Genomic Health Up 5% on Higher Q1 Revenues
An article in the New York Times today (May 2) by Gina Kolata reviewed studies that affirmed the genetic basis of cancer. Genetic analysis of hundreds of tumors for endometrial cancer and leukemias found patterns of genetic aberrations that more precisely classify tumors. Knowing which genes are mutated will allow researchers to target therapy according to the gene fingerprint.
A private company in the field Foundation Medicine already provides clinical laboratory services to allow physicians to tailor therapy to a tumor’s subtype.
A related news item in molecular diagnostics for cancer, Genomic Health (GHDX $31.95 ) announced that validation studies of their Oncotype DX Prostate Cancer Test will be presented on May 8 at the 2013 American Urological Association (AUA) Meeting in San Diego, with the test to be made available by the end of Q2 2013. Genomic Health announced financial results last night and Q1 revenues were up 8% to $63.1 compared to $58.5 with a net loss of $0.9M as operating expenses were up. U.S. invasive breast cancer studies were up 9%. Genomic Health was added to the Rayno Dx and Tools portfolio on Feb 26 at a Price of $28.50.