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Complete Genomics' Shares Soar on Mayo Clinic Sequencing Contract

NEW YORK (GenomeWeb News) – Shares of Complete Genomics rose 36 percent in early trading today on news that it was selected by the Mayo Clinic's Center for Individualized Medicine to provide outsourced whole genome sequencing.

Shares of Complete Genomics were trading at $4.48 on the Nasdaq.

As a result of the deal, researchers at Mayo will now be able to use Complete Genomics' sequencing service for some large-scale whole genome sequencing projects. Mayo's center operates a comprehensive sequencing laboratory in its own Medical Genome Facility, but decided that Complete Genomics could supplement its offerings, the Mountain View, Calif.-based company said.

Under the terms of the deal, Mayo will send genetic material to Complete Genomics for sequencing and analysis. Financial terms were not disclosed.

Mayo's sequencing and genomics projects will be coordinated with the Medical Genome Facility and will help accelerate Mayo's translational genomics-based programs. The clinic also will continue to invest in its Medical Genome Facility, Complete Genomics said.

"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," Gianrico Farrugia, director of Mayo Clinic's Center for Individualized Medicine, said in a statement. "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."