Fulgent Genetics Awarded Contract by the U.S. Department of Veterans Affairs to Provide Hereditary Cancer, Pharmacogenetic and Other Genetic Testing to Veterans¹
Fulgent Genetics (NASDAQ: FLGT) has secured a five-year contract worth up to $99M from the U.S. Department of Veterans Affairs to provide hereditary cancer and pharmacogenetic testing to Veterans. The company, which has been offering genetic testing services to VA members since 2017, will expand its services to include hereditary cancer tests for individuals with cancer or family history of certain cancers. The contract also covers pharmacogenetic testing, which uses genomic information to determine medication responses. Fulgent's comprehensive suite of germline tests enables custom solutions, utilizing next-generation sequencing for higher resolution and greater coverage.
Fulgent Genetics (NASDAQ: FLGT) ha ottenuto un contratto di cinque anni del valore di fino a $99M dal Dipartimento degli Affari dei Veterani degli Stati Uniti per fornire test genetici ereditari e farmacogenetici ai veterani. L'azienda, che offre servizi di test genetici ai membri della VA dal 2017, espanderà i suoi servizi per includere test per il cancro ereditario per persone con cancro o una storia familiare di determinati tumori. Il contratto copre anche i test farmacogenetici, che utilizzano informazioni genomiche per determinare le risposte ai farmaci. La suite completa di test germinali di Fulgent consente soluzioni personalizzate, utilizzando il sequenziamento di nuova generazione per una risoluzione superiore e una maggiore copertura.
Fulgent Genetics (NASDAQ: FLGT) ha conseguido un contrato de cinco años por un valor de hasta $99M del Departamento de Asuntos de Veteranos de EE. UU. para proporcionar pruebas de cáncer hereditario y farmacogenéticas a los veteranos. La compañía, que ha estado ofreciendo servicios de pruebas genéticas a los miembros de la VA desde 2017, ampliará sus servicios para incluir pruebas de cáncer hereditario para individuos con cáncer o antecedentes familiares de ciertos cánceres. El contrato también incluye pruebas farmacogenéticas, que utilizan información genómica para determinar las respuestas a los medicamentos. La suite integral de pruebas de linaje de Fulgent permite soluciones personalizadas, utilizando secuenciación de nueva generación para una mayor resolución y cobertura.
Fulgent Genetics (NASDAQ: FLGT)는 미국 재향군인청으로부터 최대 $99M 규모의 5년 계약을 체결하여 재향군인에게 유전성 암 및 약물유전학 테스트를 제공하게 됩니다. 2017년부터 VA 회원들에게 유전자 검사 서비스를 제공해 온 이 회사는 특정 암의 가족력이나 암이 있는 개인을 위한 유전성 암 검사로 서비스 범위를 확장할 것입니다. 계약에는 약물에 대한 반응을 확인하기 위해 유전체 정보를 사용하는 약물 유전학 테스트도 포함됩니다. Fulgent의 종합적인 생식 세포 검사 패키지는 맞춤형 솔루션을 가능하게 하며, 차세대 시퀀싱을 활용하여 더 높은 해상도와 더 큰 커버리지를 제공합니다.
Fulgent Genetics (NASDAQ: FLGT) a obtenu un contrat de cinq ans d'une valeur pouvant atteindre $99M du Département des Anciens Combattants des États-Unis pour fournir des tests génétiques héréditaires et pharmacogénétiques aux vétérans. L'entreprise, qui propose des services de tests génétiques aux membres de la VA depuis 2017, va étendre ses services pour inclure des tests de cancer héréditaire pour les personnes atteintes de cancer ou ayant des antécédents familiaux de certains cancers. Le contrat couvre également les tests pharmacogénétiques, qui utilisent des informations génomiques pour déterminer les réponses aux médicaments. La suite complète de tests de lignées germinales de Fulgent permet des solutions sur mesure, utilisant le séquençage de nouvelle génération pour une meilleure résolution et une plus grande couverture.
Fulgent Genetics (NASDAQ: FLGT) hat einen Fünfjahresvertrag im Wert von bis zu $99M vom US-Verteidigungsministerium erhalten, um erbliche Krebs- und Pharmakogenetiktests für Veteranen bereitzustellen. Das Unternehmen, das seit 2017 genetische Testdienste für VA-Mitglieder anbietet, wird seine Dienstleistungen erweitern, um erbliche Krebsuntersuchungen für Personen mit Krebs oder einer Familiegeschichte bestimmter Krebserkrankungen einzuschließen. Der Vertrag umfasst auch Pharmakogenetik-Tests, die genomische Informationen verwenden, um die Reaktionen auf Medikamente zu bestimmen. Das umfassende Angebot an Keimbahn-Tests von Fulgent ermöglicht maßgeschneiderte Lösungen unter Verwendung von Next-Generation-Sequencing für höhere Auflösung und größere Abdeckung.
- Secured $99M five-year contract with VA
- Expansion of existing VA service relationship since 2017
- Contract covers multiple testing services (hereditary cancer and pharmacogenetic)
- Utilizes advanced next-generation sequencing technology
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Insights
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The expansion from periodic services since 2017 to a formal long-term contract demonstrates growing trust in Fulgent's capabilities. The combination of hereditary cancer and pharmacogenetic testing addresses two high-growth segments in precision medicine. This diversification beyond COVID-19 testing, which previously dominated revenue, shows successful business transformation.
The comprehensive genetic testing suite, particularly the next-generation sequencing (NGS) approach for pharmacogenetic testing, positions Fulgent at the forefront of precision medicine. NGS technology offers superior detection capabilities compared to traditional methods, providing more detailed genetic information for drug response prediction.
The hereditary cancer testing component is strategically important as it can identify genetic predispositions to various cancers, enabling early intervention and preventive care. This has significant implications for both veterans and their families, potentially creating a broader patient base beyond direct VA beneficiaries.
A leader in clinical molecular diagnostic testing, Fulgent has been periodically providing genetic testing services to the members of the VA since 2017. These have included both clinical and research-based services. This new award enables Fulgent to provide hereditary cancer tests to individuals with cancer or a family history of certain cancers, enhancing the services available to the VA community. In addition, the contract includes pharmacogenetic testing. Pharmacogenetics uses genomic information to determine how patients will respond to certain medications--an important component of delivering personalized medicine.
“We are honored to receive this award to provide high-quality testing to those who have served our country and to their family members,” said Brandon Perthuis, Fulgent’s Chief Commercial Officer. “Understanding the germline drivers is an important part of treating cancer, as it provides valuable information to patients, family members, and physicians. Our business development team has a long history of working with the VA and has proven to be successful in representing our strengths in bioinformatics, quality, and turnaround time to position Fulgent as a strong partner.”
“We are excited to leverage our flexible testing options to serve the VA community and provide VA physicians the tools to practice genomic medicine,” said Dr. Harry Gao, Fulgent’s Chief Scientific Officer. “Our comprehensive suite of germline tests enables us to build custom solutions tailored to the VA’s needs. PGx testing, in particular, has become increasingly important for patient care. Our PGx test utilizes next-generation sequencing, offering higher resolution and greater coverage to ensure the delivery of accurate and actionable data.”
The award is for up to
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About Fulgent
Fulgent is a technology-based company with a well-established laboratory services business and a therapeutic development business. Fulgent’s laboratory services business, which was formerly referred to as the clinical diagnostic business, includes technical laboratory services and professional interpretation of laboratory results by licensed physicians. Fulgent’s therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: future performance, momentum, trajectory, vision, future opportunities and future growth of the Company’s testing and laboratory services, technologies and expansion; the Company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share, or expand its presence in certain markets; and the Company’s ability to continue to grow its business.
Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on management’s current assumptions, expectations, and beliefs concerning future developments and their potential effect on the Company’s business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, the stated revenue may not be received in its entirety or at all, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the market potential for, and the rate and degree of market adoption of, the Company’s tests; its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the Company’s ability to maintain the low internal costs of its business model; the Company’s ability to maintain an acceptable margin; risks related to volatility in the Company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the Company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the Company’s revenue; the Company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests and testing services; the Company’s level of success in establishing and obtaining the intended benefits from partnerships, strategic investments, joint ventures, acquisitions, or other relationships; the success of the Company’s development efforts, including the Company’s ability to progress its candidates through clinical trials on the timelines expected; the Company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and the Company’s ability to protect its proprietary technology and intellectual property. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.
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Investor Relations Contact:
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Source: Fulgent Genetics, Inc.
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