The US-based Cancer Genetics Inc., a biotech major has teamed up with Genetics Specialties Private Limited, Bangalore, through foreign direct investment with a 51:49 equity to market advanced genetic diagnostic probes, known as a Fluorescence In Situ Hybridization (FISH) probe, for the accurate detection of specific genetic lesions in cancerous cells position.
Genetics Specialties, which is the marketing arm, has hired around 6 personnel to network oncology specialists in the country and offer its genetic diagnostic probe reagents.
"Genetics Specialties is the first to bring to market a test for Cervical Cancer and provide an advanced tools for diagnosis of Lymphoma, Multiple Myeloma, Chronic Lymphocytic Leukaemia, Acute Myloid leukaemia, Sarcoma and Myelodysplasia (MDS), prenatal/ IVF and birth defects markets," informed Peter Hartmyre, executive VP, Marketing and Sales, Cancer Genetics, Inc.
Ramesh Kumar Shah, director, Genetics Specialties said that they would be able to corner around 25 per cent of the market which is valued at Rs 170 million and registering a growth rate of 58 per cent. Each probe will cost Rs 2,500 which will be around 35 per cent lower than the competition.
"Initially, we will markets 140 new probes which is expected to grow at 10 per cent annually over the next two years. In the next 5 years, we plan to become a publicly traded pre-eminent diagnostic powerhouse offering probes and services in the areas of genetic and infectious diseases in India and neighbouring countries," Shah added.
Depending on the success of its probes in the country, Cancer Genetics could set up a production facility or a research unit in Bangalore. Plans are on the anvil to team up with diagnostic centres like Elbit to train technicians in the use of probes, said Shah.
Cancer Genetics currently markets over 48 genetic probes and has 12 probes in various stages of development.