iSpecimen’s Global Biospecimen Marketplace Surpasses 200 Suppliers

Rhea-AI Summary

iSpecimen Inc. (Nasdaq: ISPC) announced its marketplace network has exceeded 200 healthcare providers, significantly enhancing access to biospecimens for medical research. This platform connects researchers with healthcare organizations, improving procurement efficiency for crucial samples such as tissues and biofluids. The diverse supplier network ensures a reliable flow of specimens, addressing potential shortages from global disruptions. The company emphasizes compliance and rigorous vetting for its suppliers to maintain high ethical and operational standards.

Positive

• Expansion of marketplace network to over 200 healthcare providers enhances supply of biospecimens.
• iSpecimen Marketplace addresses inefficiencies in biospecimen procurement, potentially increasing research capabilities.
• Commitment to rigorous supplier vetting and compliance with industry standards supports operational integrity.

Negative

• None.

- Proprietary Marketplace Provides Easy Access to Urgently-Needed Tissues, Biofluids and Cells for Lifesaving Medical Research -

LEXINGTON, Mass., March 08, 2022 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), a global, proprietary online marketplace connecting scientists with healthcare providers to search for biospecimens needed for medical research, today announced that the Company’s network has surpassed 200 healthcare providers.

The iSpecimen Marketplace is a novel technology platform that connects life sciences researchers who need biospecimens for their research with patients and healthcare organizations that can provide these samples. The Marketplace specifically addresses procurement inefficiencies that have traditionally forced researchers to limit the scope of their work due to the shortage of quality biospecimens. Researchers can search for biospecimens based on demographic traits, medical conditions, procedures, blood type, country of collection, and much more.

“Each of our suppliers, both individually and collectively, adds tremendous value to our platform for the thousands of researchers that use the iSpecimen Marketplace,” said Dr. Christopher Ianelli, M.D., Ph.D., iSpecimen Founder and CEO. “Our network’s ongoing expansion helps to maintain a steady flow of biospecimens to researchers and helps to offset regional fluctuations that result from a global pandemic or political unrest, for example. Reaching 200 suppliers on our Marketplace is a major milestone and underscores our commitment to providing researchers with the exact specimens that they need to complete their research in a timely, effective, and compliant manner. Scaling the iSpecimen Marketplace is a vital element of our growth strategy for today and in the future.”

iSpecimen providers consist of hospitals, clinics, labs, biorepositories, and clinical trial management organizations dedicated to streamlining biospecimen procurement. To participate on the iSpecimen Marketplace, suppliers are rigorously vetted to meet industry standards and requirements, and must:

• Specify the permitted uses of the specimens that they provide in accordance with the consent level granted by patients when required.
• Comply with Institutional Review Board (IRB) or ethics committee-approved protocols, as well as other regulations and good clinical practices that guide biospecimens’ collection and use.
• Demonstrate proper specimen processing, storage equipment and handling procedures.
• Compliantly de-identify specimens and data.
• Agree to bi-annual audits for capabilities and annual monitoring for regulatory compliance.
  

About iSpecimen
iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens, connecting 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, 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
iSpecimen@kcsa.com

Media Contact
KCSA Strategic Communications
Caitlin Kasunich / Raquel Cona
iSpecimen@kcsa.com 

FAQ

What significant milestone did iSpecimen (ISPC) achieve recently?

iSpecimen surpassed 200 healthcare providers in its marketplace network, enhancing access to biospecimens for research.

How does the iSpecimen Marketplace improve biospecimen procurement?

The iSpecimen Marketplace allows researchers to efficiently search for and obtain vital biospecimens, reducing procurement inefficiencies.

What types of suppliers are involved in the iSpecimen Marketplace?

Suppliers include hospitals, clinics, labs, biorepositories, and clinical trial organizations.

What are the compliance standards for suppliers in the iSpecimen Marketplace?

Suppliers must adhere to ethical protocols, IRB approvals, and demonstrate proper specimen handling and storage.

Why is the expansion of iSpecimen's supplier network important?

A larger supplier network helps ensure a steady flow of biospecimens, mitigating risks from global disruptions.