Covance Opens State-of-the-Art Laboratory for Companion Diagnostics
June 14 2017 - 8:00AM
Business Wire
Dedicated Facility Furthers the Unmatched Value
of the Combined Expertise of Covance Drug Development and LabCorp
Diagnostics to Advance Precision Medicine
LabCorp® (NYSE:LH), a leading global life sciences company,
announced today that its Covance Drug Development (Covance)
business will extend its capabilities in precision medicine by
opening a dedicated, state-of-the-art companion diagnostics
laboratory in Morrisville, North Carolina. The facility capitalizes
on the company’s unique and industry-leading expertise and
experience in companion diagnostics, combining end-to-end drug
development through Covance with commercialization capabilities
through LabCorp. Companion diagnostics are used in conjunction with
targeted drugs and therapies to identify patients who are likely to
benefit from a specific treatment regimen or who may have increased
risk for certain side effects.
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“Precision medicine presents tremendous opportunities for
achieving improved patient outcomes, particularly in the use of
targeted therapies and immunotherapies for the treatment of cancer,
with expansion into other therapeutic areas and rare diseases,”
said David P. King, chairman and CEO of LabCorp. “By capitalizing
on the combined strength of our diagnostics and drug development
capabilities, LabCorp is uniquely positioned to guide the delivery
of care by helping physicians provide patients with the right drug,
at the right time and in the right dosage.”
Both Covance and LabCorp Diagnostics have been involved in the
development of drugs and their associated companion diagnostics for
more than 20 years. The company has played a role in the
development of approximately three-quarters of the companion
diagnostics on the market today. In 2016 alone, it participated in
more than 60 companion diagnostic programs supporting 145 clinical
protocols.
“Covance offers its clients an efficient, comprehensive
development pathway for a novel therapy in conjunction with its
associated companion diagnostic, from discovery and early
development through clinical trials and regulatory approval,” said
John Ratliff, CEO of Covance. “Once approved, LabCorp can
commercialize the test, allowing doctors to identify the patients
best suited for the treatment with greater precision. Our seamless
approach can reduce costs for the client and shorten the time to
availability for patients.”
The new laboratory is part of a multi-use facility that also
includes a genomics and molecular pathology laboratory to support
clinical trials and diagnostic assay development, as well as a
nuclear magnetic resonance (NMR) laboratory that houses the first
NMR spectrometer approved by the FDA to identify and quantify
concentrations of lipoproteins and small molecule metabolites. The
site also houses manufacturing facilities for diagnostics materials
and testing components. In addition, its location offers convenient
access to nearby LabCorp specialty laboratories, including the
Center for Molecular Biology and Pathology in Research Triangle
Park and the Center for Esoteric Testing, located in Burlington.
These facilities, which house top researchers and scientists in the
laboratory industry, create a focal point for the development and
commercialization of precision medicine diagnostics.
“We are building on our strong track record of success today and
preparing for the increasing client demand and scientific
complexity we are seeing as we look toward the future,” said Steve
Anderson, Ph.D., chief scientific officer of Covance. “At this
facility we are incorporating advanced tools such as
next-generation sequencing and gene expression technologies,
allowing us to evaluate multiple analytes or targets related to the
biology of the disease and the specific therapeutic approach as we
develop the next generation of companion diagnostics. That is the
future direction of precision medicine, and we are ready to deliver
the most advanced approach to ensure success for our clients.”
About LabCorp
LabCorp (NYSE:LH), an S&P 500 company, is a leading global
life sciences company that is deeply integrated in guiding patient
care, providing comprehensive clinical laboratory and end-to-end
drug development services. With a mission to improve health and
improve lives, LabCorp delivers world-class diagnostic solutions,
brings innovative medicines to patients faster and uses technology
to improve the delivery of care. LabCorp reported net revenues of
nearly $9.5 billion for 2016 through the contributions of 52,000
employees in approximately 60 countries. To learn more about
LabCorp, visit www.labcorp.com, and to learn more about Covance
Drug Development, visit www.covance.com.
This press release contains forward-looking statements including
with respect to estimated 2017 guidance and the impact of various
factors on operating and financial results. Each of the
forward-looking statements is subject to change based on various
important factors, including without limitation, competitive
actions in the marketplace, and adverse actions of governmental and
other third-party payers. Actual results could differ materially
from those suggested by these forward-looking statements. The
Company has no obligation to provide any updates to these
forward-looking statements even if its expectations change. Further
information on potential factors that could affect operating and
financial results is included in the Company’s Form 10-K for the
year ended December 31, 2016, and subsequent Forms 10-Q, including
in each case under the heading risk factors, and in the Company’s
other filings with the SEC. The information in this press release
should be read in conjunction with a review of the Company’s
filings with the SEC including the information in the Company’s
Form 10-K for the year ended December 31, 2016, and subsequent
Forms 10-Q, under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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LabCorpMedia Relations:Pattie Kushner, +1
336-436-8263Media@labcorp.comorCovance Media:Sue Maynard, +1
336-436-8263Media@labcorp.comorInvestor Relations:Scott Frommer, +1
336-436-5076Investor@labcorp.com
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