|OmniSeq and LabCorp Extend Exclusive Distribution Pact and Complete Follow-On Investment Agreement|
|By: Nasdaq / GlobenewsWire - 23 Apr 2019||Back to overview list
Funding Will Support OmniSeq’s Pursuit of Single-Site PMA FDA Approval for Advanced Next Generation Sequencing Oncology Panels
BUFFALO, N.Y., April 23, 2019 (GLOBE NEWSWIRE) -- OmniSeq®, a CAP-accredited, molecular diagnostics spin-out of Roswell Park Comprehensive Cancer Center, and LabCorp® (NYSE: LH), a leading global life sciences company, announced today an extension of their exclusive distribution agreement as well as an additional investment by LabCorp. The distribution agreement and LabCorp’s initial investment in OmniSeq’s Series B financing round were first announced in August 2017.
The distribution agreement originally provided LabCorp with exclusive distribution rights for the OmniSeq Comprehensive and Immune Report Card clinical assays. The agreement’s extension adds OmniSeq Advance, as well as the OmniSeq MSI NGS test. Together, OmniSeq’s next-generation sequencing (NGS)-based assays provide comprehensive genomic and immune profiling to enable oncologists to select the most appropriate therapies or clinical trials for each patient. Pursuant to the agreement, OmniSeq’s suite of advanced tests will be exclusively offered by LabCorp to U.S.-based physicians through Integrated Oncology, a member of the LabCorp Specialty Testing Group, and globally to biopharmaceutical customers through Covance, LabCorp’s drug development business.
Proceeds from LabCorp’s additional investment will be used by OmniSeq to pursue FDA approval or clearance of its proprietary NGS-based comprehensive genomic and immune profiling panels, to continue the development of new panels intended to predict the response to checkpoint inhibitors and other immune-therapies, and to support the expansion of testing operations.
According to Mark Gardner, CEO of OmniSeq, “We are honored to extend our partnership with LabCorp to expand access to OmniSeq’s advanced testing methodologies to help provide more precise guidance in the selection of the right therapy or clinical trial for patients diagnosed with a broad range of cancers. With LabCorp’s continued collaboration and support, we will have the funding to augment the clinical utility of our testing services, and to make the best of precision medicine more readily available to physicians and patients across the U.S. and to biopharmaceutical companies around the globe.”
“OmniSeq has been an excellent partner for us in both clinical studies and clinical diagnostics,” said Marcia Eisenberg, chief scientific officer of LabCorp Diagnostics, and a member of OmniSeq’s board of directors. “Working together, we have brought advanced NGS-based diagnostics to market, supporting more informed clinical decisions for targeted and immuno-oncology therapies. By combining the clinical trials capabilities of Covance, the single-source lab solutions services of Integrated Oncology, and the testing services of OmniSeq, LabCorp is uniquely positioned to bring precision medicine to oncology patients across the country.”
To learn more about OmniSeq Comprehensive®, Immune Report Card®, OmniSeq AdvanceSM, or OmniSeq MSI NGS, call 1-800-781-1259 or visit www.omniseq.com.
Note regarding forward looking statements for OmniSeq. This press release contains forward looking statements, including but not limited to, the performance capabilities of the OmniSeq Advance test. The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
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