Personalis Inc. (NASDAQ:PSNL) Extends Contract With VA MVP and Receives New Task Order Of $31 Million

Personalis Inc. (NASDAQ:PSNL) has announced the exercising by that the US Department of Veterans Affairs Million Veteran Program (VA MVP) of the option of extending its existing contract with the company through September 2021.

Personalis extends contract with VA MVP

The VA has also issued a new task order with an estimated value of around $31 million. The VA has the right to issue more task orders during the period of a contract extension. It is important to note that realization of revenue from the contact will be subject to receiving samples from VA MVP as well as Personalis’ performance of services. So far, the accumulative task orders received from VA MVP to date have reached $175 million.

The company was first contracted in 2012 by the VA MVP to offer data analysis and DNA sequencing services. Personalis has, over the years, invested in infrastructure and tech for the expansion of its capabilities. Also, the company has developed novel data systems for receiving samples to manage large throngs of data.  To date, Personalis has delivered more than 87,000 genomes and received more than 100,000 samples from the VA MVP.

Personalis receiving more orders this year compared to 2019

John West, the company’s CEO, indicated that they are delighted with the on-going partnership with the VA MVP, which represents the biggest whole genome sequencing program in the US. West indicated that they have continued to receive new orders for the company’s biopharma and other clients. Since the beginning of the year, the orders have almost doubled, exceeding the orders received in the first three quarters of last year. He said that the orders taken from all the company’s customers are significantly above the levels they received last year.

The company has been developing next-generation therapies by providing comprehensive molecular data about cancer and the immune response of patients. Its ImmunoID NeXT Platform® has been designed to adapt to evolving and complex cancer understanding and has providers Personalis customers with data on approximately 20,000 human genes.