iSpecimen Expands Human Biospecimen Offerings for Cancer Researchers

Rhea-AI Summary

iSpecimen Inc. (ISPC) announced a growth in its cancer-related supplier network despite challenges posed by COVID-19. The company formed partnerships with various labs and biobanks, significantly enhancing access to tissue and biofluid specimens from cancer patients. A recent collaboration with a European healthcare organization adds 17 types of cancer specimens, expanding the network to over 30 suppliers. These developments are aimed at improving specimen availability for cancer research, supporting advancements in therapies and diagnostics.

Positive

• Expanded cancer-related supplier network enhances specimen access for researchers.
• Formed partnerships with multiple labs, bolstering biospecimen offerings.
• New partnership with European organization adds 17 types of cancer specimens.
• Supports research in cancer diagnosis and treatment, addressing the shortage of quality specimens.

Negative

• None.

LEXINGTON, Mass., Aug. 18, 2021 /PRNewswire/ -- iSpecimen Inc. (Nasdaq: ISPC), an online marketplace for human biospecimens ("iSpecimen" or the "Company"), today announced it has grown its cancer-related supplier network despite lockdowns, slowdowns, and sustained concern around the COVID-19 pandemic.

The Company has formally partnered over the past year with a number of pathology labs, clinical labs, reference labs, biobanks, clinical trial organizations, and others offering a wide range of tissue and biofluid specimens from cancer patients in the pre-, mid-, and post-treatment stages, including those with pre-treated late stage cancers, specific biomarkers, and mutations. These partnerships significantly expand specimen access for U.S. and international researchers focused on oncology diagnosis and treatment.

Most recently, iSpecimen entered into a partnership with a new European healthcare organization offering 17 forms of biofluids, solid tissue, and stem and immune cells from cancer patients, as well as healthy controls. The specimens represent more than 30 categories of cancer and come annotated with detailed, de-identified data about the patients and their medical history. This new partner is in addition to the other 30 suppliers of various biospecimen types and disease indications added to the iSpecimen network in the last 12 months.

The new offerings significantly improve specimen availability for organizations involved in cancer research and development including basic research, the development of new treatments, such as molecular and genomic-targeted therapies and immunotherapies, and the development of new diagnostic tests, including liquid biopsies.

Through the iSpecimen Marketplace platform, research organizations can easily procure specimens from patients anywhere in their treatment journey, including tumor tissue, normal adjacent tissue, blood samples, bone marrow, hematopoietic stem cells, and immune cells. Researchers can specify patient age, gender, race, condition, severity, blood type, treatment status, test results, outcomes, smoking status, family history, and more.

"Cancer claims nearly 10 million lives every year, and aggressive research is crucial for extending survival," said iSpecimen Founder and CEO, Christopher Ianelli, MD, Ph.D. "Because of the time-consuming, costly, and frustrating challenge of securing a sufficient quantity of high-quality human biospecimens for research, streamlining procurement remains our highest priority. Growing our supplier network is a big part of that mission."

Estimates from the Office of Biorepositories and Biospecimen Research reported in 2011 and iSpecimen's survey of researchers performed in 2019 indicate that four in five 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 (IRB) 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 risks 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
609.351.5944

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SOURCE iSpecimen Inc.

FAQ

What recent development did iSpecimen (ISPC) announce on August 18, 2021?

On August 18, 2021, iSpecimen announced the expansion of its cancer-related supplier network.

How many types of cancer specimens has iSpecimen recently added?

iSpecimen recently added 17 types of cancer specimens through a new partnership.

What is the purpose of iSpecimen's expanded network?

The expanded network aims to improve specimen availability for cancer research and development.

What challenges did iSpecimen overcome to grow its supplier network?

iSpecimen grew its supplier network despite challenges posed by COVID-19.

How does iSpecimen support cancer researchers with its marketplace?

iSpecimen's marketplace connects researchers with healthcare providers for easier procurement of human biospecimens.