Veracyte inks deal with NanoString for nCounter® diagnostic platform
Category: #health  By Saipriya Iyer  Date: 2019-12-05
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Veracyte inks deal with NanoString for nCounter® diagnostic platform

San-Francisco based leading diagnostics company Veracyte has recently announced a definitive agreement with NanoString to acquire global license for the diagnostic use of nCounter® platform. Sources aware of the development stated that this venture will allow Veracyte to globally expand its business of genomic diagnostics.

The nCounter system can not only run Veracyte’s genomic tests but also provide potential diagnosis to companies in the biopharmaceutical sector who are looking to penetrate the global market.

As per the deal, VeraCyte has also purchased breast cancer prognostic test Prosigna® and in-development lymphoma subtyping assay LymphMark™ from NanoString, which will further expand the company’s profile in oncology.

Sources close to the matter stated that the Veracyte will pay $40 million in cash and company stock up to $10 million to NanoString depending upon the commercial launch of diagnostic tests of Veracyte for the use on nCounter platform. Adding to this, Veracyte expects to generate $6 million to $8 million in the year 2020, with no impact to the operational cash flow of the existing business.

Following the recent development, Veracyte will apparently also offer advanced genomic tests to clinicians, physicians and their respective patients through clinical laboratories and hospitals across the globe. The company believes that the deal will gradually enable it to access a potential global consumer base worth $40 billion for its pipeline and current products.

According to reliable sources, the FDA-approved and elegantly designed automated nCounter system is estimated to offer broad testing utilities via its capability of simultaneously analyzing DNA, RNA or protein targets in around 800 genes.  

Moreover, Veracyte is planning to offer a kit-based test called Envisia® classifier, which is used in the diagnosis of idiopathic pulmonary fibrosis and will be available for customers from 2021. Veracyte’s in-development nasal swab classifier, which is used for the diagnosis of lung cancer, will be available in 2022. The classifier’s results will be available in 2021 in its CLIA laboratory in U.S.

 

Source Credits – https://investor.veracyte.com/news-releases/news-release-details/veracyte-acquires-exclusive-license-nanostring-diagnostics



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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