Complete Genomics (Nasdaq: GNOM) shares rise on new technology

Northern, WI 7/12/12 (StreetBeat) -- Shares of Complete Genomics Inc (Nasdaq: GNOM) continued their rally on Thursday, jumping 11 percent in premarket trading after the gene sequencing company unveiled a technology that is expected to improve accuracy and reduce the amount of DNA needed for testing.

The new technology, named Long Fragment Read (LFR), will result in a 10-fold increase in accuracy, Complete Genomics said in a statement late on Wednesday. The shares rose 49 percent after the announcement.

"LFR potentially gives Complete Genomics' service offering a key point of differentiation upon introduction in early 2013," UBS analyst Daniel Arias said in a note.

Complete Genomics said early last month it would explore strategic options, including a sale, and expected to delay capacity expansion.

Gene sequencing companies, which also include bigger names Illumina Inc and Life Technologies Corp, cater to a client base that mostly comprise educational and research institutions and compete on price.

The sector has recently come under pressure from a cut in the funding provided by the National Institutes of Health (NIH) for basic science research.

As the technology is yet to see widespread commercial adoption, the funding cut is one of the biggest issues faced by the sector that is on a persistent drive to bring down the price of gene sequencing to about $1,000.

Currently, the average price is $4,000-$5,000.

Shares of Complete Genomics were at $3.24 before the bell. They closed up 44 percent at $2.93 on Wednesday on the Nasdaq.

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Mayo Clinic Selects Complete Genomics (Nasdaq: GNOM) to Provide Outsourced Whole Genome Sequencing

Palm Beach, FL 2/13/12 (StreetBeat) -- Complete Genomics Inc. (Nasdaq: GNOM) announced today that it has been selected by Mayo Clinic's Center for Individualized Medicine to provide outsourced whole human genome sequencing. Mayo Clinic researchers will now be able to employ Complete Genomics' sequencing service for some of its large-scale whole genome sequencing projects.

The Center for Individualized Medicine operates a comprehensive sequencing laboratory in its own Medical Genome Facility, but it determined that collaboration with Complete Genomics could supplement the services available to its community of medical researchers. Under the terms of the agreement, Mayo Clinic can send genetic material to Complete Genomics for sequencing and analysis. It will continue to operate and invest in its Medical Genome Facility. Financial details of the agreement were not disclosed.

"Mayo Clinic, through the Center for Individualized Medicine, already has several high-impact genome- and epigenome-based studies underway in individualized care for our patients," said Gianrico Farrugia, M.D., director of Mayo Clinic's Center for Individualized Medicine. "Access to quality whole genome sequencing services can only expedite our efforts to improve care for all of our patients with new individualized medicine tools and techniques."

"It is exciting to see a world-renowned healthcare organization like Mayo Clinic take the next step towards bringing high-quality whole genome sequencing data into the clinic. They clearly recognize its potential to personalize treatment options and improve the future quality of patient care," said Leroy Hood, M.D., Ph.D., president of the Institute for Systems Biology and a member of Complete Genomics' Scientific Advisory Board. "This is a big step toward the realization of personalized medicine."

"For well over a century, Mayo Clinic has been an innovator and leader in translating cutting-edge clinical research into world-class patient care and treatment," said Clifford Reid, Ph.D., chairman, president and CEO of Complete Genomics. "We are honored to be partnering with Mayo Clinic researchers to provide sequencing and analysis for their genomic studies and investigations."

Projects will be coordinated with the Center of Individualized Medicine's Medical Genome Facility and will help expedite Mayo Clinic's translational genomics-based programs. Through these initiatives, Mayo Clinic will develop best practices for using genetic information to guide patient care.

Mayo's effort is part of a growing trend in medicine to collect and analyze the genetic information from consenting patients to optimize medical care in a variety of disciplines, including cancer diagnosis and treatment, drug therapy, disease prevention, and many others. This information could also be used by doctors to advise patients about lifestyle changes that could help prevent or delay disease onset.

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