LabCorp announces extension of distribution agreement with OmniSeq
OmniSeq and LabCorp announced 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, or 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.