iSpecimen Releases Cancer Biospecimen Offering; Orders Anticipated of Over $9,500,000 Annually

WOBURN, Mass., Nov. 07, 2024 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers, announced today a significant enhancement to its searchable inventory that provides researchers with increased access to a wide array of biospecimens vital to advancing oncology research and treatments.

The expanded inventory includes highly sought-after cancer samples across a variety of tumor types, stages, and patient demographics, enabling researchers to access the specific samples they need efficiently and by cancer type, including colorectal, breast, lung, ovarian, pancreatic, brain, and more. By streamlining the acquisition of specific, high-quality biospecimens, iSpecimen is shortening sales and fulfillment timelines, increasing profitable revenue and supporting breakthroughs in cancer research, including studies focused on the development of new therapies, diagnostics, and personalized medicine approaches.

"Our mission has always been to connect researchers with the specimens they need to drive impactful advancements in healthcare," said Annette Arnold, Vice President of Sales and Business Development of iSpecimen. "With this expanded oncology biospecimen offering, we are empowering researchers around the world with access to critical resources that can fast-track their discoveries in cancer treatment and diagnostics to support life-saving treatments. We are also shortening lead times for order fulfillment which the Company expects to drive profitability for shareholders.”

In addition, the Company has rolled out new strategies and tactics for lead generation leveraging email marketing, organic search, and search engine marketing to increase inbound order volume. “We have expanded the pool of potential revenue by developing key capabilities to generate demand with our customers, both returning and new. We estimate there are $10,000,000 worth of orders that can be converted annually. Assuming a possible 25% conversion rate, this will naturally lead to approximately 20% annual revenue growth. The sales team is excited to deliver on the Company’s anticipated growth plan.”

About iSpecimen
iSpecimen (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.

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For further information, please contact:

Investor Contact
KCSA Strategic Communications
Phil Carlson
iSpecimen@kcsa.com