BOSTON and ROLLE, Switzerland - SOPHiA GENETICS (NASDAQ: SOPH), in partnership with AstraZeneca (LON:AZN) (LSE/STO/NASDAQ: NASDAQ:AZN), has announced plans to extend the reach of its liquid biopsy test MSK-ACCESS® powered with SOPHiA DDM™ to 20 locations worldwide within the next year. This move follows the initial launch of the test in April 2024 and is aimed at enhancing cancer diagnostics and treatment.
Liquid biopsy is a minimally invasive alternative to traditional solid tumor biopsies, relying on a simple blood draw to detect circulating tumor DNA (ctDNA) in blood plasma. The MSK-ACCESS® test, developed by Memorial Sloan Kettering Cancer Center (MSK), is now combined with SOPHiA GENETICS' analytics and cloud-based platform to create a decentralized testing solution.
The partnership's goal is to better understand how liquid biopsy can complement solid tissue testing and potentially offer more benefits to labs and patients. A real-world evidence study is also planned to evaluate the operational advantages of liquid biopsy, such as the speed of results and the consistency of high-quality data across various lab environments.
Philippe Menu, M.D., Ph.D, Chief Medical and Chief Product Officer at SOPHiA GENETICS, highlighted the partnership's potential to "dramatically accelerate global access to liquid biopsy testing," which could transform cancer diagnostics and monitoring worldwide. He also emphasized the expected generation of a significant amount of real-world data, which could lead to novel insights and advancements in cancer research.
Since its introduction, 14 healthcare institutions have adopted MSK-ACCESS® powered with SOPHiA DDM™. The collaboration with AstraZeneca is expected to further catalyze its adoption. Kristina Rodnikova, Head of Global Oncology Diagnostics at AstraZeneca, expressed confidence that the rollout would improve access to testing and contribute to data-driven treatment options for patients globally.
This expansion is part of a broader effort by SOPHiA GENETICS, AstraZeneca, and MSK to address global health disparities and advance cancer research. The deployment of MSK-ACCESS® powered with SOPHiA DDM™ was first announced as part of their collaboration in October 2023.
The information in this article is based on a press release statement and does not endorse any claims. The availability and regulatory approval of products may vary by country, and institutional financial interests related to SOPHiA GENETICS have been disclosed by MSK.
In other recent news, AstraZeneca has seen significant developments across its financial and clinical operations. The pharmaceutical giant recently secured €1.4 billion through a bond offering managed by BNP Paribas (OTC:BNPQY), Goldman Sachs (NYSE:GS) International, Morgan Stanley (NYSE:MS), and Société Générale. On the stock front, TD Cowen raised its price target for AstraZeneca from $90 to $95, maintaining a Buy rating.
In terms of clinical advancements, AstraZeneca's IMFINZI (durvalumab) received FDA approval for treating adults with resectable early-stage non-small cell lung cancer, based on results from the AEGEAN Phase III trial. Additionally, the drug has been granted Priority Review status by the FDA for treating limited-stage small cell lung cancer, following successful results from the ADRIATIC Phase III trial.
AstraZeneca's datopotamab deruxtecan (Dato-DXd), developed in partnership with Daiichi Sankyo, showed a trend toward improving overall survival in a Phase III trial for certain lung cancer patients. However, BofA Securities maintained its Buy rating for AstraZeneca, despite potential approval risks for the treatment, citing a positive mid-term outlook underpinned by a sales forecast for TL01 at $2.5 billion.
Lastly, AstraZeneca disclosed its total number of voting rights and share capital as of the end of August, in compliance with the UK's Financial Conduct Authority's Disclosure and Transparency Rules. These developments reflect the ongoing advancements and achievements of AstraZeneca.
InvestingPro Insights
As SOPHiA GENETICS and AstraZeneca advance the global reach of their liquid biopsy test MSK-ACCESS® powered with SOPHiA DDM™, AstraZeneca's financial health remains a critical factor for sustaining such innovative partnerships. According to InvestingPro data, AstraZeneca boasts a robust market capitalization of $249.69 billion, underscoring its substantial presence in the pharmaceutical industry. The company's revenue growth over the last twelve months leading up to Q2 2024 has been impressive at 10.45%, indicating a strong business performance.
InvestingPro Tips highlight that AstraZeneca is expected to experience net income growth this year and has received upward earnings revisions from two analysts for the upcoming period. These insights suggest a positive outlook for the company's financial future, which could support ongoing and future collaborations, such as the one with SOPHiA GENETICS. Moreover, AstraZeneca's commitment to dividend payments, having maintained them for 32 consecutive years, reflects a stable return to investors, which may be appealing to those looking for consistent income streams.
For readers interested in deeper financial analysis and additional insights, there are 15 more InvestingPro Tips available for AstraZeneca at https://www.investing.com/pro/AZN, providing a comprehensive view of the company's financial health and stock performance.
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