Inivata Announces Strategic Collaboration and Investment from NeoGenomics
NeoGenomics will commercialize Inivata’s InVisionFirst®-Lung liquid biopsy test in the United States
Inivata and NeoGenomics to seek opportunities for collaboration with biopharmaceutical companies
Equity investment in Inivata to support further development of leading liquid biopsy technology and products
Research Triangle Park, NC, USA and Cambridge, UK, 26 May 2020 — Inivata, a leader in liquid biopsy, today announces the formation of a strategic collaboration with NeoGenomics, Inc (NASDAQ: NEO), for the commercialization of its InVisionFirst®-Lung liquid biopsy test in the United States.
NeoGenomics is a leading US-based cancer diagnostics and services company. As an established player in the field with significant commercial reach and scale, it is a highly complementary partner to advance the commercialization of InVisionFirst-Lung. Inivata’s liquid biopsy test offers competitive sensitivity with results being delivered within seven calendar days from blood draw, and has already received reimbursement for US Medicare patients with advanced non-small cell lung cancer (NSCLC), paving the way for the test to be used in routine clinical care.
Inivata and NeoGenomics will also seek opportunities for collaboration with biopharmaceutical companies around Inivata’s liquid biopsy platform, drawing on both companies’ technology and expertise. These collaborations could further accelerate the roll-out across Inivata’s range of leading liquid biopsy products including RaDaR™, the newly launched highly sensitive personalized assay for the detection of residual disease and recurrence. This product complements the use of other tests, including InVisionFirst-Lung, and is initially being utilized in clinical trial settings where it has the potential to increase the speed of patient recruitment through more accurate selection.
As part of the collaboration, NeoGenomics will make a $25 million equity investment in Inivata to take a minority shareholding with an option to buy the company outright. It will also take a seat on the Inivata Board of Directors. The new funding received by Inivata will be used to enable the acceleration of the Company’s innovative liquid biopsy products, including further development work on RaDaR.
Clive Morris, CEO of Inivata, commented: “This strategic collaboration and equity investment provides the platform to significantly accelerate the commercialization of InVisionFirst-Lung in the US, and bring its benefits more rapidly to patients and clinicians. It will also drive the development and roll-out of RaDaR, our highly sensitive, personalized test to detect residual disease in multiple disease states. We look forward to working with NeoGenomics, an established and well-respected company in this field, and utilizing its expertise to deliver further on the potential of our pioneering liquid biopsy technology to improve outcomes for cancer patients.”
Douglas M. VanOort, Chairman and CEO of NeoGenomics, commented: “We are pleased to announce this exciting collaboration with Inivata and to offer our clients a high-quality liquid biopsy alternative for non-small cell lung cancer patients. We expect this test to be an attractive option for clients pursuing liquid biopsy testing, given a highly competitive turn-around time and Medicare coverage. As a leading provider of tissue-based lung cancer testing in the United States, NeoGenomics is well-positioned to commercialize this liquid biopsy test as part of our comprehensive suite of testing solutions for non-small cell lung cancer.”
Inivata is a leader in liquid biopsy. Its InVision® platform unlocks essential genomic information from a simple blood draw to guide and personalize cancer treatment, monitor response and detect relapse. Inivata’s technology is based on pioneering research from the Cancer Research UK Cambridge Institute, University of Cambridge. Its lead product, InVisionFirst®-Lung is commercially available and offers competitive sensitivity and turnaround, providing molecular insights that enable clinicians to make more informed treatment decisions for advanced NSCLC patients. Inivata has also launched the personalized RaDaR™ assay – allowing the highly sensitive detection of residual disease and recurrence. Inivata is partnering with pharmaceutical, biotechnology companies and commercial partners in a range of early and late stage cancer development programs. The Company has a CLIA certified, CAP accredited laboratory in Research Triangle Park, NC and R&D laboratories in Cambridge, UK. For more information, please go to www.inivata.com. Follow us on Twitter @Inivata.
Perella Weinberg Partners L.P. acted as the advisory firm for this transaction. Inivata was represented by K&L Gates LLP through a cross-border, multi-disciplinary transactional legal team spread across offices in Raleigh, Chicago, New York, San Francisco, Washington D.C. and London.
NeoGenomics, Inc. specializes in cancer genetics testing and information services. The Company provides one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company’s Pharma Services Division serves pharmaceutical clients in clinical trials and drug development. Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories in Ft. Myers and Tampa, Florida; Aliso Viejo, Carlsbad, Fresno and San Diego California; Houston, Texas; Atlanta, Georgia; Nashville, Tennessee; and CAP accredited laboratories in Rolle, Switzerland, and Singapore. NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States, and pharmaceutical firms in Europe and Asia. For additional information about NeoGenomics, visit http://www.neogenomics.com/.