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Quotient Limited (NASDAQ: QTNT) announced a $75 million upsized underwritten public offering, pricing 17,647,059 ordinary shares at $4.25 each. The offering's net proceeds are expected to be about $69.9 million, set to close on September 15, 2020. The funds will primarily support the development and commercialization of MosaiQ, along with working capital and general corporate purposes. Goldman Sachs and Cowen are joint book-running managers, and a 30-day option for underwriters to purchase an additional 2,647,058 shares has been granted.
Quotient Limited (NASDAQ: QTNT) announced a proposed underwritten public offering of $60 million in ordinary shares, with a potential 15% additional share purchase option for underwriters. The offering is influenced by market conditions and subject to change. Proceeds will primarily fund MosaiQ's ongoing development and support working capital and operational expenses. Goldman Sachs and Cowen are joint managers for the offering. The shares are offered via a shelf registration statement effective since September 4, 2020.
Quotient Limited (NASDAQ: QTNT) has announced the termination of its distribution agreement with Ortho Clinical Diagnostics, resolving all disputes and ending pending arbitration. A new agreement allows Quotient to develop a specialized immunohematology MosaiQ™ microarray for patient transfusion diagnostics, with Ortho distributing in Europe and the US. Quotient will receive milestone payments up to $67.5 million, starting with a non-refundable $7.5 million already received. The global transfusion diagnostics market is valued at $3.4 billion, with Quotient retaining rights for blood donor testing.
Quotient's MosaiQ COVID-19 antibody test is now being utilized by Bloodworks Northwest to offer free testing to blood donors in the Pacific Northwest. This initiative aims to identify more qualified COVID-19 Convalescent Plasma (CCP) donors. The MosaiQ test boasts 100% sensitivity and 99.8% specificity, capable of processing up to 3,000 samples daily. Bloodworks anticipates testing 26,000 donors by the end of September, responding to the rising demand for CCP, which has already seen over 1,000 units sent across the U.S.
Quotient Limited (NASDAQ: QTNT) published its investor presentation related to the fiscal quarter ending June 30, 2020. The presentation can be accessed on the company's investor relations webpage. Quotient, a diagnostics company with over 30 years in transfusion diagnostics, develops innovative solutions like the MosaiQ technology, which automates testing processes. Their COVID-19 Antibody Microarray, launched in April 2020, is CE marked and distributed in Europe, including the UK and Switzerland.
Quotient Limited (QTNT) reported significant advancements in its MosaiQ technology, focusing on COVID-19 antibody tests, potential new applications, and transfusion diagnostics. The company secured ten commercial contracts and anticipates FDA Emergency Use Authorization for its COVID-19 antibody test. In Q1 2021, revenue from Alba by Quotient reagents reached $8.9 million, a 9.2% year-over-year increase. However, gross margin declined to 39.3%. Despite expectations for product sales of $32-$34 million in fiscal 2021, liquidity concerns persist due to ongoing net losses and a substantial accumulated deficit of $508.6 million.
Quotient Limited (NASDAQ: QTNT) announced the appointment of Dr. Isabelle Buckle and Dr. Catherine Larue to its Board of Directors, effective September 1, 2020. Each will receive share options worth $100,000, approved by the Board, as an inducement for their joining. These options will vest over three years, contingent on their continued service. Quotient specializes in diagnostics, notably with its MosaiQ technology aimed at efficiency in testing. The company has also developed a COVID-19 antibody test available in Europe.
Quotient Limited (NASDAQ:QTNT) announced changes to its board of directors effective September 1, 2020, with the addition of Dr. Isabelle Buckle and Dr. Catherine Larue. Dr. Buckle brings over 25 years of biotechnology experience, previously serving at Institut Pasteur and Bruker Daltonics. Dr. Larue, with a background in external affairs and leadership roles at IBBL, has significant expertise in biomedical research. Retiring directors Sarah O’Connor and Thomas Bologna will not stand for re-election during the upcoming annual meeting. This shift in leadership is expected to support Quotient's growth strategy and innovation.
Quotient Limited (NASDAQ: QTNT) has announced successful results from an independent study in Madrid confirming the high performance of its MosaiQ COVID-19 Antibody Microarray. The study revealed 100% sensitivity and 99.8% specificity in detecting COVID-19 antibodies, aligning with previous internal findings. Conducted with over 500 samples, the test identifies both IgM and IgG antibodies, presenting significant clinical advantages. The MosaiQ system, already CE marked, aims to reshape diagnostics and is currently available for distribution in Europe. Quotient highlights the potential for future growth despite regulatory and market challenges.
Quotient Limited (NASDAQ:QTNT) announced key developments, including a high-performance COVID-19 antibody test and resumed field trials for its MosaiQ platform. The company reported strong revenue growth, with product sales rising 10.2% year-over-year. The COVID-19 antibody test achieved 100% sensitivity and 99.8% specificity, with multiple contracts signed. However, the company faced an operating loss of $21.5 million for Q4 and acknowledged significant liquidity concerns. Quotient expects product sales between $32 to $34 million for fiscal 2021, contingent on evolving market conditions.
