iSpecimen Expands Global Biospecimen Supplier Network and Access to Human Biospecimens Needed to Help Accelerate Development of Liquid Biopsies

Rhea-AI Summary

iSpecimen Inc. (Nasdaq: ISPC) announced an expansion of its human biospecimen supplier network to enhance the availability of whole blood, plasma, and biofluids for liquid biopsy development. This move aims to support a growing market projected to reach $1.45 billion with a 24% annual growth rate through 2026. The company has supplied thousands of biospecimens for nearly 30 studies, reinforcing its commitment to advancing liquid biopsy technology, which offers less invasive disease detection methods.

Positive

• Expansion of supplier network enhances access to whole blood and biofluids.
• Supports a projected $1.45 billion liquid biopsy market growing at 24% per year.
• Delivered thousands of biospecimens for nearly 30 studies, indicating strong operational capacity.

Negative

• None.

LEXINGTON, Mass., Oct. 7, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC), an online marketplace for human biospecimens ("iSpecimen" or the "Company"), today announced it is expanding its human biospecimen supplier network to offer increasingly comprehensive selections of whole blood, plasma and other biofluids to help accelerate the development of liquid biopsies. In support of this market, the company expanded its supply network to include another US-based organization with numerous blood donation centers across the country and access to tens of thousands of donors registered to provide blood for research.

A developing technology, liquid biopsies promise to be a less invasive and more convenient way to detect and help diagnose various diseases early in their progression when compared to traditional surgical biopsies. The emerging diagnostic method typically uses a blood or other biofluid sample – rather than a tissue sample extracted surgically – to reveal signs of disease, such as cancer. In the case of liquid biopsies for cancer, biomarkers may include circulating tumor cells or free-floating DNA from a tumor.

Researchers hope that liquid biopsies can someday be administered in a doctor's office and detect cancer or heightened risk before symptoms appear. Liquid biopsies are also viewed as a good way to follow the development, recurrence, or mutation of cancer in individual patients over time. The estimated $1.45 billion global liquid biopsy market is projected to grow 24% per year through 2026.

Over the past two and a half years, iSpecimen has delivered thousands of blood, plasma, and other human biofluid samples in support of nearly 30 mid- and large-size liquid biopsy research and development studies. More than 100 potential projects were reviewed for participation during this time, including those with a growing focus on pan cancer research.

These broader pan cancer research studies aim to detect multiple cancer types in a liquid biopsy versus a singular result for colon or prostate cancer, for example, and require extensive access to human biofluid samples. As a result, research organizations need more biospecimens from a diverse population of diseased and healthy donors. An expanding supplier network is an integral part of growing iSpecimen's liquid biopsy research support capabilities.

"Liquid biopsy aims to make a significant impact on early cancer risk assessment, detection, diagnosis, and treatment, which is a game changer in helping patients live longer, high-quality lives," said iSpecimen Founder and CEO, Christopher Ianelli, MD, Ph.D. "Supporting research and development in this area is a growing part of iSpecimen's business and embedded in our mission."

About iSpecimen

iSpecimen offers an online marketplace for human biospecimens, connecting life scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations. For more information about iSpecimen, please visit www.ispecimen.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in the Company's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the events and circumstances reflected in the Company's forward-looking statements occurs, the Company's business, financial condition and operating results may vary materially from those expressed in the Company's forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Investor Contact
KCSA Strategic Communications
Allison Soss / Scott Eckstein
iSpecimen@kcsa.com 

Media Contact
Kaitlynn Cooney
For iSpecimen
kcooney@brodeur.com 
617.587.2811

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SOURCE iSpecimen Inc.

FAQ

What is the recent development by iSpecimen Inc. on October 7, 2021?

On October 7, 2021, iSpecimen Inc. announced the expansion of its human biospecimen supplier network to enhance the availability of blood and biofluids for liquid biopsy development.

How does iSpecimen support liquid biopsy technology?

iSpecimen supports liquid biopsy technology by providing access to a comprehensive selection of human biospecimens, essential for the development and testing of this less invasive diagnostic method.

What is the estimated market size for liquid biopsies?

The global liquid biopsy market is estimated to reach $1.45 billion, with an expected annual growth rate of 24% through 2026.

How many studies has iSpecimen participated in regarding liquid biopsies?

iSpecimen has delivered biospecimens in support of nearly 30 mid- and large-size liquid biopsy research and development studies.

Why is the expansion of the biospecimen supplier network important for iSpecimen?

The expansion of the biospecimen supplier network is crucial for iSpecimen as it enhances their ability to support more diverse and extensive research in liquid biopsies, which require a larger volume of samples.