CALGARY, Canada – OncoHelix, a Canadian laboratory renowned for precision diagnostics, said that it is set to improve its oncology testing by adopting a new liquid biopsy solution, MSK-ACCESS® powered with Sophia Genetics SA's (NASDAQ: NASDAQ:SOPH) SOPHiA DDM.
The Calgary-based lab, in collaboration with the University of Calgary's Hematology Translational Lab, will implement the solution later this summer to expand its genomic and molecular testing services.
Liquid biopsies represent a less invasive option compared to traditional solid tumor biopsies, offering a simpler blood draw to collect cell-free DNA (cfDNA) for the detection of circulating tumor DNA (ctDNA).
The method is said to be particularly beneficial when traditional biopsy methods are not viable due to insufficient material or poor tissue quality. The new solution will accelerate clinical decision-making, provide faster results for researchers and clinicians, and improve the monitoring process.
The MSK-ACCESS® assay, developed by Memorial Sloan Kettering Cancer Center (MSK), deep sequences 146 cancer-associated genes and is combined with the advanced analytics of the SOPHiA DDM™ Platform.
Together, they claim to provide a comprehensive approach to cancer genomic profiling using cfDNA. This marks a significant step for OncoHelix in its mission to deliver clinical-grade molecular and immune profile testing using state-of-the-art technology.
Dr. Pinaki Bose, Co-founder and Executive Vice President of OncoHelix, noted that the company's dedication to cutting-edge technology for rapid validation of genomic panels and analysis.
SOPHiA, the company behind SOPHiA DDM™, is a cloud-native healthcare technology firm focused on integrating artificial intelligence to analyze genomic and multimodal data. The company aims to democratize data-driven medicine globally.
It recently announced a collaboration with Microsoft (NASDAQ:MSFT) and NVIDIA (NASDAQ:NVDA) to develop a whole genome sequencing (WGS) analytical solution. This application is designed to enhance the SOPHiA DDM™ Platform's capabilities, aiming to deliver fully analyzed genomic insights swiftly. The company plans to make the WGS application available to customers before the year ends.
In terms of financials, SOPHiA reported a 13% year-over-year increase in Q1 2024 revenue, amounting to $15.8 million. Despite falling short of expectations due to early-year challenges, the company remains on track to achieve profitability within the next two years, backed by a $50 million debt financing agreement with Perceptive Advisors.
InvestingPro Insights
As OncoHelix integrates SOPHiA GENETICS' (NASDAQ: SOPH) MSK-ACCESS® assay with the SOPHiA DDM™ Platform, it's important to consider the financial health and market performance of SOPHiA GENETICS itself. According to recent data from InvestingPro, SOPHiA GENETICS holds a market capitalization of 302.03 million USD, reflecting its size and investor valuation in the market. Despite the innovative strides in healthcare technology, SOPHiA GENETICS has a negative P/E ratio of -4.11, indicating that the company is not currently profitable. This aligns with the InvestingPro Tips that highlight the company's quick cash burn and analysts' expectations that profitability is not on the horizon for this year.
On the upside, SOPHiA GENETICS has a strong liquidity position, with more cash than debt on its balance sheet, and liquid assets that exceed its short-term obligations. These factors are crucial for the company's ability to sustain its operations and invest in research and development. Additionally, the company's revenue has grown by 26.68% over the last twelve months as of Q1 2024, showing a positive trajectory in its business activities.
For investors and stakeholders looking to delve deeper into SOPHiA GENETICS' financials and market performance, there are additional InvestingPro Tips available. These tips provide more nuanced insights into the company's financial health and future prospects. Interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to gain access to these valuable tips.
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