Bionano Genomics, Inc. - BNGO STOCK NEWS

Bionano Genomics (NASDAQ: BNGO) has announced a significant update to its Saphyr software tools for genomic analysis, enhancing capabilities in structural variation detection. The update includes over 100 new features to improve workflow efficiency, with new functionalities designed for clinical labs tackling genetic diseases and cancers. Notably, these improvements aim to increase the adoption of Saphyr technology in approximately 2,500 cytogenetics labs globally. The update is available as a free download and is expected to facilitate accelerated development of diagnostic tests.

Bionano Genomics (Nasdaq: BNGO) announced the publication of a study demonstrating the effectiveness of its Saphyr System in identifying complex structural variants linked to common genetic disorders, including microdeletion syndromes. Conducted in collaboration with UCSF and the University of Colorado, the research highlighted Saphyr's ability to analyze segmental duplications that traditional sequencing methods cannot address. The study revealed novel disease-causing variations, allowing for enhanced understanding and potential improvements in clinical management of these genetic conditions.

Bionano Genomics (NASDAQ: BNGO) will host a conference call on November 12, 2020, to report third-quarter financial results for the period ending September 30, 2020. CEO Erik Holmlin will discuss business updates and the integration of Lineagen, highlighting its strategic importance. Preliminary revenue estimates for Q3 are projected between $1.9 million and $2.3 million, aligning with analyst expectations. The company specializes in genome analysis and provides diagnostic services for pediatric neurodevelopmental disorders.

Bionano Genomics announced a pivotal study published in Cell identifying three new classes of DNA structural variations linked to poor outcomes in several cancers. Utilizing the Saphyr system, researchers characterized these variations, aiding the understanding of aggressive tumor growth. The findings suggest these variations may serve as therapeutic targets and prognostic biomarkers for cancer progression. Bionano's technology provides high-resolution genomic insights, enhancing cancer diagnostics and potential therapeutic developments, while enabling the analysis of large sample sets.

Bionano Genomics, Inc. (BNGO) has announced a collaboration with Boston Children’s Hospital to analyze the genomes of children affected by Multisystem Inflammatory Syndrome in Children (MIS-C) using its Saphyr platform. This comes as part of a larger initiative under the COVID-19 Host Genome Structural Variation Consortium. The aim is to identify genetic variants that may contribute to the development and severity of MIS-C, which arises post-COVID-19. The findings may enhance treatment strategies and guide therapeutics.

Bionano Genomics (BNGO) announced that MVZ Martinsried, a prominent diagnostics provider in Germany, received accreditation for Bionano’s Saphyr platform for laboratory developed tests (LDTs). This accreditation, granted by Deutsche Akkreditierungsstelle GmbH (DAkkS), enables the detection of structural variants like translocations, inversions, and duplications, often linked to cancers. Bionano’s Saphyr system aims to replace outdated workflows, enhancing diagnostic efficiency. The approval marks a key milestone for broader adoption of Saphyr across Europe, particularly in Germany, which is the largest market in Europe.

Bionano Genomics (BNGO) announced that the International Genome 10K (G10K) Consortium has selected its optical mapping technology as a critical tool for creating high-quality reference genomes. Bionano's Saphyr System will be used in the Vertebrate Genomes Project (VGP) to generate genomes for about 70,000 vertebrate species. The publication outlines how Bionano's technology effectively corrects sequencing errors and addresses complex genome regions. The collaboration highlights the importance of Saphyr in understanding genetic diversity, which is essential for advancements in treatments and diagnostics, especially in the context of COVID-19.

Bionano Genomics (Nasdaq: BNGO) announced the granting of non-qualified stock options to several executives, including CFO Christopher Stewart, CMO Alka Chaubey, and CSO Michael Paul, as part of its 2020 Inducement Plan. Stewart received options for 350,000 and 225,000 shares, while Chaubey got 300,000 shares, and Paul received options for 200,000 shares. Moreover, options covering 904,000 shares were granted to 34 employees following Bionano's acquisition of Lineagen, Inc. All options have an exercise price of $0.56, equal to the stock's closing price on the grant date.

Bionano Genomics has postponed its Special Meeting of Stockholders initially scheduled for August 31, 2020, to gather more votes for a proposal to increase the number of authorized shares. Although 75.6% of votes at the meeting favored the increase, they only accounted for 47.5% of total shares outstanding, necessitating a majority for approval. The meeting will reconvene on September 29, 2020, with voting open until September 28, 2020. CEO Erik Holmlin emphasized the urgency of the proposal to support future financing and strategic transactions.