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Adaptive Biotechnologies Reports Second Quarter 2023 Financial Results
SEATTLE, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"SEATTLE, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, today reported financial results for the quarter ended June 30, 2023. “We had another strong quarter with clonoSEQ test volume growth of 52% versus prior year and the first FDA IND acceptance in cancer cell therapy from our collaboration with Genentech,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “We are encouraged by the progress year to date in both MRD and Immune Medicine businesses and we remain committed to driving operational efficiencies across the company while supporting sustainable growth.” Recent Highlights Revenue of $48.9 million for the second quarter 2023, representing 12% growth from $43.7 million in the second quarter 2022.clonoSEQ test volume in the second quarter 2023 grew 52% to 13,665 tests delivered versus the second quarter of prior year.Announced FDA's acceptance of an investigational new drug (IND) application by Genentech for the first T-cell receptor (TCR) based therapeutic product candidate in oncology. This T-cell therapy product candidate contains a neoantigen-specific T-cell receptor identified and characterized using Adaptive's TCR discovery platform.Continued to drive operating efficiencies as reflected by a 5% decrease in operating expenses, excluding cost of revenue, for the second quarter 2023 versus the same period last year. Executive Team Update Announced the departure of Nitin Sood, Chief Commercial Officer of the MRD business, who will be pursuing a new opportunity outside of the company. Given the deep bench of talent at Adaptive, and the solid foundation and focused strategy of our MRD business, Mr. Sood's position will not be replaced. Susan Bobulsky, who has led the clinical business for the past five years, will assume additional responsibilities and report directly to Chad Robins. Second Quarter 2023 Financial Results Revenue was $48.9 million for the quarter ended June 30, 2023, representing a 12% increase from the second quarter in the prior year. Immune Medicine revenue was $23.0 million for the quarter, representing a 3% increase from the second quarter in...