Bionano Announces Software Marketing Agreement with Revvity for Newborn Sequencing Research
Bionano Genomics (Nasdaq: BNGO) has entered a software marketing agreement with Revvity (NYSE: RVTY) to market and commercialize Bionano’s VIA™ software as part of Revvity’s newborn sequencing research workflow.
VIA will enhance Revvity's sequencing solution by adding copy number variation (CNV) assessment and streamlining workflow interpretation. The end-to-end workflow includes DNA extraction, sample quality control, automated library preparation, sequencing, and cloud-based data management using systems from Element Biosciences or Illumina.
Bionano CEO Erik Holmlin emphasized the company's focus on transforming genome visualization and interpretation, supporting global adoption of next-generation sequencing solutions in newborn research.
- Bionano's VIA software will be marketed by Revvity, expanding its reach.
- VIA software enhances Revvity’s newborn sequencing solution by adding CNV assessment.
- The agreement potentially increases Bionano's market exposure and revenue streams.
- No immediate financial impact or revenue figures from the agreement were disclosed.
- Potential risks if the integration or adoption of the VIA software does not meet expectations.
Insights
This agreement between Bionano and Revvity could have significant implications for the field of newborn genetic screening. By integrating Bionano's VIA™ software into Revvity's next-generation sequencing (NGS) workflow, the comprehensive capabilities in identifying copy number variations (CNVs) are enhanced. CNVs are important in identifying genetic disorders early on, which can lead to more effective treatments and better patient outcomes.
From a medical research perspective, this partnership aligns well with the ongoing movement towards precision medicine. It leverages advanced genomic technologies to improve the accuracy and speed of diagnoses, specifically in newborns. This has the potential to set a new standard in neonatal care, offering more nuanced insights than traditional methods.
In the short term, this could accelerate the adoption of such advanced sequencing methods across healthcare institutions focusing on neonatal care. In the long term, it might lead to a broader application of these technologies in general genomic research, given the scalability and integration of data interpretation capabilities provided by Bionano's software.
However, it’s important to monitor the practical implementation and any arising challenges in widespread clinical settings, such as data management complexities and the robustness of the technology in real-world conditions.
From a technological standpoint, the integration of Bionano's VIA™ software into Revvity's NGS workflow represents a significant advancement. The software's ability to add CNV assessment and streamline workflow interpretation is a notable improvement, potentially increasing the precision and efficiency of genetic screening processes. This can drastically reduce the time required to analyze genetic data and make it more accessible to a broader range of healthcare providers.
Moreover, the use of cloud-based data management in this agreement highlights a trend towards more scalable and flexible genomic analysis solutions. The cloud infrastructure not only ensures data security and accessibility but also facilitates large-scale data processing, which is essential for handling the comprehensive datasets generated in newborn sequencing research.
On the downside, reliance on cloud solutions does entail potential cybersecurity risks and ensuring data privacy will be paramount. It will be important to observe how both companies address these security concerns while leveraging cloud technologies to enhance their solutions.
This agreement could be a positive signal for investors. For Bionano Genomics, the collaboration with Revvity indicates a strategic expansion into a rapidly growing segment of genetic research—newborn sequencing. By marketing their VIA™ software through Revvity's established channels, Bionano can potentially reach a broader audience, increasing their software adoption and recurring revenue streams.
For Revvity, incorporating Bionano's advanced software into their NGS workflow can enhance their product offering, making it more comprehensive and appealing to customers. This could result in increased sales and a stronger market presence.
Financially, both companies stand to benefit from this agreement. The market for genomic sequencing is expanding, driven by technological advancements and increased demand for personalized medicine. If Bionano's software can indeed streamline processes and improve diagnostic capabilities as anticipated, it could see a significant uptick in its licensing and subscription revenues.
However, the market will be watching closely for concrete sales data and financial performance metrics resulting from this partnership. It would also be wise to keep an eye on how competitors respond to this collaboration.
- Bionano has entered into a software marketing agreement with Revvity, Inc. (Revvity) under which Revvity will market and commercialize Bionano’s VIA™ software to Revvity’s next generation sequencing (NGS) customers as part of its newborn sequencing research workflow
- VIA is expected to enhance Revvity’s newborn sequencing solution by adding an assessment of copy number variation (CNV) to the NGS solution report and streamlining the workflow’s interpretation capabilities
SAN DIEGO, June 20, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO), today announced that it has entered into a software marketing agreement with Revvity, Inc. (NYSE: RVTY) under which Revvity will market and commercialize Bionano’s VIA™ software as part their newborn sequencing research workflow. VIA is expected to enhance the comprehensive reporting capabilities of Revvity’s sequencing solution by adding an assessment of CNVs to its NGS workflow and streamlining the workflow’s interpretation capabilities.
Revvity’s end-to-end workflow includes DNA extraction of dried blood spot samples, sample quality control and quantification, automated library preparation, sequencing, using systems from Element Biosciences or Illumina, a hybridization-based NGS panel designed to identify variants in over 390 genes that are relevant for newborn sequencing research, cloud-based data management, and analysis with VIA software.
Erik Holmlin, PhD, president and chief executive officer of Bionano, said, “Bionano is focused on transforming the way the world sees the genome and our VIA software is not only a powerful tool for optical genome mapping visualization, interpretation and reporting, but is also widely used for applications in NGS. We are thrilled to be supporting Revvity in enabling the adoption of next generation sequencing solutions in newborn sequencing research applications around the world."
About Bionano
Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. The Company also offers an industry-leading, platform-agnostic genome analysis software solution, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also offers OGM-based diagnostic testing services.
For more information, visit www.bionano.com or www.bionanolaboratories.com.
Except as specifically noted otherwise, Bionano’s products are for research use only and not for use in diagnostic procedures.
Forward-Looking Statements of Bionano
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the utility of VIA™ software for NGS and newborn sequencing research applications; the ability and utility of VIA software for assessing CNVs in NGS workflows for research applications; the ability and utility of VIA software to enhance the report interpretation capabilities of Revvity’s workflow for research applications; the ultimate success of Revvity’s solutions and continued use of the VIA software; and other statements which are not historical facts. Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the impact of geopolitical and macroeconomic developments, such as recent and potential future bank failures, supply chain disruptions, global pandemics, inflation and the ongoing conflicts between Ukraine and Russian and Israel and Hamas, on our business and the global economy; general market conditions; the failure of VIA software to be useful for NGS and newborn sequencing research applications; the failure of VIA software to assess CNVs in NGS workflows for research applications; the failure of VIA software to enhance the report interpretation capabilities of Revvity’s workflow for research applications including newborn sequencing research applications; changes in our strategic and commercial plans or the strategic or commercial plans of our partner; our need and ability to obtain sufficient financing to fund our strategic plans and commercialization efforts, our ability to effectively manage our uses of cash, and our ability to continue as a “going concern”; the ability of institutions to obtain funding to support adoption or continued use of our technologies and the solutions offered by our partner; and the risks and uncertainties associated with our business and financial condition in general, including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionano.com
Investor Relations:
David Holmes
Gilmartin Group
+1 (858) 888-7625
IR@bionano.com
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