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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 359% year-over-year increase in revenue for Q1 2024, reaching $3.5 million, compared to $0.8 million in Q1 2023.
The jump is attributed to expanded biomanufacturing operations and service offerings. Operating expenses were reduced by 34%, and net loss decreased by 64%, from $12.8 million to $4.4 million.
Key reductions included a $2.4 million drop in R&D expenses and a $1.5 million decrease in SG&A expenses. The company noted a growing revenue backlog of $10.8 million as of March 31, 2024.
Scorpius also raised $6.0 million through a public offering in May 2024, and held $1.7 million in cash and short-term investments at the end of Q1 2024.
Scorpius Holdings (NYSE American: SCPX) has announced a major expansion in San Antonio, Texas, with the opening of a new state-of-the-art storage and testing facility. This expansion significantly increases their warehouse space from ~3,000 to ~22,000 square feet, addressing the growing demand for their biomanufacturing services.
The facility, designed to meet or exceed industry standards, includes specialized storage areas with temperatures between -20°C and -80°C, designated spaces for contained sampling, quality control testing, and bulk drug substance storage. The new facility will also feature a robust stability program, enhancing Scorpius' service offerings and creating a new revenue stream.
CEO Jeff Wolf highlighted the facility's role in providing clients with continuity through their supply chain and supporting their needs from process development to drug substance release.
On May 16, 2024, Scorpius Holdings announced the closing of its underwritten public offering of 60,000,000 common units and/or pre-funded units at $0.10 per unit. Each unit includes one share of common stock or a pre-funded warrant and a common warrant with an exercise price of $0.12, exercisable for five years. The offering raised gross proceeds of $6,000,000 before underwriting discounts and expenses. Additionally, underwriters have a 45-day option to purchase up to an extra 9,000,000 shares and/or warrants to cover over-allotments. Net proceeds will fund working capital, corporate purposes, and repay a $750,000 promissory note. ThinkEquity acted as sole book-running manager.
Scorpius Holdings (NYSE American: SCPX) has praised Congress for introducing the bipartisan BIOSECURE Act, aimed at strengthening U.S. pharmaceutical supply chain and reducing dependency on foreign manufacturers. The Act has advanced out of the House Oversight Committee and is expected to be voted on by the end of the year. Scorpius has expanded its U.S.-based production facilities and invested in advanced technologies to align with these legislative goals. CEO Jeff Wolf emphasized the importance of passing the Act to ensure America's health security. Scorpius is committed to supporting U.S. Government-backed pharmaceutical programs and furthering domestic biomanufacturing initiatives.
Scorpius Holdings (NYSE American: SCPX) has achieved a significant milestone with the successful validation of its microbial manufacturing facilities for cGMP (current Good Manufacturing Practice) production. This approval enhances the company's ability to produce high-quality microbial biologic drugs, meeting stringent regulatory and client standards. The validation has led to a backlog of client bookings, reflecting trust in Scorpius' capabilities. Additionally, the company is transitioning its environmental monitoring responsibilities to internal teams, aiming to improve operational efficiency. CEO Jeff Wolf emphasized the importance of this milestone in reinforcing Scorpius' commitment to quality and supporting the development of breakthrough therapies.
Scorpius Holdings, an integrated CDMO, has announced the pricing of its public offering of 60,000,000 common units or pre-funded units at $0.10 per unit. Each unit includes one share of common stock (or a pre-funded warrant) and a common warrant to purchase one share at $0.12. Gross proceeds are expected to be $6,000,000 before expenses, with an option for underwriters to purchase up to an additional 9,000,000 units to cover over-allotments. The offering is set to close on May 16, 2024. Proceeds will fund working capital, general purposes, and repay a $750,000 note. ThinkEquity is the sole manager for this offering.
Scorpius Holdings, Inc. announced the appointment of Shari Udoff-McDonald as VP of Business Development. With over 25 years of experience in biopharma business development, she will lead the business development, marketing, and proposals teams to address the strong demand for flexible mammalian and microbial biomanufacturing services. Scorpius is poised for growth with its commitment to transparency and flexibility in CDMO partnerships.
Scorpius Holdings, Inc provided a 2023 year-end business update highlighting a 570% sequential revenue increase in the fourth quarter of 2023. The company reported $4.8 million in revenue from continuing operations, leading to a positive outlook for significant growth in 2024 and beyond. Scorpius aims to capitalize on the growing large molecule drug substance CDMO market, anticipating becoming cash flow positive by early 2025. The company's financial results showed $6.6 million in contract revenue for 2023, along with increased costs and expenses compared to the previous year.
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