Burning Rock Biotech Limited American Depositary Shares - BNR STOCK NEWS

Burning Rock (NASDAQ/LSE: BNR), based in Irvine, California, has announced that its OverC™ Multi-Cancer Detection Blood Test (MCDBT) has been granted Breakthrough Device Designation by the US FDA, marking it as the third globally to receive this recognition. This designation supports the rapid development and review of medical devices for serious conditions like cancer. The OverC™ MCDBT targets early detection of multiple cancers, showing a 69.1% sensitivity and 98.9% specificity in preliminary studies. The technology aims to enhance early diagnosis and treatment efficiency, potentially improving patient survival rates.

Burning Rock Biotech (NASDAQ: BNR) reported Q3 2022 financial results with revenues of RMB154.6 million (US$21.7 million), a 22.1% increase year-over-year. Key growth areas include a 24% rise in in-hospital volumes despite Covid challenges and a significant increase in pharma R&D contracts, rising 267.4% to RMB15.0 million. However, net losses grew to RMB231.5 million and the company revised its full-year revenue guidance to approximately 5% growth due to ongoing Covid impacts. The new role of Chief Scientific Officer was also introduced for Shannon Chuai, effective November 2022.

Burning Rock Biotech Limited (NASDAQ: BNR) announced its American depositary shares (ADSs) have been admitted to the standard listing segment of the FCA and are now trading on the London Stock Exchange (LSE) as of November 1, 2022. This direct listing allows for full fungibility with existing ADSs on Nasdaq, with custodial links established for smooth cross-market trading. Burning Rock focuses on next-generation sequencing (NGS) for precision oncology, providing therapy selection testing and early cancer detection services.

Burning Rock Biotech Limited announces the approval of its Prospectus by the FCA, related to the Direct Listing of its American depositary shares (ADSs) on the London Stock Exchange (LSE) under the ticker BNR, effective November 1, 2022. This listing aims to enhance market access for its next generation sequencing technology in precision oncology. The company has submitted its Prospectus for inspection and it will remain fully fungible with ADSs listed on NASDAQ. As of August 31, 2022, Burning Rock reported total current debt of $21,099 thousand and total shareholders' equity of $223,199 thousand.

Burning Rock Biotech Limited (NASDAQ: BNR) announced its plan to release unaudited financial results for Q3 2022 on November 16, 2022, prior to U.S. market opening. The company anticipates reporting strong double-digit revenue growth year-over-year, despite ongoing challenges from COVID-19 lockdowns. A conference call will follow at 8:30 a.m. ET to discuss these results, with a live webcast available on the company's investor relations website. Burning Rock focuses on next-generation sequencing technology in precision oncology, providing testing for therapy selection and cancer detection.

Burning Rock Biotech Limited has announced its intention to pursue a direct listing of its American depositary shares (ADSs) on the London Stock Exchange (LSE). Following a prior press release, the FCA has approved the registration document related to this listing. The ADSs will continue to trade on the Nasdaq Global Market and will be fully fungible with LSE-listed ADSs. The company specializes in next generation sequencing for precision oncology, focusing on cancer testing and early detection.

The global oncology liquid biopsy market is projected to grow to $8.6 billion by 2027, driven by applications like minimum residual disease (MRD) testing, monitoring, and early detection of cancer, according to a report by DeciBio Consulting LLC.

This market is expected to achieve a CAGR of 46% from 2022 to 2027, indicating significant demand for less invasive diagnostic tools in oncology.

Burning Rock Biotech Limited (NASDAQ: BNR) held its 2022 annual general meeting where all shareholder resolutions were approved. Key resolutions included the ratification of Ernst & Young Hua Ming LLP as the auditor for the fiscal year ending December 31, 2022, the re-election of directors Feng Deng, Leo Li, and Licen Lisa Xu, and the adoption of the 2022 Long-term Equity Incentive Plan tied to future stock performance. The Company focuses on next-generation sequencing technology in precision oncology, supporting therapy selection for late-stage cancer patients and early cancer detection.

Burning Rock Biotech (NASDAQ: BNR) reported a 2.8% year-over-year increase in Q2 2022 revenues to RMB130.8 million (US$19.5 million). The central laboratory revenue decreased by 1.8% to RMB78.6 million due to Covid-related restrictions, particularly in Shanghai. However, revenues from pharma services surged by 166.6% to RMB18.1 million. The net loss widened to RMB262.1 million from RMB203.7 million in Q2 2021. The company retains its full-year 2022 revenue guidance at approximately RMB620 million, citing ongoing risks from potential Covid impacts.