On March 3, 2020, Exact Sciences Corp. (NASDAQ: EXAS) announced the completion of its acquisitions of Paradigm Diagnostics, Inc. and Viomics, Inc., two privately held companies based in Phoenix. Together, Paradigm and Viomics provide a differentiated late-stage therapy selection test and deep competencies in sequencing and biomarker discovery, extending Exact Sciences’ lab testing and research and development capabilities.
“The addition of these companies and their talented team members to Exact Sciences is another step forward in extending our leadership in advanced cancer diagnostics,” said Kevin Conroy, chairman and CEO of Exact Sciences. “Viomics’ research capabilities and the Paradigm therapy selection test and scalable clinical lab, combined with the powerful Exact Sciences commercial platform, allow us to provide patients with smarter, faster answers throughout the cancer continuum.”
Paradigm currently offers a comprehensive genomic profiling test for patients with advanced, refractory, or recurrent cancer, allowing physicians to better understand a patient’s tumor profile and more effectively recommend targeted therapies or clinical trials.
Palmetto GBA, a Medicare Administrative Contractor that assesses molecular diagnostic technologies under its MolDx program, recently covered the test under its existing local coverage determination for Next-Generation Sequencing for Solid Tumors. Differentiated from other tests by a design that requires smaller sample requirements and delivers faster results, the test is critical in supporting treatment decisions and builds upon the successful foundation of the Exact Sciences’ Precision Oncology team.
Paradigm was awarded an Arizona Innovation Challenge Grant on the Fall of 2018.
The company currently operates on the Phoenix Biomedical Campus which is also home to the International Genomics Consortium (IGC) as well as the Translational Genomics Research Institute (TGen an affiliate of City of Hope), the University of Arizona Cancer Center, and the UA College of Medicine – Phoenix and others.
Viomics provides extensive sequencing capabilities and expertise in identifying unique biomarkers that indicate the presence of cancer in solid tissue and blood. The expertise of their team brings additional resources to Exact Sciences’ world-class research and development team, and any future biomarker discoveries may be used in Exact Sciences’ pipeline cancer tests. Sequencing will play a pivotal role in bringing tissue and blood-based advanced cancer diagnostics to patients and physicians.
Viomics was awarded an Arizona Innovation Challenge Grant on the Spring of 2013.
Viomics was founded by David Mallery and Scott Morris, chief scientific officer. The company is a past winner of Arizona State University’s Edson Student Entrepreneur Initiative, a startup accelerator that provides funding, office space, mentorship and training to student entrepreneurs from all university disciplines. (Source: ASU)
According to the Exact Sciences press release, Paradigm and Viomics will remain based in Phoenix.
Financial terms of the transactions are not being disclosed. XMS Capital Partners served as advisor to Exact Sciences on these transactions.
A leading provider of cancer screening and diagnostic tests, Exact Sciences relentlessly pursues smarter solutions providing the clarity to take life-changing action, earlier. Alongside its visionary collaborators and in partnership with communities, Exact Sciences unites the best resources to help advance the fight against cancer.
According to the press release, Exact Sciences is investing in its product pipeline to take on some of the deadliest cancers and improve patient care.
Based in Madison, Wisconsin, Exact Sciences’ portfolio of tests includes Cologuard which was approved by the FDA in August 2014 and the Oncotype DX portfolio of breast, colon and prostate cancer tests which apply advanced genomic science to reveal the unique biology of a tumor in order to optimize cancer treatment decisions, helping to guide treatment decisions for more than 1 million cancer patients worldwide and which were originally developed by Genomic Health, Inc. Exact Sciences acquired Genomic Health in 2019 via a cash and stock transaction valued at $2.8 billion.
For more information on the acquisition of Paradigm and Viomics, visit: