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Scorpius Holdings, Inc. (symbol: SCPX) is a leading integrated contract development and manufacturing organization (CDMO) specializing in biologic and cell therapy programs. The company offers a comprehensive suite of services, including analytical testing, process development, and manufacturing, to pharmaceutical and biotech companies from its state-of-the-art facilities.
In recent developments, Scorpius has reaffirmed its commitment to regaining compliance with NYSE American continued listing standards. The company has demonstrated significant financial growth, reporting $4.8 million in revenue from continuing operations in the fourth quarter of 2023, a staggering 570% increase from the third quarter, and a 226% increase compared to revenue for the first nine months of the year. To date, Scorpius has secured over $20 million in contract bookings, positioning itself for substantial growth in 2024 and beyond.
The large molecule drug substance CDMO market is projected to grow significantly, from $10 billion in 2023 to $21 billion by 2030. Scorpius is poised to capitalize on this growth, with its scalable business model and increasing demand for its services. The company expects to become cash flow positive by early 2025, having reduced operating expenses and completed a major facility expansion. Its 60,000+ sq. ft. campus provides ample capacity for growth with minimal additional capital expenditure.
Moreover, Scorpius has transitioned its environmental monitoring responsibilities to internal teams, enhancing operational efficiency. The company’s expanded warehouse facilities, now totaling 22,000 square feet, are equipped with specialized storage for biopharmaceutical materials, further solidifying its market position.
Scorpius is dedicated to maintaining high-quality standards, supported by its robust stability program that ensures optimal storage and quality control testing. This expansion not only meets industry standards but also introduces new revenue streams, demonstrating Scorpius' commitment to excellence and client satisfaction.
Scorpius remains actively engaged in industry advocacy, urging Congress to pass the BIOSECURE Act. The company’s ongoing efforts to streamline operations and reduce costs have resulted in a 34% reduction in operating expenses and a 64% reduction in net loss.
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Scorpius Holdings (NYSE American: SCPX) reported a 16% year-over-year revenue increase and a 25% reduction in operating expenses for Q2 2024. The company's pipeline now exceeds $100 million in weighted opportunities across government and manufacturing sectors. Q2 2024 financial highlights include:
- Revenue: $0.8 million (up from $0.7 million in Q2 2023)
- Cost of revenues: $0.8 million (up from $0.4 million)
- R&D expenses: $3.6 million (down from $5.2 million)
- SG&A expenses: $5.0 million (down from $7.0 million)
- Net loss: $8.9 million or ($26.98) per share (improved from $13.9 million or ($106.67) per share)
As of August 19, 2024, Scorpius had approximately $13.2 million in cash and short-term investments, strengthening its balance sheet to capitalize on upcoming projects and potentially achieve positive cash flow.
Scorpius Holdings, Inc. (NYSE American: SCPX), a contract development and manufacturing organization (CDMO), has closed its underwritten public offering of 14,375,000 shares of common stock and/or pre-funded warrants. The offering, priced at $1.00 per share, raised gross proceeds of $14,375,000. This includes the full exercise of the underwriter's over-allotment option. ThinkEquity acted as the sole book-running manager for the offering.
The company plans to use the net proceeds for working capital and general corporate purposes. Scorpius Holdings specializes in rapidly advancing biologic and cell therapy programs, offering analytical testing, process development, and manufacturing services to pharmaceutical and biotech companies at its facilities in San Antonio, TX.
Scorpius Holdings, Inc. (NYSE American: SCPX), a contract development and manufacturing organization (CDMO), has announced the pricing of a public offering of 12,500,000 shares of common stock or pre-funded warrants at $1.00 per share. The offering is expected to raise approximately $12,500,000 in gross proceeds. The company has also granted underwriters a 45-day option to purchase up to an additional 1,875,000 shares or warrants to cover over-allotments. Scorpius plans to use the net proceeds for working capital and general corporate purposes. The offering is set to close on August 19, 2024, with trading of SCPX expected to resume on the same day. ThinkEquity is acting as the sole book-running manager for this offering.
Scorpius Holdings (NYSE American: SCPX) has announced a delay in its previously announced public offering. The company has received approval from NYSE for a financial viability exception to shareholder approval rules, allowing it to proceed with an underwritten public offering. Scorpius intends to offer 12,500,000 shares of common stock (or pre-funded warrants) at $1.00 per share. The previous underwriting agreement was terminated, and a new one will be entered if the offering is consummated. The closing is intended to occur ten days after notifying shareholders. Proceeds will fund working capital and general corporate purposes. ThinkEquity is the sole book-running manager. A registration statement has been filed with the SEC and became effective on August 6, 2024.
Scorpius Holdings (NYSE American: SCPX), a contract development and manufacturing organization (CDMO), has announced the removal of its NYSE American trading suspension. The company's common stock is expected to resume normal trading on August 2, 2024, under the symbol 'SCPX'.
The NYSE Regulation staff has withdrawn its delisting determination after confirming that Scorpius' stock is now trading above the low selling price threshold defined in Section 1003(f)(v) of the NYSE American Company Guide. This development allows Scorpius to maintain its listing on the NYSE American exchange.
Scorpius Holdings specializes in rapidly advancing biologic and cell therapy programs, offering analytical testing, process development, and manufacturing services to pharmaceutical and biotech companies at its facilities in San Antonio, Texas.
Scorpius Holdings (NYSE American: SCPX) has announced plans to launch its first cGMP mammalian manufacturing campaign at its San Antonio facility in Q3 2024. This milestone expands the company's biomanufacturing capabilities, particularly in mammalian cell culture production for advanced biopharmaceuticals. The launch follows the initiation of cGMP activities in Scorpius' microbial facilities, opening additional revenue streams for its CDMO operations.
CEO Jeff Wolf highlighted the rapid progress, noting that the mammalian facilities became operational in less than two years. The company's focus is on providing personalized attention and flexibility to clients, with cleanrooms featuring mobile equipment for customized configurations. Scorpius has already secured bookings for additional cGMP activities in the mammalian building for 2025, indicating strong demand for its expanded capabilities.
Scorpius Holdings (NYSE American: SCPX) has successfully executed its first current Good Manufacturing Practice (cGMP) microbial batches at its San Antonio facility. This milestone marks the beginning of Scorpius' support for manufacturing programs through clinical manufacturing, with potential for future commercial activities. The company has attracted significant interest, resulting in a substantial backlog of client program bookings.
CEO Jeff Wolf emphasized that this achievement demonstrates Scorpius' robust systems and commitment to U.S.-based cGMP activities. The company is poised to execute additional cGMP activities throughout the remainder of the year, reinforcing its position as a leader in clinical scale microbial manufacturing.
Scorpius Holdings (NYSE American: SCPX) has announced a 1-for-200 reverse stock split of its common stock, effective July 17, 2024, at 11:01 PM Eastern Time. The company's stock will begin trading on the OTC Markets on July 18, 2024, under the same ticker symbol 'SCPX' but with a new CUSIP number. This decision aims to increase the stock's selling price to regain compliance with NYSE American requirements, although success is not guaranteed.
The reverse split was approved by shareholders at the Annual Meeting on July 15, 2024. Stockholders' ownership percentages will remain unchanged, except for fractional shares. Scorpius Holdings is an integrated contract development and manufacturing organization (CDMO) specializing in biologic and cell therapy programs.
Scorpius Holdings (NYSE American: SCPX) has received a delisting notice from NYSE American due to its low-selling stock price, under Section 1003(f)(v) of the NYSE American Company Guide. The company plans to appeal the decision to the Exchange's Listing Qualifications Panel, though success is not guaranteed. CEO Jeff Wolf expressed disagreement with the ruling, citing recent positive developments. Scorpius Holdings operates as a CDMO, focusing on biologic and cell therapy programs, offering a range of analytical testing, process development, and manufacturing services from its facilities in San Antonio, Texas.
Scorpius Holdings (NYSE American: SCPX), a contract development and manufacturing organization (CDMO), has formed a strategic partnership with Beyond Imagination, a developer of autonomous AI-powered humanoid robots. The collaboration aims to enhance biomanufacturing productivity and efficiency through the integration of AI robotics, which can operate 24/7 and share knowledge via Beyond’s Hive Mind capability. This initiative addresses challenges in biomanufacturing due to increased demand and labor shortages, aiming to improve scalability and preparedness for crises like pandemics. Key figures like Ray Kurzweil and Elon Musk have endorsed the potential impact of humanoid robots on industry transformation.
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