RUTHERFORD, N.J., Nov. 14, 2014 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "the company"), an emerging leader in DNA-based cancer diagnostics, today announced it ranked 303 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. CGI grew 296% percent as measured by revenues during this period.
Cancer Genetics' chief executive officer, Panna Sharma, credits the company's ability to develop and launch targeted, proprietary genomic tests and its focus on the personalization of oncology treatment with the company's 296% revenue growth. He said, "We are seeing extraordinary interest among oncologists and pathologists for targeted genomic information that has been validated with leading research institutions to improve diagnosis, and guide and monitor patient treatment. The pace at which new combination protocols and new molecular therapeutics are being adopted is driving more informed cancer care. CGI is uniquely positioned as a partner in this era of precision medicine."
"The companies ranked on the 2014 Deloitte Technology Fast 500 continue to set the bar for their industry higher each year," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. "There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015."
"For 20 years, the Deloitte Fast 500 rankings have honored the innovation that is part of these companies' DNA," added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. "We're glad to be serving these high-growth companies, and helping the technology sector recognize the great strides and transformation these companies are making in their respective areas."
"As we continue to grow through launches of proprietary test and selective acquisitions, we will impact more patients, inform the outcomes of more trials, and aid in new discoveries in oncology. With our expanded global footprint and demonstrated excellence in providing cutting-edge genomic testing, Cancer Genetics is quickly become the partner of choice to help personalize the treatment of cancer from bench to bedside," said Panna Sharma, President and CEO of Cancer Genetics.
Overall, 2014 Technology Fast 500™ companies achieved revenue growth ranging from 135 percent to 123,678 percent from 2009 to 2013, with an average growth of 1,640 percent.
About Deloitte's 2014 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years and be headquartered within North America.
About Cancer Genetics
Cancer Genetics, Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State.
We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
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Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that the transaction will not close or, if it closes, will not realize the currently anticipated benefits, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Company's Form 10-K for the year ended December 31, 2013 and 10-Q for the quarter ended September 30, 2014 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.
CONTACT: Investor Relations Andrew McDonald Ph.D. Life Science Advisors LLC 646-597-6987 Media Relations Paul Kuntz RedChip Companies, Inc. 800-733-2447, ext. 105 firstname.lastname@example.orgSource:Cancer Genetics