LabGenomics said it would participate in the Cancer Moonshot Initiative project, which aims to reduce the death rate from cancer by more than 50 percent over the next 25 years, pushed by the Joe Biden administration.
LabGenomics stressed that it is the only Korean company offering cancer diagnostic services in the U.S. to join CancerX, a public-private partnership led by the Digital Medicine Society and Moffitt Cancer Center.
The organization is practically leading the Cancer Moonshot Initiative.
LabGenomics recently launched the OTD-Lung companion diagnostic test for non-small cell lung cancer in Korea.
The company plans to diversify its cancer diagnostic portfolio by introducing two new cancer panel tests, including the OTD-Liquid liquid biopsy for stage 3 and 4 solid tumors.
LabGenomics said it is swiftly trying to incorporate these services into the U.S. through its subsidiary.
The company has also completed developing three NGS (Next-Generation Sequencing) based cancer diagnostic panels to introduce to QDx Pathology Services, a Clinical Laboratory Improvement Amendments (CLIA) lab it acquired in July.
The company emphasized that the newly launched cancer diagnostic panel analysis services will be more efficient, cost-effective, and profitable. Improvements include the BRCA1 and BRCA2 panel analysis, which has achieved a 0 percent retest rate, and a solid tumor analysis service that has cut the turnaround time (TAT) from three weeks to two.
"By joining CancerX, we have gained confidence that the company's cancer diagnostic technology is competitive enough in the global market," LabGenomics CEO Lee Jong-hoon said. "As a result, we will promote the development of diagnostic panels for various cancer types, such as blood cancer diagnosis, within the year."
Lee also added that the company would actively participate in CancerX activities and contribute to the conquest of cancer by establishing various cooperation systems, such as joint research with global healthcare companies through its U.S. subsidiary.