iSpecimen Presents New Research to Optimize Biobanking at International Society for Biological and Environmental Repositories 2022 Annual Meeting
May 19 2022 - 7:30AM
iSpecimen Inc. (NASDAQ: ISPC) (“iSpecimen” or the “Company”), a
global online marketplace that connects scientists in need of
biospecimens for medical research with healthcare organizations
that can provide them, announced today that the Company gave three
presentations at this year’s International Society for Biological
and Environmental Repositories (ISBER) Annual Meeting in Atlanta,
Ga.
Jill Mullan, iSpecimen’s Chief Operating
Officer, gave an oral presentation on an accepted abstract titled,
“Biospecimen Matchmaking: The Data-Driven Journey from Internal
Spreadsheets to Online Inventories to Just-in-Time Biobanking.” The
presentation focused on how, after two decades, biobanks are now at
a crossroads, as precision medicine requires more customized
biospecimen collections with complex patient inclusion criteria
that often cannot be fulfilled through existing inventories.
iSpecimen analyzed researcher request data,
including five years of specimen search data from its proprietary
iSpecimen Marketplace platform, to provide insights into how
precision medicine is driving the need for "just-in-time"
biospecimen collections. iSpecimen used this data to propose
requirements for a next-generation biobanking solution that
incorporates an online platform using biobanking inventory data,
along with in-depth healthcare datasets,
to:
- Connect biorepositories to a global
network of researchers who need specimens and data
- Enable efficient specimen and
patient inventory matchmaking across a federated provider
network
- Automate inventory-based and
just-in-time biobanking workflows from inquiry to invoice
- Provide data-driven insights using
AI to help align inventory management and market demand
Key findings and conclusions from iSpecimen’s
analysis included:
- Many researchers anticipate that
the biospecimens they source to advance their work will come from
both banked inventories and custom collections in 2022.
- The best biobank is an active,
empty one, rather than a repository with specimens collected from
years ago that are never used.
- To get there, biorepository
managers need to consider solutions that include advanced
matchmaking and easy search functionality to make existing
inventories more accessible, along with just-in-time biobanking
approaches to accommodate prospective collections as needed.
- When it comes to sourcing
biospecimens, researchers’ preferred approach is using an online
platform / marketplace.
- A key to creating an effective bio
procurement solution is the coupling of in-depth healthcare
datasets and researcher demand data with AI and analysis tools to
bring efficiencies to the biospecimen procurement process, all
while helping to drive smarter biobanking inventory
strategies.
“Traditionally, biobanking involved an
inventory-based approach whereby internal researchers leveraged
biospecimen samples stored and collected over time, with simple
patient inclusion criteria and limited datasets,” said Ms. Mullan.
“However, today, that approach only provides part of the solution
because of the advent and rise of precision medicine. In a world
where custom research requests come in constantly and new therapies
are developed for patients more frequently, what may have been
collected and stored years ago may not be relevant for researchers
now.”
Ms. Mullan continued, “With the just-in-time
approach, the entire world can be a researcher’s biobank, thanks to
big data and technologies like AI. Rather than taking and storing
point-in-time samples, biobanks should be based off access to
patient populations, enabling them to obtain samples in real-time.
This allows the process to become more fluid and helpful for
researchers. The bottom line is that biobanks need to become more
than just repositories for specimens; they are conduits for
just-in-time specimen collections from their patient population
inventory. iSpecimen’s Marketplace is the solution, as it offers
intuitive multi-site search functionality for both banked and
prospective specimens and accessible patient details, all in one
place for researchers.”
In addition to Ms. Mullan’s oral presentation,
Dr. Christopher Ianelli, M.D., Ph.D., iSpecimen’s Founder and CEO,
gave a presentation during the plenary session titled, “From
Ideation to IPO: One Company’s Journey to Commercialize a
Biospecimen Solution.” The third presentation came from Dr. Ianelli
and Emily Hubbard, iSpecimen’s Vice President, Site Development,
titled, “An Innovation Solution for Just-in-Time Biobanking,” which
included an interactive demo of iSpecimen’s new, enhanced
Marketplace platform.
About iSpecimeniSpecimen
(NASDAQ: ISPC) offers an online marketplace for human biospecimens,
connecting scientists in commercial and non-profit organizations
with healthcare providers that have access to patients and
specimens needed for medical discovery. Proprietary, cloud-based
technology enables scientists to intuitively search for specimens
and patients across a federated partner network of hospitals, labs,
biobanks, blood centers and other healthcare organizations. For
more information, please visit www.ispecimen.com.
For further information, please contact:
Investor ContactKCSA Strategic
CommunicationsAllison SossiSpecimen@kcsa.com
Media ContactsKCSA Strategic
CommunicationsRaquel Cona / Shana MarinoiSpecimen@kcsa.com
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