Business
Bionano Genomics Announces Financial Results for the Three and Twelve Months Ended December 31, 2020 and Highlights Recent Corporate Updates
-Solidified Financial Position Raising Approximately $335 Million in Q1 2021 -Executed on Commercial Offerings for Saphyr®, Driving Towards Global Adoption
About this update from Bionano Genomics, Inc.
[{"type":"text","content":"-Solidified Financial Position Raising Approximately $335 Million in Q1 2021 -Executed on Commercial Offerings for Saphyr®, Driving Towards Global Adoption -Conference Call Today, March 23, 2021, at 4:30 pm EST SAN DIEGO, March 23, 2021 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results and business achievements for the fourth quarter and year ended December 31, 2020 and highlighted recent corporate updates. “2020 was an important momentum-building year for Bionano and one that allowed us to showcase many of our strengths. Despite 2020’s challenges, we executed well on our commercial offerings for Saphyr® by expanding the number of systems in the field and the number of samples analyzed in our data services lab. We believe this progress helped create the awareness needed to develop the market for structural variation analysis and optical genome mapping, or OGM, furthering our goal of disrupting the genomics industry,” said Erik Holmlin, PhD, CEO of Bionano. “2021 is shaping up to be a transformational year for the company. With a strong balance sheet, we are focused on driving the global development of Saphyr-based assays for use in clinical testing of patients with genetic disease and hematological malignancies, and on adoption of Saphyr for use in larger clinical studies aimed at obtaining a critical mass of data on Saphyr application across key areas of structural variation analysis including prenatal and post-natal genetics, hematologic malignancies and solid tumors. These data are expected to expand the number of publications, including peer-reviewed ones, grow significantly the number of laboratory developed tests, or LDTs, on the market and support reimbursement of Saphyr-based LDTs by third party payers in the US and around the world.” Chris Stewart, Chief Financial Officer of Bionano added, “As we begin 2021, Bionano’s balance sheet is in its strongest position ever. Since the start of 2021, we have raised approximately $335 million, which we believe significantly de-risks the company, solidifies our financial future, and allows us to focus on the achievement of our long-term vision to disrupt genomics through the global adoption of Saphyr.” Saphyr® System Highlights Executed on Commercialization Offerings for Saphyr The Company executed on its commercialization strategy, expanded...