Caris Diagnostics Announces Combination with Molecular Profiling Institute
Caris Diagnostics has announced that it has entered into a definitive agreement to combine with Molecular Profiling Institute, Inc. and its subsidiary, the Tissue Banking and Analysis Center, Inc. (MPI), a CLIA certified molecular diagnostics company focused on the development and commercialization of molecular diagnostic tests based on genomic and proteomic profiling.
"This acquisition of the Molecular Profiling Institute demonstrates our commitment to deliver health improvement by advancing the commercialization of personalized medicine," said David D. Halbert, Chairman of Caris Diagnostics.
"MPI significantly expands our ability to help ensure that through the right diagnosis, patients get the right treatment, in the right dosage, at the right time. We look forward to putting our resources behind this already solid company to accelerate the achievement of its mission to develop and direct new diagnostic tests into clinical practice so that patients can more quickly benefit from ongoing scientific discoveries. In addition, we are eager to help bolster MPI's capacity to partner with leading pharmaceutical companies and academic institutions in facilitating targeted drug development."
MPI is a specialty reference laboratory that helps patients by applying the discoveries of the Human Genome Project to personalized medicine.
Through its Tissue Banking and Analysis Center, MPI also offers a one-stop shop for biospecimen procurement, storage, tracking, analysis, and reporting for research institutes, pharmaceutical and diagnostic companies, and medical centers. These services are used along the spectrum of research and development activities, from new compound discovery through phase three clinical trials. For example, MPI partners with US Oncology as the preferred provider for all of the biospecimen collection and analysis within their national clinical trial network.
"Together, we are well aligned in our mission to accelerate personalized medicine by not only introducing diagnostics that provide more effective individualized treatments, but also assisting our partners with their clinical trials," commented Dr. Robert J. Penny, Chairman and Chief Executive Officer of MPI. "Caris Diagnostics enhances our ability to provide more robust analysis, repository functions, and distribution to patients across the country."
"We are excited about the combination of the Tissue Banking and Analysis Center with Caris Diagnostics and look forward to leveraging their resources and expertise to accelerate the utilization of genomic and proteomic analysis to develop more individualized therapies for our patients in our national clinical trial network," said Dr. Atul Dhir, President of the Cancer Information and Research Group for US Oncology and board member of the Tissue Banking and Analysis Center.
"Caris Diagnostics and our entire team of employees are extremely pleased to welcome MPI and all of its employees into our company. MPI has developed unique assets in the growing field of molecular diagnostics to create an admirable position. This combination solidifies our leadership in diagnostics, which is built upon a shared commitment to providing the highest quality services for physicians and patients in anatomic pathology and now molecular testing," concluded Gail Marcus, President and CEO of Caris Diagnostics.