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Burning Rock, Bayer To Develop NGS-Based Companion Diagnostics in China - 360Dx
Burning Rock, Bayer To Develop NGS-Based Companion Diagnostics in China - 360Dx
NEW YORK – Burning Rock Biotech announced on Thursday that it has partnered with Bayer to
develop next-generation sequencing-based companion diagnostic tests for patients in China.
Under the collaboration, the companies will jointly develop NGS tests to serve as companion
diagnostics for Bayer's portfolio of precision cancer therapies.
Earlier this year, Bayer inked a similar deal with Thermo Fisher Scientific to jointly develop NGS-
based companion diagnostics.
Separately this week, Burning Rock announced its Q1 2024 financial results. The Guangzhou,
China-based company reported that its total revenues for the quarter were RMB 125.6 million ($17.4
million), down 12 percent from RMB 142.5 million in Q1 2023. The firm said that the decrease was
due to the transition from central laboratory testing to more hospital-based testing and noted that
the in-hospital business grew 11 percent year over year to RMB 57.4 million from RMB 51.6 million.
Revenues from the firm's central laboratory business were RMB 47.6 million, down 23 percent from
RMB 61.8 million in Q1 2023. Pharma research and development services revenues were RMB 20.6
million, decreasing 29 percent from RMB 29.2 million for the same period in 2023.
Net loss for the quarter was RMB 121.5 million, or RMB 1.19 per share, compared to a loss of RMB
185.3 million, or RMB 1.81 per share, in Q1 2023.
Burning Rock ended the quarter with RMB 572.6 million in cash and cash equivalents, and RMB
58,000 in restricted cash.
The company says it currently expects to achieve breakeven for full-year 2024.
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17/06/2024, 18:21 Burning Rock, Bayer to Develop NGS-Based Companion Diagnostics in China | 360Dx
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