Labcorp Announces New Strategic Service Offerings within Precision Oncology Portfolio

Labcorp announced new strategic service offerings in its precision oncology portfolio on June 3, 2024.

Rhea-AI Summary

Labcorp announced new strategic service offerings in its precision oncology portfolio on June 3, 2024. These enhancements include 'Labcorp Tissue Complete' and the expansion of the 'OmniSeq INSIGHT' liquid biopsy service. Labcorp Tissue Complete, utilizing the FDA-cleared PGDx elio™ assay, is now available in Geneva and Shanghai to support global clinical trials, aiming to standardize biomarker-directed patient testing. Additionally, OmniSeq INSIGHT now includes circulating tumor DNA (ctDNA) profiling, complementing Labcorp's CGP services by evaluating key biomarkers from blood and tissue specimens. These developments aim to streamline oncology clinical trial access, broaden patient populations, and improve logistical efficiencies.

Positive

• Expansion of Labcorp Tissue Complete to Geneva and Shanghai supports global clinical trials, enhancing access and efficiency.
• Integration of OmniSeq INSIGHT ctDNA profiling strengthens Labcorp's CGP services for solid tumors, providing comprehensive biomarker evaluations.
• Standardized approach in genomic profiling reduces variability, improving data consistency for biopharmaceutical studies.
• Enhanced service offerings position Labcorp as a premier partner for advancing cancer research and patient care globally.

Negative

• No specific financial data provided to gauge potential revenue impact of the new service offerings.
• Expansion heavily reliant on successful integration and standardization across new global sites, which may pose logistical challenges.

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Labcorp® Tissue Complete, a comprehensive genomic profiling service, now available in Geneva and Shanghai to support global clinical trials

Company expands leadership in liquid biopsy comprehensive genomic profiling for solid tumors with the integration of OmniSeq® INSIGHT circulating tumor DNA

BURLINGTON, N.C., June 3, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced new strategic service offerings within its precision oncology portfolio. The enhancements strengthen Labcorp's leadership as a premier, single-source partner for biopharmaceutical companies in advancing cancer research and patient care both in the United States and globally.

"Labcorp's portfolio expansion enhances our integrated service offerings and empowers our partners with the support and solutions they need to advance their therapeutic development programs," said Shakti Ramkissoon, M.D., Ph.D., MBA, vice president, medical lead for oncology at Labcorp. "Combined, this can make a lasting difference in patients' lives and health outcomes."

Bringing global expertise to comprehensive genomic profiling
Labcorp Tissue Complete, which is powered by the FDA-cleared and CE-marked PGDx elio™ tissue complete assay, is a comprehensive genomic profiling (CGP) service for research and investigational use. The offering leverages the global reach of Labcorp's central laboratories, standardizing multi-site biomarker-directed patient testing. Labcorp's standardized approach reduces variability, which can result from different chemistries, workflows and data analysis pipelines.

This expansion will extend availability of the service through owned laboratories in Geneva and Shanghai to support research and investigational use in global clinical trials, streamlining access for patients to oncology clinical trials, broadening the patient population, and helping improve logistical efficiencies through Labcorp's global network.

Expanding OmniSeq INSIGHT for ctDNA
Labcorp also expands its leadership in liquid biopsy CGP for solid tumors by adding OmniSeq INSIGHT circulating tumor DNA (ctDNA) into its portfolio of CGP services. This new offering, complements OmniSeq INSIGHT by evaluating the same set of key biomarkers, enabling delivery of integrated and uniform genomic variants, tumor mutational burden (TMB) and microsatellite instability (MSI) detection from blood and tissue specimens to support exploratory and longitudinal biopharmaceutical studies.

To learn about Labcorp's oncology solutions, visit https://oncology.labcorp.com/biopharma-partners.

About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for 84% of the new drugs and therapeutic products approved in 2023 by the FDA, and performed more than 600 million tests for patients around the world. Learn more about us at www.labcorp.com.

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SOURCE Labcorp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new service is Labcorp offering in Geneva and Shanghai?

Labcorp is offering the 'Labcorp Tissue Complete' comprehensive genomic profiling service in Geneva and Shanghai to support global clinical trials.

What is the significance of the OmniSeq INSIGHT expansion?

The expansion of OmniSeq INSIGHT includes circulating tumor DNA (ctDNA) profiling, enhancing Labcorp's CGP services by providing comprehensive biomarker evaluations from blood and tissue specimens.

How does the new service offering benefit global clinical trials?

The new service offering supports global clinical trials by standardizing biomarker-directed patient testing and improving logistical efficiencies, thus broadening patient populations and streamlining clinical trial access.

What does the Labcorp Tissue Complete service utilize?

Labcorp Tissue Complete utilizes the FDA-cleared and CE-marked PGDx elio™ tissue complete assay for comprehensive genomic profiling.

How will Labcorp’s new offerings impact their position in cancer research?

Labcorp's new offerings strengthen its position as a premier partner for biopharmaceutical companies in advancing cancer research and patient care both in the U.S. and globally.