Personalis, Inc. (Nasdaq: PSNL), a leader in advanced genomics for population sequencing and cancer, announces that the U.S. Department of Veterans Affairs Million Veteran Program (VA MVP) has exercised its option to extend our existing contract through September 2021. The VA also issued a new task order with an approximate value of up to $31M, and it has the right to issue additional task orders through the duration of the contract extension. Realizing revenue from this contract is subject to the receipt of samples from the VA MVP and performance of services by Personalis. The cumulative value of task orders received to date from the VA MVP has increased to approximately $175M.
Personalis was first contracted by the VA MVP to provide DNA sequencing and data analysis services in 2012. Since then, Personalis has invested in technology and infrastructure to expand its high-volume capabilities and has developed advanced data systems for sample receipt to managing large amounts of genetic data. The company has delivered over 87,000 genomes to date, has received over 100,000 samples and is continuing to receive samples from the MVP.
"We are extremely pleased with our on-going relationship with the VA MVP, which represents the largest whole genome sequencing project in the United States," said John West, Chief Executive Officer. "New orders from our biopharma and other customers have also continued to be strong. Year to date, those orders are almost double the level received in the first three quarters of 2019. Orders from all of our customers, taken together, are significantly above the levels received during the first three quarters of 2019."
About the VA Million Veteran Program
Launched in 2011, the VA MVP is a landmark research effort aimed at better understanding how genetic variations affect health. Up to two-million veterans are expected to enroll in the VA MVP. Data and genetic samples collected through the program are stored securely and made available for studies by authorized researchers, with stringent safeguards in place to protect Veterans’ private health information. The VA MVP was enrolling veterans at 63 VA medical centers nationwide prior to the pandemic. The VA’s central biorepository is equipped with a state-of-the-art robotic system for DNA extraction and storage and is currently being expanded to support up to 4 million samples. With approximately 850,000 enrollees since 2011, the VA MVP already far exceeds the enrollment numbers of any single VA study or research program in the past, and is in fact one of the largest research cohorts of its kind in the world. The VA MVP provides researchers with a rich resource of genetic, health, lifestyle, and military-exposure data collected from questionnaires, medical records, and genetic analyses. By combining this information into a single database, the VA MVP promises to advance knowledge about the complex links between genes and health. Veterans’ privacy and confidentiality are top priorities in the VA MVP, as in all VA research. For more information about the VA MVP, visit www.research.va.gov/MVP. This press release does not imply a Department of Veterans Affairs endorsement, and is neither paid for nor sponsored, in whole or in part, by any element of the United States government.
About Personalis, Inc.
Personalis, Inc. is a leader in population sequencing and cancer genomics, with a focus on data, scale, efficiency and quality. Personalis operates one of the largest sequencing operations globally and is currently the sole sequencing provider to the VA MVP. In oncology, Personalis is transforming the development of next-generation therapies by providing more comprehensive molecular data about each patient’s cancer and immune response. The Personalis® ImmunoID NeXT Platform® is designed to adapt to the complex and evolving understanding of cancer, providing its biopharmaceutical customers with information on all of the approximately 20,000 human genes, together with the immune system, from a single tissue sample. The Personalis Clinical Laboratory is GxP-aligned as well as CLIA’88-certified and CAP-accredited. For more information, please visit www.personalis.com and follow Personalis on Twitter (@PersonalisInc).
This press release contains or may imply "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that are not historical facts, including, for example, statements relating to the potential advancement of or growth opportunities for Personalis’ business, expansion of Personalis’ market presence in population genomics and immuno-oncology, the company’s services for the VA MVP, continued laboratory operations, the expected completion date for sequencing 100,000 samples, the extent to which the company may realize revenue from the VA MVP contract and task orders thereunder, the continued receipt of VA MVP samples and other future events. These forward-looking statements are subject to risks and uncertainties, including those related to population sequencing and cancer genomics, market adoption of our services, our expectations regarding future performance, and the COVID-19 pandemic, as well as other risks and uncertainties discussed in Personalis’ filings with the Securities and Exchange Commission, including in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company’s most recently filed periodic reports on Forms 10-K and 10-Q and subsequent filings and in the documents incorporated by reference therein, all of which may significantly impact our business and operations, the business and operations of our customers, our ability to access capital and the value of our common stock. Except as otherwise required by law, Personalis disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
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