There are plans to open labs in Singapore and Shanghai. Related: NeoGenomics of Fort Myers reports swing to profit in first quarter Related: NeoGenomics reports record revenue for fourth quarter with clinical testing growth The new lab in Texas, spanning 28,000 square feet, will primarily serve the company's pharmaceutical services division. The division continues to show strong momentum, NeoGenomics said, with drug companies and others increasingly seeking its biopharmaceutical and clinical trial services for new cancer treatments and therapies. NeoGenomics recently announced a global strategic partnership with Pharmaceutical Product Development, a leading global contract research organization. Another important development in the second quarter included redeeming 100 percent of the remaining outstanding preferred stock — 6.9 million shares — from General Electric, issued as part of NeoGenomics' acquisition of rival Clarient in 2015.