News Release

Collaboration aims to accelerate the development of personalized therapies and transform patient care through the use of precision medicine

TAMPA, Fla. & LOS ANGELES--(BUSINESS WIRE)--May 14, 2024-- Moffitt Cancer Center, a world-renowned cancer treatment and research center, and Fulgent Pharma, a subsidiary of Fulgent Genetics, Inc. (NASDAQ: FLGT) and a leading nanobiotechnology company specializing in innovative cancer therapeutics, announced today a strategic partnership aimed at advancing cancer treatment through clinical development and pre-clinical co-development initiatives. This collaboration combines Moffitt’s cutting-edge clinical capabilities with Fulgent’s groundbreaking nanotherapeutics and genomics platforms in an effort to accelerate the development of personalized cancer therapies. Under the agreement, Moffitt will provide Fulgent with priority access to its clinical expertise and resources, with the aim of expediting the advancement of Fulgent’s clinical pipeline. This priority access at Moffitt includes prioritized clinical trial activation, enhanced patient screening, and data sharing designed to get investigational therapies to patients in need more quickly and efficiently.

Fulgent Pharma, a leader in nanoencapsulation technology, has transformed paclitaxel, a chemotherapy drug known for its poor solubility, into a soluble counterpart suitable for intravenous injection called FID-007. In Phase 1 clinical studies conducted with FID-007 to date, substantial tumor reduction across various cancer types, including breast, head and neck, lung, bile duct, and pancreatic cancers, has been observed.

Additionally, the partnership will focus on co-developing next-generation personalized treatment options for cancer. Moffitt will leverage its broad scientific and immunology expertise, access to tissue samples and nonclinical research resources, while Fulgent will contribute its novel and proprietary nano-particle-based drug development platform along with its broad spectrum genetic and genomic testing capabilities.

“Pooling our unique strengths, Moffitt and Fulgent will strive to create new precision oncology therapies customized to meet the specific needs of each patient, thereby improving future outcomes,” said Fulgent Pharma President and CSO Ray Yin, Ph.D.

“This partnership aligns with Moffitt’s mission to contribute to the prevention and cure of cancer. We are looking forward to working with Fulgent to accelerate the translation of scientific discoveries into lifesaving treatments for our patients,” said Moffitt President and CEO Patrick Hwu, M.D.

“We are excited to collaborate with Moffitt Cancer Center, a global cancer research and treatment leader,” said Ming Hsieh, CEO of Fulgent Genetics. “By combining Moffitt’s clinical and research expertise with Fulgent’s innovative nanotherapeutic platform and growing patent portfolio, we believe we can make significant strides in advancing personalized cancer treatment options.”

About Moffitt Cancer Center

Moffitt is dedicated to one lifesaving mission: to contribute to the prevention and cure of cancer. The Tampa-based facility is one of only 57 National Cancer Institute-designated Comprehensive Cancer Centers, a distinction that recognizes Moffitt’s scientific excellence, multidisciplinary research, and robust training and education. Moffitt’s expert nursing staff is recognized by the American Nurses Credentialing Center with Magnet® status, its highest distinction. For more information, call 1-888-MOFFITT (1-888-663-3488), visit MOFFITT.org, and follow the momentum on Facebook, Twitter, Instagram and YouTube.

About Fulgent Pharma

Fulgent Pharma began as part of Fulgent LLC in Temple City, California, established in June 2011. As the company progressed into the sphere of precision medicine, it also started delving into clinical genetic and genomic testing - a natural complement. In 2016, Fulgent LLC split into two separate entities - Fulgent Pharma and Fulgent Genetics - in order to better pursue their independent objectives. In 2022, Fulgent Pharma was acquired by Fulgent Genetics to synergistically advance personalized cancer genomics and precision oncology therapeutics. Today, Fulgent Pharma is fully focused on perfecting drug candidates for treating a broad range of cancers. Its partners in this endeavor include the University of Southern California, Moffitt Cancer Center, and ANP Technologies. For more information visit FulgentGenetics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: future performance; Fulgent Pharma’s research and development efforts, including any implications that the results of earlier clinical trials will be representative or consistent with later clinical trials, the expected timing of enrollment and regulatory filings for these trials and the availability of data or results of these trials, including any implication that interim or preliminary data will be representative of final results, the intended benefits of the collaboration, including whether the collaboration expedites development of any of Fulgent Pharma’s product candidates. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or Fulgent Pharma’s future performance, and they are based on management’s current assumptions, expectations, and beliefs concerning future developments and their potential effect on Fulgent Pharma’s business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the success of Fulgent Pharma’s development efforts, including its ability to progress its candidates through clinical trials on the timelines expected; its compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and its ability to protect its proprietary technology and intellectual property. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

The forward-looking statements made in this press release speak only as of the date of this press release, and Fulgent Pharma and Fulgent Genetics assume no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law.

Fulgent Genetics, Inc.’s reports filed with the U.S. Securities and Exchange Commission, or the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 28, 2024, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on the Fulgent Genetic’s website upon their filing with the SEC. These reports contain more information about Fulgent Genetics and Fulgent Pharma, their business and the risks affecting their business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514935253/en/

Patty Kim
Moffitt Cancer Center
813-745-7322
Patty.Kim@Moffitt.org

Melanie Solomon
The Blueshirt Group
melanie@blueshirtgroup.com

Source: Fulgent Pharma