11:44 AM EDT, 04/01/2024 (MT Newswires) -- Labcorp (LH) is increasing its equity investment in Xcell Biosciences and will provide laboratory and other services to privately held Xcell as it begins beta testing of its Avatar Foundry cell therapy manufacturing platform, the companies said on Monday.

Financial terms of Labcorp's investment were not disclosed. The companies will be jointly presenting results from their existing cell and gene therapy collaboration at the American Association for Cancer Research annual meeting beginning on Friday in San Diego, they said.

Labcorp began its collaboration and first invested in Xcell in November 2021 as part of a larger series B funding round announced the following January that provided $27.5 million to the biotechnology company. Their joint projects have focused on improving the safety and efficacy of cell and gene therapies and developing the Avatar platforms to reprogram CAR T cells to enhance their potency and persistence targeting solid tumors, according to prior statements by the companies.

Labcorp shares recently were almost 2% lower in Monday's mid-session trading.

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