Quest Diagnostics

Leveraging personal data for custom-fit diagnosis and treatment

Precision Medicine

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 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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More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

Lemonaid Health is a telehealth provider which treats many acute and chronic conditions. It was conducting clinical trials for at-home rapid Covid-19 testing services as of April 2020. The consultation fee is USD 25 (less than the cost of most insurance copays), which covers only the doctor's charge. Some behavioral healthcare services, such as depression and anxiety treatments, charge a flat monthly fee that covers consultations and any medicines that are prescribed. Many consultations happen over the phone, but doctors will switch to video consultation if it's necessary.In October 2021, D2C genetic testing company 23andMe entered into a definitive merger agreement to acquire Lemonaid Health for a purchase price of USD 400 million. The deal is expected to close by the end of 2021. Following the acquisition, 23andMe plans to offer genetic testing in a primary care setting by integrating Lemonaid Health’s telemedicine and prescription drug delivery services with 23andMe’s personalized genetics services. 23andMe also plans to educate Lemonaid’s physicians on using its genetic reports for patient care. Lemonaid's CEO Paul Johnson will join 23andMe as the general manager of its consumer operations.In August 2024, the company planned to launch a GLP-1 weight loss telehealth membership by the end of the month. The service would enable members to be prescribed and receive brand-name or compounded semaglutide medications. The new offering would allow customers to access weight loss management services, fitting into the company's strategy of delivering services to improve individual health through preventive actions. The company's parent company, 23andMe, also planned to roll out a large-scale genetic research study to help identify the genetic mechanisms that may drive the efficacy and potential side effects of GLP-1 medications.

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 provides diagnostic information services, advanced molecular testing and gene-based testing, healthcare IT and data analytics, and lab services and operations. The company's products and services are used in 130 countries and it collaborates with many international diagnostic laboratories, clinics, and hospitals to improve human health around the world. The organization has several specialty labs, including the Quest Cardiometabolic Center of Excellence, AmeriPath, Dermpath Diagnostics, and Phenopath. In addition to the more than 2,250 locations in the US, the publicly held company has operations in India, Ireland, and Mexico. 
 
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Quest Diagnostics acquires LifeLabs in $1B deal and more digital health news

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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