CALGARY, Canada – OncoHelix, a Canadian laboratory famend for precision diagnostics, stated that it’s set to enhance its oncology testing by adopting a brand new liquid biopsy answer, MSK-ACCESS® powered with Sophia Genetics SA’s (NASDAQ: NASDAQ:) SOPHiA DDM.
The Calgary-based lab, in collaboration with the College of Calgary’s Hematology Translational Lab, will implement the answer later this summer time to increase its genomic and molecular testing providers.
Liquid biopsies signify a much less invasive choice in comparison with conventional stable tumor biopsies, providing a less complicated blood draw to gather cell-free DNA (cfDNA) for the detection of circulating tumor DNA (ctDNA).
The strategy is claimed to be notably useful when conventional biopsy strategies will not be viable on account of inadequate materials or poor tissue high quality. The brand new answer will speed up medical decision-making, present sooner outcomes for researchers and clinicians, and enhance the monitoring course of.
The MSK-ACCESS® assay, developed by Memorial Sloan Kettering Most cancers Middle (MSK), deep sequences 146 cancer-associated genes and is mixed with the superior analytics of the SOPHiA DDM™ Platform.
Collectively, they declare to supply a complete strategy to most cancers genomic profiling utilizing cfDNA. This marks a big step for OncoHelix in its mission to ship clinical-grade molecular and immune profile testing utilizing state-of-the-art know-how.
Dr. Pinaki Bose, Co-founder and Government Vice President of OncoHelix, famous that the corporate’s dedication to cutting-edge know-how for fast validation of genomic panels and evaluation.
SOPHiA, the corporate behind SOPHiA DDM™, is a cloud-native healthcare know-how agency targeted on integrating synthetic intelligence to investigate genomic and multimodal information. The corporate goals to democratize data-driven drugs globally.
It lately introduced a collaboration with Microsoft (NASDAQ:) and NVIDIA (NASDAQ:) to develop an entire genome sequencing (WGS) analytical answer. This utility is designed to boost the SOPHiA DDM™ Platform’s capabilities, aiming to ship totally analyzed genomic insights swiftly. The corporate plans to make the WGS utility out there to clients earlier than the 12 months ends.
When it comes to financials, SOPHiA reported a 13% year-over-year enhance in Q1 2024 income, amounting to $15.8 million. Regardless of falling in need of expectations on account of early-year challenges, the corporate stays on observe to realize profitability inside the subsequent two years, backed by a $50 million debt financing settlement with Perceptive Advisors.
InvestingPro Insights
As OncoHelix integrates SOPHiA GENETICS’ (NASDAQ: SOPH) MSK-ACCESS® assay with the SOPHiA DDM™ Platform, it is vital to think about the monetary well being and market efficiency of SOPHiA GENETICS itself. In keeping with latest information from InvestingPro, SOPHiA GENETICS holds a market capitalization of 302.03 million USD, reflecting its dimension and investor valuation available in the market. Regardless of the modern strides in healthcare know-how, SOPHiA GENETICS has a adverse P/E ratio of -4.11, indicating that the corporate isn’t at present worthwhile. This aligns with the InvestingPro Suggestions that spotlight the corporate’s fast money burn and analysts’ expectations that profitability isn’t on the horizon for this 12 months.
On the upside, SOPHiA GENETICS has a powerful liquidity place, with extra cash than debt on its stability sheet, and liquid belongings that exceed its short-term obligations. These components are essential for the corporate’s potential to maintain its operations and spend money on analysis and improvement. Moreover, the corporate’s income has grown by 26.68% over the past twelve months as of Q1 2024, displaying a constructive trajectory in its enterprise actions.
For buyers and stakeholders seeking to delve deeper into SOPHiA GENETICS’ financials and market efficiency, there are extra InvestingPro Suggestions out there. The following pointers present extra nuanced insights into the corporate’s monetary well being and future prospects. readers can use the coupon code PRONEWS24 to rise up to 10% off a yearly Professional and a yearly or biyearly Professional+ subscription to realize entry to those helpful ideas.
This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.