Quest Diagnostics

Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

<div>
 
 SomaLogic is a proteomics company offering protein biomarker discovery and clinical diagnostics services to support drug development and precision medicine. Its proprietary SomaScan platform can measure 7,000 proteins in the human body, with plans to reach 10,000 by 2023.&nbsp;
 
 
 The company provides two core services - SomaScan Discovery for large-scale protein detection and SomaSignal Tests which analyze patient samples for disease risk assessment. SomaSignal leverages a bioinformatics algorithm built on over 450,000 protein samples. To enhance its proteomics capabilities, SomaLogic acquired DNA nanotechnology firm 
 <a href="https://sp-edge.com/updates/11889">
 Palamedrix
 </a>
 in 2022 for its technology to improve SomaScan's accessibility and usage. The company&rsquo;s technology is built on two decades of research and development, and, as of November 2022, had over 600 patents covering areas such as chemistry, data analytics, diagnostics, and therapeutic.&nbsp;
 
 
 Key customers and partnerships
 
 
 The company had entered into several strategic collaborations in private and public entities for drug discovery and development including a 10-year agreement with 
 <a href="https://sp-edge.com/companies/12122">
 Novartis 
 </a>
 , a multi-year partnership agreement with 
 <a href="https://sp-edge.com/companies/36695">
 Illumina 
 </a>
 , an agreement with precision oncology company, 
 <a href="https://sp-edge.com/companies/812083">
 OncoHost 
 </a>
 , 
 and a partnership with 
 <a href="https://sp-edge.com/updates/19329">
 Citagen 
 </a>
 and 
 <a href="https://sp-edge.com/updates/20375">
 Dante Genomics
 </a>
 .&nbsp;
 
 
 Funding and Financials
 
 
 The company began trading on Nasdaq in September 2021 under the ticker symbol &ldquo;SLGC,&rdquo; raising USD 630 million at IPO. For 
 <a href="https://sp-edge.com/updates/17357">
 2022 
 </a>
 revenue increased 20% YoY to USD 97.7 million and the net loss worsened by 24.8% YoY to USD 109.2 million. 
 <a href="https://sp-edge.com/updates/18743">
 In Q1 2023 
 </a>
 , net losses increased considerably by more than 7x YoY to USD 34.2 million while revenue decreased 11% YoY to USD 20.4 million. The company expects revenue for the full-year 2023 in the range of USD 80 million&ndash;84 million, implying a 12%&ndash;17% decrease, excluding licensing revenue from New England Biolabs.
 
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<div>
 
 Freenome is a California-based biotechnology company that focuses on developing tests for early cancer detection using a routine blood draw. The genetic profiling startup has developed a machine learning and AI-powered multiomics platform that was built on thousands of cancer-positive samples, allowing it to learn which biomarker pattern signifies a type of cancer. While most competitors rely only on tumor-derived markers, Freenome&rsquo;s platform detects key biological signals beyond mutations that are early warning signs for cancer, incorporating both tumor and non-tumor-derived indicators which support early detection.&nbsp;
 
 
 The platform analyzes an individual&rsquo;s cell-free DNA, methylation (RNA processing), and proteins to gain insights into immune response, tumor heterogeneity, and gene expression changes in the body associated with tumor formation. As of January 2022, the company was carrying out a study, known as the PREEMPT CRC clinical trial, to develop a blood test for the early detection of colorectal cancer (CRC). The company was also looking to enroll 25,000 participants for a study to validate its blood test and to support its submission for approval by the US Food and Drug Administration. Its CRC screening test integrates personalized clinical insights with health systems via more than 100 healthcare partnerships across the US.&nbsp;
 
 
 The company is also extending its multiomics platform with biomarkers for other cancer types, including pancreatic cancer and breast cancer. It plans to launch additional multi-cancer clinical studies in February 2022, focused on personalized screening tests based on an individual&rsquo;s risk.&nbsp;
 
 
 In May 2023, Freenome 
 <a href="https://sp-edge.com/updates/18782">
 acquired Oncimmune 
 </a>
 for a total consideration of GBP 13 million (~USD 16.1 million). The acquisition provides Freenome with additional clinical and commercial resources, including a pipeline of autoantibody targets for cancer indications.
 
 
 Key customers and partnerships
 
 
 <a href="https://sp-edge.com/updates/19455">
 In June 2023
 </a>
 , Freenome and Walgreens entered a multi-year partnership to advance clinical studies focused on the early detection of cancer through the use of Freenome's blood-based tests.
 
 
 Funding and Financials
 
 
 In January 2022, the company surpassed USD 1 billion in funding after receiving an investment from Roche amounting to USD 290 million, which was used to advance its CRC screening test and expansion of its multiomics platform to other cancers.
 
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PreciseDx is an oncology diagnostics company that leverages AI for morphology-driven disease analysis. The company's core technology is an AI-powered morphology feature array (MFA) platform that analyzes histology images to provide patient-specific risk information and enhance cancer diagnosis and prognosis.&nbsp;PreciseDx's flagship product is PreciseBreast, an early-stage invasive breast cancer risk assessment tool that predicts the six-year risk of recurrence. The test uses standard H&amp;E pathology slide images and is independent of HER2, hormone receptor, and node status. The test received approval from the New York State Department of Health in&nbsp;<a href="https://www.prnewswire.com/news-releases/precisedx-receives-new-york-state-approval-for-an-ai-enabled-breast-diagnostic-301740679.html">February 2023</a>, allowing PreciseDx to begin commercial testing through its CLIA-certified laboratory.The platform aims to improve upon traditional pathology by providing objective, quantifiable data to support clinical decision-making. The technology is claimed to have shown promise in detecting early-stage Parkinson's disease with high accuracy. As of October 2024, the company was working to expand its offerings, with a prostate cancer test in development.&nbsp; &nbsp;Key customers and partnershipsIn&nbsp;<a href="https://www.prnewswire.com/news-releases/ucla-and-precisedx-announce-new-collaboration-to-advance-ai-enabled-predictions-and-risk-mitigation-for-triple-negative-breast-cancer-recurrence-302105153.html">April 2024</a>, PreciseDx announced a research partnership with UCLA's Department of Pathology and Laboratory Medicine to evaluate PreciseBreast's ability to assess recurrence risk in triple-negative breast cancer patients. The company was also collaborating with Baylor Scott &amp; White Health in Texas to further validate PreciseBreast for early-stage invasive breast cancer. Additionally, in&nbsp;<a href="https://sp-edge.com/updates/29905">May 2024</a>, the company entered a collaboration with COTA and Baptist Health South Florida to analyze the performance of PreciseBreast against traditional pathology reviews and 21-gene assay results. These partnerships aimed to expand access to PreciseDx's AI-enabled testing and validate its efficacy.

PreciseDx is the only Cancer Risk Stratification company to provide patient-specific risk information through the analysis of morphology features, enabling better and more personalized treatment and outcomes. Clinical teams can rely on PreciseDx for unmatched insights and actionable intelligence in determining the best treatment for each patient. Combining the power of artificial intelligence with its proprietary Morphology Feature Array™, PreciseDx creates disease-specific assays that deliver new levels of pathology information and insight on each patient's risk profile and likely outcomes to aid in treatment decision-making.

Universal Diagnostics S.L. (UDX) is a Spanish in-vitro diagnostics company developing a platform of minimally-invasive, blood-based solutions for detecting cancer early when treatment options are more plentiful and survival rates are still high. UDX believes that the best way to fight against cancer is by detecting it early.   The UDX diagnostic platform is designed to detect various cancer types, e.g. colorectal, liver, pancreatic, lung, and gastric cancer via one simple blood test. The assays rely on a curated set of proprietary methylation marker panels; a simple blood sample collected as part of a routine check-up, can be processed at a reference laboratory or hospital using standard equipment and then uploaded to the UDX Cloud for final algorithmic analysis.   UDX’s first marker panel is a colorectal cancer screening test. The test identifies individuals who need to be referred for colonoscopy. Colorectal cancer is the 3rd most frequent cancer and 2nd deadliest cancer worldwide. The challenge is that colorectal cancer is mostly detected in late stages, with significantly decreased survival rates (11% survival rate in stage IV vs. 85% survival rate in stage I).   To develop the test and execute its R&D and operations, UDX partners with international research institutions, hospitals, universities, and biobanks around the globe.

Freenome is a biotech company developing accurate, accessible, and non-invasive disease screening products for proactively treating cancer and other diseases at their most manageable stages. The company is developing a simple blood test to detect early-stage cancer and make treatments more effective and provides a platform that helps design healthy conditions for an individual based on his/her cell-free genome. The company aims to reinvent disease management through systematized early detection and intervention.

SomaLogic operates as a protein biomarker discovery and clinical diagnostics company. It offers SOMAmers (Slow-Offrate Modified Aptamers), which are modified nucleic acid-based protein-binding reagents that are specific for their cognate protein; and SOMAscan that provides protein detection and equipment. The company’s SOMAmer/SOMAscan technology enables to discover protein biomarker signatures; drug discovery and development; and clinical diagnostics. Its products have applications in the diagnostics of various diseases in oncology, neurology, cardiovascular and metabolic disease, and other diseases and conditions.  SomaLogic was founded in 1999 and is headquartered in Boulder, Colorado.

Lemonaid Health focuses on changing the patient experience and improving and optimizing clinical care through advancements in machine learning and AI. It leverages evidence-based guidelines and the most up-to-date clinical protocols to offer a service direct to consumers for less than typical co-pays. It was founded in 2013 and is headquartered in San Francisco, California.

Quest Diagnostics is a multinational clinical laboratory at the forefront of providing the world with diagnostic testing, information and services to empower patients and doctors to make better healthcare decisions.

<div> Quest Diagnostics (NYSE: DGX) is a leading provider of diagnostic information services based in Secaucus, New Jersey. The company offers a wide range of medical testing and related services to help people make better healthcare decisions. Quest Diagnostics provides the following key products and services: <ul> <li> Diagnostic testing services covering areas like routine blood work, advanced genetics, cancer detection, cardiovascular health, infectious diseases, and more </li> </ul> <ul> <li> Patient service centers for specimen collection </li> </ul> <ul> <li> Clinical trials testing for pharmaceutical companies </li> </ul> <ul> <li> Employer drug testing and wellness programs </li> </ul> <ul> <li> healthcare IT solutions for electronic health records and lab data management </li> </ul> Quest Diagnostics serves approximately one-third of American adults and half of the physicians and hospitals in the US annually. As of 2024, the company has nearly 50,000 employees operating across a network of laboratories and patient service centers nationwide. In 2023, Quest Diagnostics reported revenues of USD 9.25 billion, with its base business revenues growing 7.1% to USD 9.03 billion as Covid-19 testing revenues declined significantly. The company has continued to invest in advanced diagnostics in areas like cardiometabolic health, genetics, neurology and oncology. For 2024, Quest projects revenue growth between 1.1% and 2.1%. The company also increased its quarterly dividend by 5.6% to USD 0.75 per share, marking over a decade of consecutive annual dividend increases since 2011. </div>

Quest Diagnostics expands network partnership with Anthem plans

Companies providing genetic tests to identify individuals with high risk or at-risk of having hereditary disease, aid physicians with a diagnosis, and support clinical decision making.

Secure cloud-based platforms and data sharing networks that collect, index, store, and analyze large amounts of health data and patient population data sets from sources including genomic, clinical, wearables, imaging, and population data.

Biopharma and biotechnology companies that develop precision medicine drugs based on novel disease biomarkers present in multi-omic patient population data and genetic insights.

Companies that study intergenomic variations in genes associated with drug response and metabolism to match patients with the appropriate drug and dosage.

Companies that develop an in-vitro medical device or imaging tools and tests that identify genetic mutations for both diagnostic (nature of the disease) and prognostic (likely course of the disease) purposes, allowing providers to match a patient to a specific drug or therapy.

Software analytics platforms that integrate multiple omics datasets (genomics, transcriptomics, proteomics, and metabolomics) to gain insights and support target discovery, drug development, clinical trials, and diagnostics.

INCUMBENTS_PRESENT

<div>
 
 Quest Diagnostics has completed the acquisition of LifeLabs from OMERS for around CAD 1.35 billion (~USD 1 billion), including net debt. The company anticipates the deal will generate approximately CAD 970 million (~USD 710 million) in yearly revenues.
 Following the acquisition, Quest Diagnostics intends to combine the capabilities of both companies to improve access to diagnostic services in North America and advance patient care for the increasing and aging population in Canada. Additional plans include improving online appointment scheduling and accelerating patient service center administrative processes.
 
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