iSpecimen Expands Global Biospecimen Supplier Network, Broadening Footprint Around the World

Rhea-AI Summary

iSpecimen Inc. (NASDAQ: ISPC) announced a significant expansion of its global supplier network, with 25% of new suppliers located outside the U.S. This growth enhances the iSpecimen Marketplace, which now includes over 200 suppliers. The company aims to meet increasing demands for biospecimens in Europe and Asia-Pacific, supporting various medical research fields. Key benefits include improved access to biospecimens and addressing worldwide research needs. The iSpecimen Marketplace streamlines procurement for life science researchers, tackling the shortage of quality biospecimens.

Positive

• Expanded global supplier network with 25% new suppliers outside the U.S.
• Over 200 suppliers now participating in the iSpecimen Marketplace.
• Addresses rising demand for biospecimens in Europe and Asia-Pacific.
• Enhances access to diverse biospecimens for varied research needs.

Negative

• None.

LEXINGTON, Mass., Dec. 16, 2021 /PRNewswire/ -- iSpecimen Inc. (NASDAQ: ISPC) ("iSpecimen" or the "Company"), an online marketplace for human biospecimens, today announced that it has expanded its global supplier network, with 25% of its newest specimen suppliers in 2021 coming from outside the United States. The expansion enhances the value of iSpecimen's federated network of human biospecimen suppliers for research, now with more than 200 suppliers participating in the iSpecimen Marketplace. Throughout 2021, iSpecimen has added nearly two dozen biospecimen suppliers to its network, across the United States and Europe, augmenting its existing network that also includes suppliers in Asia-Pacific.

"Our expanded global coverage creates a strong foundation for international growth," said iSpecimen Founder and CEO, Christopher Ianelli, MD, Ph.D. "We're seeing more demand for biospecimens in Europe and Asia-Pacific, so it's important to have the supply there as well. Ultimately, we're providing research organizations everywhere in the world with a more diverse selection of specimens from more varied populations of patients, equipping researchers with the collections they need to expedite their work."

iSpecimen's expanded global coverage better serves life science research organizations by:

• Enabling researchers around the world to procure biospecimens from close to their labs, which is especially critical during global supply chain disruptions.
• Expanding biospecimen access in regions including Germany, Russia, South America, Ukraine, Bulgaria, Spain, and India to further support medical research in conditions such as autoimmune diseases, various cancers, digestive disorders, endocrine system disorders, cardiovascular disorders, pregnancy (normal, high risk, fetal abnormalities), pulmonary/respiratory tract disorders, and skin and connective tissue disorders.
• Providing researchers with a wider range of biofluids, tissue, and stem and immune cells than are available in their local geographies, including specimens with genetic variants (such as COVID-19 variants) that are more prevalent in those regions.
• Making available biospecimens that reflect diseases that are limited to certain regions of the world, or that are treated differently in those regions.
• Directly addressing the multinational procurement needs of global research organizations.

Streamlining Biospecimen Procurement
Estimates from the Office of Biorepositories and Biospecimen Research reported in 2011 and iSpecimen's survey of researchers performed in 2019 indicate that 4 in 5 researchers have limited the scope of their work due to the shortage of quality biospecimens. To address this challenge and accelerate scientific discovery, the iSpecimen Marketplace connects life science researchers who need biospecimens with patients and healthcare organizations that can provide them. The iSpecimen Marketplace automates search, selection, contracting, compliance/ethics (institutional review board) audits, quoting, order management, invoicing, and more.

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 iSpecimen's recent expansion regarding its biospecimen supplier network?

iSpecimen expanded its global supplier network, with 25% of new suppliers in 2021 located outside the U.S.

How many suppliers are currently in the iSpecimen Marketplace?

The iSpecimen Marketplace now includes over 200 suppliers.

Which regions are seeing increased biospecimen demand for iSpecimen?

There is rising demand for biospecimens in Europe and Asia-Pacific.

What does the iSpecimen Marketplace do?

The iSpecimen Marketplace connects researchers with biospecimen suppliers and streamlines the procurement process.