With a rising prevalence of chronic diseases, we’re starting to see higher demand for clinical lab services. That being said, it’s no surprise that, according to Market.Us, the global market for clinical laboratory services is projected to grow from $213 billion in 2022 to a staggering $352 billion by 2032. Some of the top companies benefiting from those ballooning numbers are Avalon GloboCare Corp. (NASDAQ: ALBT), Insmed Inc. (NASDAQ: INSM), Vir Biotechnology (NASDAQ: VIR), Co-Diagnostics (NASDAQ: CODX), and AN2 Therapeutics (NASDAQ: ANTX).
Look at Tuberculosis testing, for example. Right now, according to Avalon GloboCare Corp., “The most frequently used diagnostic methods for tuberculosis are the tuberculin skin test, acid-fast stain, culture, and polymerase chain reaction. The skin test is a 120-year-old test, which requires the patient to make repeat visits to the clinic, followed by a chest X-ray to confirm a positive test result.”
However, there’s a new test that can reportedly detect a positive result in just 24 hours, which is much faster than the current 120-year-old method. Better, it doesn’t require a blood sample, and could soon be offered to healthcare providers nationwide, added Avalon GloboCare.
In fact, here’s more fromAvalon GloboCare Corp. (NASDAQ: ALBT) …
Avalon GloboCare Corp., a developer of innovative precision diagnostics and provider of clinical laboratory services, today announced that Laboratory Services MSO, LLC (LSM) is now offering an in-house laboratory developed test to detect Tuberculosis using a patient’s sputum sample. Avalon owns a 40% interest in LSM.
LSM’s new PCR test allows for accurate and rapid identification of Mycobacterium tuberculosis (Mtb) from samples. The use of sputum samples to detect Mtb provides easier collection and transport than blood samples, which are used in protein-based chemiluminescent immuno-assays.
TB is an airborne, highly contagious, infectious disease caused by Mtb. Most frequently, TB affects the lungs, however, it can also cause disease in any part of the body, such as the lymph nodes, bones, brain, organs and eyes. TB is a serious disease that kills about 1.4 million people each year, worldwide. TB infection begins without symptoms before becoming active. This inactive carrier state is called latent TB infection and can persist for weeks, months or years before developing into active contagious disease. Rapid, and accurate Identification of Mtb is crucial for controlling the spread of the disease and treating patients for a faster recovery.
The most frequently used diagnostic methods for tuberculosis are the tuberculin skin test, acid-fast stain, culture, and polymerase chain reaction. The skin test is a 120-year-old test, which requires the patient to make repeat visits to the clinic, followed by a chest X-ray to confirm a positive test result. The skin test takes several days to show a reaction. LSM’s PCR based test can be performed in under 2 hours and the patient needs only one visit to the clinic to provide a sputum sample with no needle stick required.
“LSM is at the forefront of new testing technology and developing new methods to improve on the standard diagnostic technologies,” commented, David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon. “We believe this is a revolutionary test as it detects a positive result within 24 hours, which is much faster than the old skin test that has to be read after 72 hours, and doesn’t require a blood sample to be collected. This test uses a proprietary master-mix formulation and PCR amplification method to achieve a high analytical limit of detection, as compared to the standard limit of detection, resulting in a lower false positive rate. This test also has a significantly higher throughput and much lower cost per test as compared to the standard diagnostic tests. We look forward to offering this new TB test to healthcare providers nationwide.”
Other related developments from around the markets include:
Insmed Inc., a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, reported financial results for the second quarter ended June 30, 2023 and provided a business update. "The second quarter of 2023 demonstrated the strongest quarter of ARIKAYCE sales since launch, reflecting positive momentum in the U.S. and earlier than anticipated signs of growth in Japan," commented Will Lewis, Chair and Chief Executive Officer of Insmed. "In the midst of this strong commercial performance, we are preparing for a series of data readouts that we hope will drive shareholder value and meaningful outcomes for patients. Leveraging our growing commercial business, mid- to late-stage pipeline assets, and early-stage research efforts, we are strategically constructing what we hope will be the next leading and self-sustaining biotechnology company."
Vir Biotechnology provided a corporate update and reported financial results for the second quarter ended June 30, 2023. “Our strategy is to prioritize our monoclonal antibody platform, which has already yielded two impactful medicines for patients and, along with our artificial intelligence-enabled capabilities, plan to apply it more broadly in infectious diseases and beyond,” said Marianne De Backer, M.Sc., Ph.D., MBA, Vir’s Chief Executive Officer. “As we execute on this strategy, we look forward to our near-term catalysts, which include data readouts from our Phase 2 chronic hepatitis B and hepatitis delta programs in the fourth quarter. Our future prospects are rich with opportunity based on our deep pipeline and strong balance sheet.”
Co-Diagnostics’ Dwight Egan, Co-Chief Executive Officer, said, "While sales of our COVID diagnostic kits declined as expected, we continue to strengthen our position as we seek to expand our advanced PCR technology reach beyond the four walls of the lab to the places of greatest unmet need. We remain on track for FDA submission of our new Co-Dx PCR Home platform and initial testing product by the end of this year."
AN2 Therapeutics reported financial results for the quarter ended June 30, 2023. “We’re pleased with the accelerated pace of enrollment in our pivotal Phase 2/3 study evaluating epetraborole for treatment-refractory MAC lung disease and believe we currently have sufficient patients in screening to initiate Phase 3 next month, immediately after we complete enrollment in the Phase 2 portion of the study. Continued momentum in the Asia-Pacific region coupled with the modifications we made to our clinical trial protocol had a positive impact on study enrollment,” said Eric Easom, Co-Founder, President and Chief Executive Officer. “With over $95 million in cash and cash equivalents, including proceeds from the at-the-market transaction closed during the quarter, we believe we are capitalized through the expected data readout of the Phase 2 portion of our pivotal trial and through the end of 2024. We remain committed to our vision of developing therapeutics to treat rare, chronic, and serious infectious diseases in areas of high unmet medical need.”
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