Fulgent Genetics Awarded Contract by the U.S. Department of Veterans Affairs to Provide Hereditary Cancer, Pharmacogenetic and Other Genetic Testing to Veterans1
EL MONTE, Calif., October 31, 2024--(BUSINESS WIRE)--Fulgent Genetics, Inc. (NASDAQ: FLGT) ("Fulgent," or the "Company"), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced it has been awarded a five-year contract by the U.S. Department of Veterans Affairs (VA) to provide hereditary cancer, pharmacogenetic and other genetic testing to Veterans.
A leader in clinical molecular diagnostic testing, Fulgent has been periodically providing genetic testing services to the members of the VA since 2017. These have included both clinical and research-based services. This new award enables Fulgent to provide hereditary cancer tests to individuals with cancer or a family history of certain cancers, enhancing the services available to the VA community. In addition, the contract includes pharmacogenetic testing. Pharmacogenetics uses genomic information to determine how patients will respond to certain medications--an important component of delivering personalized medicine.
"We are honored to receive this award to provide high-quality testing to those who have served our country and to their family members," said Brandon Perthuis, Fulgent’s Chief Commercial Officer. "Understanding the germline drivers is an important part of treating cancer, as it provides valuable information to patients, family members, and physicians. Our business development team has a long history of working with the VA and has proven to be successful in representing our strengths in bioinformatics, quality, and turnaround time to position Fulgent as a strong partner."
"We are excited to leverage our flexible testing options to serve the VA community and provide VA physicians the tools to practice genomic medicine," said Dr. Harry Gao, Fulgent’s Chief Scientific Officer. "Our comprehensive suite of germline tests enables us to build custom solutions tailored to the VA’s needs. PGx testing, in particular, has become increasingly important for patient care. Our PGx test utilizes next-generation sequencing, offering higher resolution and greater coverage to ensure the delivery of accurate and actionable data."
The award is for up to $99M over five years, including both hereditary cancer testing and pharmacogenetic testing.
1 The U.S. Department of Veterans Affairs (VA) does not approve or endorse any statements, claims, or language included in this press release. The content herein is solely the responsibility of Fulgent Genetics, Inc. and does not reflect the views or opinions of the VA.
About Fulgent
Fulgent is a technology-based company with a well-established laboratory services business and a therapeutic development business. Fulgent’s laboratory services business, which was formerly referred to as the clinical diagnostic business, includes technical laboratory services and professional interpretation of laboratory results by licensed physicians. Fulgent’s therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company.
Forward-Looking Statements
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