OncoHelix to improve cancer screening with new solution Via Investing.com
CALGARY, Canada – OncoHelix, a Canadian laboratory renowned for precision diagnostics, said it will improve its oncology testing with a new liquid biopsy solution, MSK-ACCESS® Sophia Genetics SA (NASDAQ: NASDAQ:) SOPHiA DDM.
The Calgary-based lab, in collaboration with the University of Calgary's Hematology Translational Lab, will deploy the solution later this summer to expand its genomic and molecular testing services.
Liquid biopsies represent a less invasive option compared to traditional solid tumor biopsy, offering a simple blood draw to collect cell-free DNA (cfDNA) to detect circulating tumor DNA (ctDNA).
The method is said to be particularly beneficial when traditional biopsy methods are ineffective due to insufficient material or poor tissue quality. The new solution will speed up clinical decision-making, provide faster results for researchers and doctors, and improve the monitoring process.
The MSK-ACCESS® test, developed by Memorial Sloan Kettering Cancer Center (MSK), deeply sequences 146 cancer-associated genes and is integrated with the advanced analysis of the SOPHiA DDM™ Platform.
Together, they say they provide a comprehensive approach to genomic cancer profiling using cfDNA. This marks an important step for OncoHelix in its mission to deliver clinical-grade molecular profiling and immunoassays using state-of-the-art technology.
Dr. Pinaki Bose, Founder and Senior Vice President of OncoHelix, noted the company's dedication to cutting-edge technology for rapid validation of genomic panels and analysis.
SOPHiA, the company behind SOPHiA DDM™, is a healthcare indigenous technology firm focused on integrating artificial intelligence to analyze genomic and multimodal data. The company aims to democratize data-driven medicine around the world.
It recently announced a collaboration with Microsoft (NASDAQ: ) and NVIDIA (NASDAQ: ) to develop an analysis solution for genome sequencing (WGS). This application is designed to enhance the capabilities of the SOPHiA DDM™ Platform, aiming to deliver fully analyzed genomic information quickly. The company plans to make the WGS application available to customers before the end of the year.
Financially, SOPHiA reported a 13% year-over-year increase in revenue for Q1 2024, reaching $15.8 million. Despite falling short of expectations due to year-earlier challenges, the company remains on track to become profitable within the next two years, supported by a $50 million debt financing agreement with Perceptive Advisors.
InvestingPro Insights
As OncoHelix integrates SOPHiA GENETICS' (NASDAQ: SOPH) MSK-ACCESS® assay with the SOPHiA DDM™ Platform, it is important to consider the financial health and market performance of SOPHiA GENETICS itself. According to the latest data from InvestingPro, SOPHiA GENETICS has a market capitalization of 302.03 million USD, reflecting its size and the number of investors in the market. Despite new moves in healthcare technology, SOPHiA GENETICS has a negative P/E ratio of -4.11, indicating that the company is currently unprofitable. This is in line with InvestingPro tips highlighting the company's rapid cash burn and analysts' expectations that a profit is not on the horizon this year.
On the other hand, SOPHiA GENETICS has a strong financial position, with more cash than debt on its balance sheet, and liquid assets that exceed its short-term obligations. These factors are important to the company's ability to sustain its operations and invest in research and development. Additionally, the company's revenue grew by 26.68% in the last twelve months from Q1 2024, which shows a positive trend in its business activities.
For investors and stakeholders seeking in-depth SOPHiA GENETICS financials and market performance, additional InvestingPro Tips are available. These tips provide comprehensive information about a company's financial health and future prospects. Interested students can use the coupon code PRONEWS24 for up to 10% off annual Pro and annual Pro+ annual or bi-annual subscriptions to gain access to these valuable tips.
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