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Featured Company News - Invitae Acquires Ommdom; Gets CancerGene Connect Under its Portfolio

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LONDON, UK / ACCESSWIRE / June 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for the leading genetic information Company, Invitae Corp. (NYSE: NVTA). The Company announced on June 12, 2017, that it has acquired Ommdom, Inc., the developer of CancerGene Connect, and other healthcare software. CancerGene Connect is one of the most efficient, end-to-end platforms available for collecting, assessing and managing genetic family histories. It is the next-gen genetic assessment platform which offers the user intuitive access at his fingertips, with over 2,000 available data points per patient. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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Cancergene Connect

Cancergene was developed by clinicians to streamline the processes of collection, analysis, and management of patient family history information. The platform leverages a cloud-based, mobile friendly patient interface to collect family history information prior to an on-site clinician appointment. The data collection, once completed, enables the use of powerful analysis tools that use the latest research on hereditary risk, to analyze a patient's predisposition to disease and deliver actionable analysis to inform therapeutic decisions, including genetic testing or treatment methods. The platform additionally offers the clinicians to look beyond the individual and observe trends across all patients, as a whole.

About the Announcement

Cancergene Connect encourages family history collection by the patients before their genetics appointment, as it assembles more detailed and concise information. The analysis tool designed to the data available offers depth and flexibility to cater the genetic history according to each individual patient. CancerGene Connect was first created in the late 1990s at UT Southwestern Medical Center, where the center developed and the initial version of the tool which enabled the clinicians to run complex risk assessment algorithms that initially required time-intensive research calculations for each patient. In 2013, UT Southwestern Medical Center won the Innovator Award from the Association of Community Cancer Centers, for its work on CancerGene Connect.

Ommdom currently holds the exclusive license from UT Southwestern Medical Center to further develop and commercialize CancerGene Connect. Under terms of the agreement, Invitae acquired all the Ommdom's outstanding capital for about $6 million in Invitae's common stock. Invitae currently holds a portfolio of more than 1,500 genes for a variety of genetic disorders and other rare disease areas and the clinical analysis of a 20,000-gene medical exome.

Company Growth Prospects

On April 20, 2017, Invitae announced the addition of 80 new panels in addition to an additional 24 panels for the diagnosis of inherited immunologic and metabolic disorders. The new and updated tests further expanded the Company's robust portfolio of affordable diagnostic genetic tests available for use by clinicians.

Invitae also introduced exome testing on March 30, 2017, where it announced a major expansion of its genetic testing services with the introduction of exome sequencing and interpretation services, hence expanding the Company's existing portfolio to more than 20,000 genes. Invitae performs high-quality exome testing, using next-gen sequencing (NGS) technology to analyze the coding regions, also named as exons for up to 20,000 genes. Invitae's Boost Exome assesses these changes with customized bioinformatics and rigorous implementation in an attempt to identify the origin of a genetic disease.

Last Close Stock Review

At the closing bell, on Tuesday, June 13, 2017, Invitae's stock climbed 1.42%, ending the trading session at $9.31. A total volume of 164.27 thousand shares were traded at the end of the day. In the last six months and previous twelve months, shares of the Company have soared 28.59% and 18.60%, respectively. Moreover, the stock rallied 17.25% since the start of the year. The stock currently has a market cap of $385.71 million.

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SOURCE: Pro-Trader Daily