Biotech Values

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NEO: Covance Central Laboratories and NeoGenomics Enter into Exclusive Alliance to Provide Comprehensive Anatomic Pathology, Histology and Specialty Laboratory Testing Services for Clinical Trials

(As far as I can see, this is about as big or bigger than ABT taking a 10% stake in the co., the biggest news to date on co. development

PRINCETON, N.J. and FT. MYERS, Fla., Nov. 18, 2013 /PRNewswire-FirstCall/ -- Covance Inc. (CVD), one of the world's largest and most comprehensive drug development services companies, and NeoGenomics, Inc. (NEO), a leading provider of oncology-focused genetics testing services, today announced a strategic collaboration to jointly provide anatomic pathology and specialty laboratory testing services for global clinical trials.

Through the alliance, Covance's clients will gain access to fully integrated anatomic pathology and histology (APH) services, including immunohistochemistry (IHC), fluorescence in-situ hybridization (FISH), and molecular testing. Covance will establish a laboratory at NeoGenomics' Fort Myers, Fla. facility and, together with NeoGenomics, will provide a full range of APH, tissue-based biomarkers and other specialty testing services. The companies will then expand joint capabilities globally at Covance's central laboratory locations in Shanghai, China; Geneva, Switzerland; and Singapore.

As part of the alliance, Covance will have access to NeoGenomics' extensive medical and scientific networks, which includes more than 500 pathologists. NeoGenomics gains access to Covance's broad market reach, established client relationships, and extensive clinical trials experience. The alliance will provide seamless global testing services supporting oncology and companion diagnostics strategies for biopharmaceutical firms around the world.

"The collaboration with NeoGenomics will offer our clients fully integrated anatomic pathology services from sample preparation, staining and imaging, to pathology interpretation by leading pathologists, in an end-to-end manner," said Paul Kirchgraber, MD, Vice President of Laboratory Operations & Medical Affairs, Covance Central Laboratory Services. "Providing these integrated services through the Covance laboratory co-located within NeoGenomics results in improved turnaround times critical to oncology clinical trials."

Douglas VanOort, NeoGenomics Chairman and CEO, stated, "Our oncology-focused genetic and molecular testing services are a perfect complement to Covance's extensive laboratory services and will allow NeoGenomics to rapidly grow its clinical trials business with a world-class partner. We also look forward to the exciting opportunities that this collaboration will open up in the field of companion diagnostics."

http://finance.yahoo.com/news/covance-central-laboratories-neogenomics-enter-120000296.html