Welcome to our dedicated page for Bio-Techne news (Ticker: TECH), a resource for investors and traders seeking the latest updates and insights on Bio-Techne stock.
Bio-Techne Corporation (NASDAQ: TECH) is a pioneering global life sciences company based in Minnesota. Specializing in bioactive tools and reagents, Bio-Techne serves the research and clinical diagnostic communities. The company's extensive product portfolio, exceeding 275,000 items, supports scientific investigations into biological processes and disease mechanisms, facilitating both drug discovery and accurate clinical testing.
Bio-Techne operates through two main segments: Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment, which accounts for 75% of revenue, provides reagents such as antibodies and analytical instruments for life sciences research. The Diagnostics and Genomics segment, representing 25% of revenue, offers diagnostic reagents and molecular diagnostics, with a strong footprint in spatial biology products.
Geographically, the United States is Bio-Techne's largest market, contributing about 55% of its revenue. The company also maintains significant operations in Europe, the Middle East, Africa (20%), the UK (5%), and Asia-Pacific (15%).
In recent news, Bio-Techne has been active on multiple fronts:
- Legal Actions: Bio-Techne initiated legal proceedings in the Unified Patent Court to address patent infringements related to its RNAscope® ISH technology by Molecular Instruments, Inc.
- Innovations: Partnering with Novomol-Dx, Bio-Techne introduced the Bio-Marker Pathfinder (BMP), a point-of-care ocular biomarker kit leveraging its Ella™ platform for rapid diagnostics in ophthalmic diseases.
- Strategic Collaborations: Bio-Techne entered a distribution agreement with Thermo Fisher Scientific to expand product access across Europe and announced continued collaboration with Regulus Therapeutics, highlighting positive results in ADPKD treatment using Bio-Techne's Simple Western™ platforms.
- Financial Performance: Bio-Techne reported a modest 3% revenue increase for Q3 FY2024 despite challenging market conditions, underscoring strong operational execution and strategic investments.
- Product Showcases: The company unveiled its MauriceFlex™ System at the 72nd ASMS Conference, demonstrating innovative solutions for protein characterization.
With over 3,100 employees worldwide, Bio-Techne generated over $1.1 billion in net sales in fiscal 2023. The company continues to drive significant advancements in life sciences and healthcare through its robust portfolio and strategic initiatives.
Bio-Techne Corporation (NASDAQ: TECH) announced it has won the CiteAb COVID-19 Innovation Award for its R&D Systems and Novus brands. This award recognizes Bio-Techne's impactful response to the COVID-19 pandemic through the development of antibodies and scientific tools for research and testing. Bio-Techne has contributed various resources aiding the understanding of COVID-19, including serology assays with EUA approval. This is the fifth consecutive year the company has received a CiteAb award for its antibody innovations.
Bio-Techne Corporation (NASDAQ:TECH) has received CE-IVD certification for its ExoDx™ Prostate test (EPI), allowing it to be performed in Europe. The test, which aids in determining the need for prostate biopsies, has demonstrated a high sensitivity of 92% and a negative predictive value of 89%. With this certification, the EPI-CE test will be available in Bio-Techne’s Munich laboratory, potentially saving over €1,000 per patient by avoiding unnecessary biopsy procedures. This advancement is expected to enhance decision-making for clinicians and patients across Europe.
Bio-Techne Corporation (NASDAQ: TECH) announced preliminary data on its kidney transplant rejection test, ExoTRU™, developed with the Azzi laboratory at Harvard Medical School. This innovative, non-invasive urine-based multigene assay can distinguish between types of kidney rejection, aiding clinical decision-making and patient care. Scheduled for launch in 2021, ExoTRU demonstrates a negative predictive value (NPV) of 93.3% and a positive predictive value (PPV) of 86.2%. The test's introduction is expected to enhance monitoring and management for kidney transplant patients who face challenges with conventional methods.
Bio-Techne Corporation (NASDAQ: TECH) has agreed to acquire Asuragen, Inc. for an initial $215 million in cash, plus contingent payments of up to $105 million based on future milestones. The deal, financed through cash reserves and a credit line, is expected to close in Q4 of fiscal 2021. Asuragen, a leader in molecular diagnostics, reported over $30 million in revenue in 2020. The acquisition aims to enhance Bio-Techne's diagnostic portfolio and leverage Asuragen's expertise in molecular products, potentially driving significant growth and market expansion.
Bio-Techne Corporation (NASDAQ: TECH) announced that its CEO, Chuck Kummeth, will present at the Barclays Global Healthcare Conference on March 11, 2021, at 9:10 a.m. EST. A live webcast will be available on the company’s Investor Relations website. The company specializes in high-quality purified proteins, reagent solutions, and diagnostic products, generating $739 million in net sales in fiscal 2020. With over 2,300 employees, Bio-Techne plays a crucial role in biomedical research and clinical diagnostics.
Bio-Techne Corporation (NASDAQ: TECH) announced a new reimbursement contract with Humana, effective April 1, 2021, for the ExoDx™ Prostate (EPI) test, a genomic tool aiding in prostate biopsy decisions. Humana, the largest Medicare Advantage provider, serves about 20 million patients. The EPI test, performed by Exosome Diagnostics, is covered by Medicare and various commercial plans. This development expands access to the test, which helps reduce unnecessary invasive procedures. Bio-Techne's CEO expressed optimism about the growing acceptance of advanced diagnostics in the healthcare sector.
Bio-Techne Corporation (NASDAQ: TECH) announced a licensing agreement with Luminary Therapeutics for TcBuster™, its non-viral gene delivery system. This agreement allows Luminary to utilize TcBuster in their LMY-920 program, which involves advanced CAR-T therapies. The license aims to enhance the manufacturing of gene-modified cell therapies, offering benefits over viral methods. Luminary plans to file an Investigational New Drug (IND) application with the FDA later this year, marking a significant step in their therapeutic development process.
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