollabRx's anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and CollabRx's plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by CollabRx with the Securities and Exchange Commission. CollabRx undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Gavin J. Gordon, MBA, PhD Vice President, Business Development & Strategic Alliances CollabRx, Inc. (415) 248-5350 email@example.com or James Carbonara Hayden IR 646-755-7412 James@haydenir.com