PathAI and Labcorp broaden strategic collaboration to accelerate use of AI-powered pathology
Integrating AI-Powered Pathology into Drug Development and Clinical Testing of Oncology and Other Diseases
BOSTON and BURLINGTON, N.C. – March 8, 2021 – PathAI, a global provider of artificial intelligence-powered (AI-powered) technology for use in pathology research, and Labcorp (NYSE: LH), a leading global life sciences company, today announced the broadening of their strategic partnership in the field of AI-powered pathology. The collaboration builds on Labcorp’s past investment in PathAI and the companies’ collaboration on a series of projects, including the deployment of PathAI algorithms in clinical trials managed by Labcorp Drug Development.
A key focus of the expanded collaboration will be to enable, in prospective clinical trials of cancer and other diseases, the seamless deployment of PathAI’s algorithms in the broad portfolio of programs managed by Labcorp Drug Development. These PathAI algorithms are developed using Good Clinical Laboratory Practice (GCLP) guidelines and process controls and are locked and validated as fit for purpose; they can also be further extended to companion diagnostic (CDx) device development and commercialization. They can be deployed in retrospective or prospective clinical trials to quantify tissue-based biomarkers and can support patient stratification and selection. The algorithms have many potential additional uses where robust deployment and data collection are needed. Labcorp and PathAI plan to explore bridging the use of AI-powered algorithms from translational research into a clinical laboratory setting.
“We are very impressed with the vision that Labcorp has for the future of AI-powered pathology in drug development and diagnostics, and we look forward to joining forces to enable our bio-pharma partners to obtain the most accurate, standardized, and data-rich set of pathology readouts from clinical trials to help advance drug development,” said PathAI CEO Andy Beck. “After exploring successful initial projects with Labcorp, we are excited to leverage the scale of its network to grow the reach of digital and computational pathology with the goal of ultimately improving patient outcomes.”
“It has been great working with PathAI to expand computational pathology applications in oncology and other diseases that have often been resistant to digitization,” said Paul Kirchgraber, M.D., CEO, Labcorp Drug Development. “This collaboration will provide our bio-pharma partners a differentiated understanding of relevant patient characteristics through applying leading AI-driven algorithms to support clinical trials from novel biomarker development through patient stratification and companion diagnostic development.”
About PathAI:
PathAI is a leading provider of AI-powered research tools and services for pathology. PathAI's platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer, leveraging modern approaches in machine and deep learning. Based in Boston, PathAI works with leading life sciences companies and researchers to advance precision medicine. To learn more, visit pathai.com.
About Labcorp:
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020. Learn about Covance by Labcorp at www.Covance.com, and Labcorp at www.Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.
Labcorp 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 Labcorp’s (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.
Path AI Contact
Media: Isabella Canuso- 609-682-1090
Labcorp Contacts
Media: Christopher Allman-Bradshaw- 336-436-8263
Investors: Chas Cook - 336-436-5076