Neogenomics

The decline was largely due to decreased testing volumes as a result of the COVID-19 pandemic, although there was improvement in pharma services.

NeoGenomics will offer the Thyroid Profile and the NGS Thyroid Profile plus RET FISH test as part of the program, which is sponsored by Lilly.

Under the agreement, NeoGenomics will also make a $25 million equity investment in Inivata with an option to buy the company outright.

The drugmaker will cover the cost of testing for up to 500 patients in the US with MSI-high colorectal cancer or RAI-refractory differentiated thyroid cancer.

The company said it intends to use the proceeds for general corporate purposes and to repay borrowings under its term loan facility.

NeoGenomics noted that test volumes had been disrupted by the COVID-19 pandemic, leading to reduced growth in the company.

Clinical test volume at the company is expected to grow 7 percent year over year but decreased significantly at the end of March due to the COVID-19 pandemic.