Mayo Clinic and Cancer Genetics Inc. today launched OncoSpire Genomics, a joint venture with the singular goal of improving cancer care by discovering and commercializing diagnostic tests that leverage next-generation sequencing.
"Individualized medicine and genomic testing give us a fundamental understanding of the inner workings of wellness and disease. 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," says Gianrico Farrugia, M.D., a Mayo Clinic gastroenterologist and director of Mayo Clinic's Center for Individualized Medicine. "That is why this joint venture is so important."
OncoSpire will focus on mutually identified projects in the Biomarker Discovery Program within Mayo's Center for Individualized Medicine. 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. According to Frost & Sullivan, a health care industry analyst, the U.S. cancer biomarker testing market is expected to reach $11.5 billion by 2017.
Read the full press release here.