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Adaptive Biotechnologies Reports Third Quarter 2020 Financial Results
SEATTLE, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology
About this update from Adaptive Biotechnologies Corporation
[{"type":"text","content":"SEATTLE, Nov. 10, 2020 (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 September 30, 2020.\n “Over the last quarter, we have demonstrated the unique capability of our platform to translate the immune response at scale into data that informs the development of best-in-class, differentiated diagnostic and therapeutic solutions,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “This pandemic has highlighted the key role of the immune response in our understanding of disease. COVID-19 is a prime example of the power of our platform to rapidly generate immune-driven solutions to any disease, including what we believe are best-in-class antibodies against the virus.” Recent Highlights Revenue was $26.3 million for the quarter ended September 30, 2020, representing a 25% increase from the second quarter 2020 and a 1% increase from the third quarter in the prior year.Clinical sequencing volume increased 58% to 4,023 clinical tests delivered in the third quarter of 2020 compared to the third quarter 2019 and increased 28% compared to the second quarter 2020.Identified two antibodies against SARS-CoV-2 that neutralize the virus at very low concentrations.immunoSEQ T-MAP™ COVID to be used in a subset of patients from clinical trials of two top tier vaccine developers.Top-line results from a second real-world study, conducted in Italy, demonstrated T-cell testing outperforms serology in identifying past SARS-CoV-2 infections (97% sensitivity versus 77%) supporting launch of T-Detect™ COVID, a clinical T-cell based test for past infection.Identified clinical signal for Crohn’s disease for T-Detect pipeline. Third Quarter 2020 Financial Results Revenue was $26.3 million for the quarter ended September 30, 2020, representing a 1% increase from the third quarter in the prior year. Sequencing revenue was $11.3 million for the quarter, representing a 3% decrease from the third quarter in the prior year. Development revenue increased to $15.0 million for the quarter, representing a 5% increase from the third quarter in the prior year. Operating e...