CHICAGO & BURLINGTON, N.C.--(BUSINESS WIRE)--Tempus, a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare, and LabCorp (NYSE: LH), a leading global life sciences company, today announced a collaboration with LabCorp’s drug development business, Covance. LabCorp will participate in Tempus's TIME Trial® Network and the companies will work together to accelerate patient enrollment for oncology clinical trials through an innovative, data-driven approach that aims to transform the clinical trial model and modernize how they are designed and executed.
As novel therapies become increasingly targeted, identifying and enrolling patient populations have become a significant challenge for investigators and sites. Tempus offers a solution with its TIME Trial Program, which uses real-time clinical and molecular data to screen and match patients to biomarker-targeted trials. Institutions participating in The TIME Trial Network are able to initiate their trial on behalf of patients in as few as 10 days.
“The TIME Trial Program has achieved an unparalleled scale thus far, with over 50 provider networks and 2,500 oncologists included in its network,” said Kim Blackwell, Chief Medical Officer of Tempus. “We’re excited to collaborate with LabCorp’s drug development business, Covance, and leverage their network of oncology sites and community physicians across the U.S., as well as their successful track record in executing some of the country’s most cutting-edge oncology trials. This collaboration furthers our mission to increase trial participation and ultimately bring the right treatment to the right patients at the right time.”
“LabCorp’s drug development business has extensive experience in executing clinical trials and our leadership position in oncology, coupled with Tempus’ innovative clinical trial model, provides thousands of physicians and patients easier access to more therapeutics,” said Dr. Paul Kirchgraber, CEO, LabCorp’s drug development business, Covance. “With oncology patient enrollment rates being in the single digits, it’s imperative that we find comprehensive approaches to accelerate oncology clinical trials and bring new treatments to patients faster. The combination of our capabilities will increase the ability to identify patients with specific genetic markers and link them to trial sites, thus greatly expanding access to hard-to-find patient pools for faster enrollment of the right patients for precision medicine oncology clinical trials.”
To learn more about the TIME Trial Program, visit www.tempus.com/clinical-trial-matching.
Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of clinical and molecular data, and an operating system to make that data accessible and useful, Tempus enables physicians to make real-time, data-driven decisions to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.
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 diagnostics solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenue of more than $11.5 billion in 2019. To learn more about LabCorp, visit www.LabCorp.com, and to learn more about LabCorp’s drug development business, Covance, visit www.Covance.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to scientific collaborations, customer contracts and relationships, the anticipated benefits of such collaboration and relationships, and the expected impact that the various collaborations and customer relationships may have on the Company’s financial results. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control, including without limitation, the Company’s ability to establish and maintain strategic partnerships and other scientific collaborations, competitive actions in the marketplace, and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including healthcare reform, customer purchasing decisions, including changes in payer regulations or policies, adverse actions of governmental and other third-party payers, patient safety issues, changes in testing guidelines or recommendations. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the Company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the Company’s other filings with the SEC.
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