Business
NeoGenomics Enters Strategic Collaboration with Inivata to Commercialize InVisionFirst(R)-Lung Liquid Biopsy Test
Highlights:NeoGenomics will commercialize the InVisionFirst-Lung liquid biopsy test in the United States NeoGenomics will establish a minority ownership
About this update from Neogenomics, Inc.
[{"type":"text","content":"Highlights:NeoGenomics will commercialize the InVisionFirst-Lung liquid biopsy test in the United States NeoGenomics will establish a minority ownership position in Inivata, with an option to buy the entire companyNeoGenomics will have a seat on the Inivata Board of Directors FORT MYERS, FL / ACCESSWIRE / May 26, 2020 / NeoGenomics, Inc. (NASDAQ:NEO) (the \"Company\"), a leading provider of cancer-focused genetics testing services, announced today that it has formed a strategic collaboration with Inivata to commercialize the InVisionFirst-Lung liquid biopsy test in the United States.InVisionFirst-Lung is a ctDNA NGS liquid biopsy assay testing 37 genes relevant to the care of advanced non-small cell lung cancer (NSCLC) patients. The test covers all National Comprehensive Cancer Network (NCCN) guideline-recommended genomic drivers with FDA-approved targeted therapies for NSCLC. InVisionFirst-Lung results are delivered within seven calendar days from blood draw and the test is covered by Medicare and various private insurance payers for patients with advanced NSCLC meeting certain clinical criteria.As part of the collaboration, NeoGenomics will be making a $25 million minority ownership investment in Inivata, with an option to buy the company outright. The $25 million investment will be paid in two installments of $12.5 million. NeoGenomics will also have a seat on the Inivata Board of Directors. In addition, NeoGenomics and Inivata will seek opportunities for collaboration with biopharmaceutical companies around Inivata's liquid biopsy platform drawing on both companies' technology and expertise.\"We are pleased to announce this exciting collaboration with Inivata and to offer our clients a high-quality liquid biopsy alternative for advanced non-small cell lung cancer patients. We expect this test to be an attractive option for clients pursuing liquid biopsy testing, given a highly competitive turn-around time and Medicare coverage\" said Douglas M. VanOort, Chairman and CEO of NeoGenomics. \"As a leading provider of tissue-based lung cancer testing in the United States, NeoGenomics is well-positioned to commercialize this liquid biopsy test as part of our comprehensive suite of testing solutions for non-small cell lung cancer.\"\"We are also pleased to be making a minority investment in Inivata, with an option to buy the company...