Biodesix Announces New Master Collaborative Research Agreement with Leading US Cancer Center
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The collaboration between Biodesix, Inc. and Memorial Sloan Kettering Cancer Center (MSK) represents a strategic alliance in the field of oncology diagnostics. By leveraging Biodesix's capabilities in genomics, proteomics and data mining, alongside MSK's clinical expertise, this partnership aims to accelerate the development of diagnostic tests that could potentially lead to more personalized and effective cancer treatments. Such tests are important in identifying specific biomarkers that can inform treatment decisions and track disease progression.
From a medical research perspective, the integration of Bio-Rad's digital PCR assay technology is a significant enhancement. Digital PCR is a highly sensitive and precise method for quantifying nucleic acids, making it invaluable for detecting low-abundance biomarkers, which are often pivotal in early cancer diagnosis and monitoring minimal residual disease. The collaboration's focus on creating highly multiplexed assays is indicative of a trend towards comprehensive panel-based diagnostics that can assess multiple biomarkers simultaneously, thereby providing a more complete picture of a patient's cancer profile.
From a market standpoint, the agreement between Biodesix and MSK could be seen as a proactive move to stay ahead in the competitive landscape of cancer diagnostics. The oncology diagnostic market is rapidly growing, driven by the increasing prevalence of cancer and the demand for precision medicine. By combining the strengths of a leading diagnostic solutions company with a renowned cancer center, the potential for developing cutting-edge diagnostics is heightened, which could translate into significant market opportunities.
The announcement of this collaboration could have a positive impact on investor sentiment towards Biodesix, as partnerships with prestigious institutions like MSK often serve as a validation of a company's technology and strategic direction. Furthermore, the involvement of Bio-Rad and its industry-leading digital PCR technology could enhance the credibility and anticipated effectiveness of the upcoming diagnostic tests. However, it's important for investors to consider the typical timelines and regulatory hurdles associated with bringing such diagnostic tests to market, which can affect the realization of potential financial gains.
Examining the financial implications, the master collaborative research agreement (MCRA) could pave the way for Biodesix to expand its product pipeline and potentially increase revenue streams through the commercialization of new oncology biomarker assays. The development of these assays is likely to involve significant R&D expenditure, but the long-term return on investment could be substantial if the tests prove to be clinically valuable and gain market acceptance.
Investors should monitor the progress of the collaboration's outputs, particularly the validation studies and subsequent regulatory approvals, as these are critical milestones that could influence Biodesix's financial performance. Moreover, the partnership with MSK may enhance Biodesix's ability to secure additional funding or strategic partnerships, given the increased visibility and credibility that such an association confers.
Biodesix will utilize its array of genomics, proteomics, and data mining capabilities with the aim of developing and commercializing oncology biomarker assays in collaboration with MSK. Bio-Rad will provide its industry-leading digital PCR assay technology in support of this important work.
The collaborators, represented by Dr. Howard Scher (MSK) and Dr. Gary Pestano (Biodesix), will share an update at the 31st International Precision Medicine Tri-Con meeting (PMTC) on March 25: “An Industry | Academic Collaboration Framework Focused on Novel Diagnostic Test Development in Oncology”.
“The expansion of our previous master sponsored research agreement (MSRA) into a master collaborative research agreement with MSK is a significant milestone for Biodesix and for biomarkers in oncology diagnostics. Biodesix looks forward to co-developing and validating new test concepts under these agreements,” said Scott Hutton, CEO, Biodesix.
“We look forward to working with Biodesix to develop the next generation of highly multiplexed digital PCR assays as part of our expanding oncology offering,” said Simon May, EVP and President of Life Sciences at Bio-Rad Laboratories. “Bio-Rad provides the leading solution for digital PCR, and we are committed to providing oncology researchers and commercial partners with technologies that enable everything from biomarker discovery to clinical trials and patient monitoring of minimal residual disease.”
About Biodesix
Biodesix is a leading diagnostic solutions and services company with a focus in lung disease. The Company develops diagnostic tests addressing important clinical questions by combining multi-omics through the power of artificial intelligence. Biodesix offers five Medicare-covered tests for patients with lung diseases. The blood based Nodify Lung® Nodule Risk Assessment testing strategy, consisting of the Nodify XL2® and the Nodify CDT® tests, evaluates the risk of malignancy in incidental pulmonary nodules, enabling physicians to better triage patients to the most appropriate course of action. The blood based IQLung™ strategy for lung cancer patients integrates the GeneStrat® targeted ddPCR™ test, the GeneStrat NGS® test and the VeriStrat® test to support treatment decisions across all stages of lung cancer with results in an average of two to three business days, expediting the time to treatment. Biodesix also leverages the proprietary and advanced Diagnostic Cortex® AI (Artificial Intelligence) platform, to collaborate with many of the world’s leading biotechnology and pharmaceutical companies to solve complex diagnostic challenges in lung disease. For more information about Biodesix, visit biodesix.com.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of backlog and the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital including under the term loan facility, expectations regarding revenue and margin growth and its impact on profitability, and the impact of a pandemic, epidemic, or outbreak, including the COVID-19 pandemic, on Biodesix and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company's ability to continue as a going concern could cause actual results to differ materially from those contemplated in this press release and additionally, other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix most recent annual report on Form 10-K, filed March 1, 2024. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
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Media:
Natalie St. Denis
Director, Corporate Communications
natalie.stdenis@biodesix.com
(720) 925-9285
Investors:
Chris Brinzey
chris.brinzey@westwicke.com
(339) 970-2843
Source: Biodesix, Inc.
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