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Bionano Genomics, Inc. (Nasdaq: BNGO) is a pioneering company in the life sciences instrumentation sector, dedicated to advancing genome biology understanding through innovative solutions. The company is renowned for its development and marketing of the Saphyr™ system, an ultra-sensitive platform designed for structural variation detection. This system enables researchers and clinicians to accelerate diagnostics and therapeutic target discovery, streamlining studies on chromosomal changes.
Bionano's core mission is to transform genomic analysis through optical genome mapping (OGM) solutions, diagnostic services, and software. Their flagship product, Saphyr™, offers unmatched capabilities in structural variation discovery and the ability to construct comprehensive genome assemblies. This technology is crucial for applications in cancer research, human disease studies, agricultural bioengineering, and genome discovery.
Recent achievements include the detection of unique structural variations and gene fusions in blood cancer samples, underscoring OGM's potential as a complement to traditional sequencing methods. Bionano's OGM technology has shown superior sensitivity and resolution in various studies, highlighting its utility in pediatric leukemia and other cancers.
The company operates globally with significant revenue from the Americas, and it generates product revenue from the sales of OGM and Ionic Purification systems and consumables. Bionano also offers diagnostic testing for neurodevelopmental disabilities through its Lineagen, Inc. d/b/a Bionano Laboratories business and industry-leading genome analysis software that integrates next-generation sequencing and microarray data.
Partnerships with AI-driven companies like Diagens further enhance Bionano's offerings, aiming to improve reproductive health and other clinical applications. Additionally, Bionano continuously upgrades its VIA software and Bionano Solve pipeline to provide researchers with precise and sensitive genomic research tools.
For more information, visit Bionano Genomics and its associated websites, www.bionanolaboratories.com and www.purigenbio.com.
Bionano Genomics (BNGO) announced a significant publication in Modern Pathology by Johns Hopkins researchers, demonstrating that Optical Genome Mapping (OGM) outperformed traditional cytogenetic techniques in bone and soft tissue tumor analysis. The study showed that OGM achieved 100% concordance with conventional methods while detecting additional pathogenic variants in 74% of cases that failed or were negative by karyotyping.
The research revealed that combining OGM with next-generation sequencing (NGS) detected pathogenic variants in approximately 98% of cases, significantly higher than traditional methods. OGM successfully resolved complex cancer genomes and identified variants that could qualify patients for targeted therapies, including CDK4/6 inhibitors and TRK inhibitors.
Bionano Genomics (BNGO) has announced the publication of a stockholder letter supporting its proposals for an upcoming special meeting. The virtual meeting is scheduled for January 15, 2025, at 10:00 a.m. Pacific Time. Stockholders of record as of November 21, 2024, are eligible to vote either during the meeting or by proxy through telephone, internet, or using the Notice of Internet Availability of Proxy Materials. The company's proxy statement containing detailed voting procedures was filed with the SEC on December 5, 2024.
Bionano Genomics (BNGO) announced thirteen scientific posters featuring Optical Genome Mapping (OGM) applications will be presented at the American Society of Hematology (ASH) Annual Meeting 2024. The presentations focus on OGM's utility in research areas including myeloid cancer, hematological malignancy, leukemia, and blood disorders.
Three of the posters were presented in sessions dedicated to Acute Myeloid Leukemias (AML) and Acute Lymphoblastic Leukemia (ALL) clinical research applications. The presentations cover various applications, including bioprocessing quality control for CRISPR/Cas edited cells in CAR-T therapy. The conference is being held December 7-10, 2024, in San Diego, California and online.
Bionano Genomics (BNGO) reported Q3 2024 revenue of $6.1 million, representing a 35% decrease from Q3 2023. The revenue includes $6.6 million in core product and software sales, offset by a $0.5 million write-down of aged receivables. The company's installed base grew to 368 optical genome mapping (OGM) systems, a 22% increase year-over-year. Flowcell sales increased 27% to 7,835 units. The company secured $10.0 million through a registered direct offering and could receive up to $20.0 million more from warrant exercises. Cash position stood at $23.4 million as of September 30, 2024, with $11.4 million subject to restrictions.
Bionano Genomics (NASDAQ: BNGO) has announced it will host a conference call and webcast on November 13, 2024, at 4:30 p.m. Eastern Time to discuss its third quarter 2024 financial results and recent corporate developments. The event will be accessible through a participant link and webcast, with a replay available on Bionano's investor relations website for at least 30 days following the presentation.
Bionano Genomics (BNGO) has closed its previously announced registered direct offering, raising approximately $3 million through the sale of 9,881,113 shares of common stock and accompanying warrants. The combined offering price was $0.3039 per share. The offering includes Series C warrants (5-year term) and Series D warrants (18-month term), both with an exercise price of $0.3039 per share. If fully exercised, the warrants could provide additional gross proceeds of approximately $6 million. The company plans to use the proceeds for general corporate purposes, including working capital, R&D, debt repayment, and capital expenditures.
Bionano Genomics (BNGO) has adjourned its Special Meeting of Stockholders to November 27, 2024, due to insufficient quorum. Only 30.7% of total shares were voted, falling short of the required 33.3% quorum. Of the votes submitted, 76.3% were in favor of the proposal regarding the issuance of common stock upon warrant exercise.
The voting polls will remain open until November 26, 2024. CEO Erik Holmlin emphasized the need for approximately 2.2 million additional votes to reach quorum, warning that failure to approve the proposal could adversely affect the company's ability to raise capital and impact its viability.
Bionano Genomics (BNGO) has announced a $3 million registered direct offering priced at-the-market. The company will sell 9,881,113 shares of common stock along with Series C and Series D warrants at $0.3039 per share. The warrants will have the same exercise price, potentially providing additional gross proceeds of $6 million if fully exercised. Series C warrants expire in 5 years and Series D warrants in 18 months after stockholder approval. H.C. Wainwright & Co is acting as the exclusive placement agent. The proceeds will be used for general corporate purposes, including working capital, R&D, debt repayment, and capital expenditures.
Bionano Genomics (BNGO) announced a publication in Blood Cancer Journal highlighting the effectiveness of Optical Genome Mapping (OGM) in detecting MYC gene rearrangements in multiple myeloma (MM). The study, conducted by researchers at Korea College of Medicine, demonstrated that OGM identified MYC-positive cases in 40% of samples, compared to 26% with FISH and 13% with karyotype methods. The research emphasizes OGM's superior ability to resolve translocation partners and provide comprehensive genome variation analysis, potentially streamlining workflow and improving cost efficiency in MM diagnosis and research.
Bionano Genomics (Nasdaq: BNGO) has announced preliminary results for Q3 2024. The company expects revenue to be between $6.5 and $6.8 million, down from previous guidance of $7.9 to $8.9 million. As of September 30, 2024, cash, cash equivalents, available-for-sale securities, and restricted cash were approximately $23.3 million, with $11.4 million subject to restrictions.
CEO Erik Holmlin attributed the lower revenue to a strategic shift towards a more capital-efficient business model, focusing on driving utilization and adoption of OGM from the existing installed base, rather than new system placements. The company also cited continued headwinds in the capital equipment sector for tools and diagnostics.
Despite these challenges, Bionano reports positive momentum in the routine use of OGM and anticipates growth in its core business, particularly in the US, Canada, Europe, and Israel.
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