Business
Bionano Genomics Reports First Quarter 2020 Financial Results and Provides Business Update
Company to host conference call today, Thursday, June 18, at 4:30 pm ET SAN DIEGO, June 18, 2020 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ: BNGO), a
About this update from Bionano Genomics, Inc.
[{"type":"text","content":"Company to host conference call today, Thursday, June 18, at 4:30 pm ET\nSAN DIEGO, June 18, 2020 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ: BNGO), a life sciences instrumentation company that develops and markets Saphyr®, a platform for ultra-sensitive and ultra-specific structural variation detection in genome analysis, today reported its financial results for the first quarter ended March 31, 2020 and provided a business update.\n Recent Business Highlights From January 1, 2020 through June 18, 2020, processed 416 customer samples compared to a total of 212 customer samples in 2019.Since commercial launch of Saphyr through March 31, 2020, shipped 116 Saphyr instruments, of which 83 have been installed. In April 2020, completed an underwritten public offering of common stock, pre-funded warrants to purchase shares of common stock, and accompanying common warrants, resulting in approximately $18 million in gross proceeds to the Company, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. Retired $2.1 million of term loan debt in March 2020 and $2.9 million of term loan debt in April 2020, for an aggregate total of $5.0 million. In April 2020, received loan proceeds of approximately $1.77 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. Presented data at the European Society of Human Genetics (ESHG) Conference showing 100% concordance between the Saphyr system and standard cytogenetics in leukemias and constitutional aberrations. This is in addition to the data announced from Cancer Genomics Consortium members Drs. Brynn Levy, Columbia University, and Rashmi Kanagal-Shamanna, MD Anderson Cancer Center, that also demonstrated 100% concordance between Bionano Genomics’ optical mapping technology and current gold standard cytogenetic methods in leukemia. Strengthened intellectual property with the receipt of US Patent (No. 10,676,352) titled “Nanonozzle Device Arrays: Their Preparation and Use for Macromolecular Analysis,” covering the addition of a detector, such as a nanopore, to Bionano’s patented nanochannels. Announced the launch of a global network of studies aiming to identify genomic variants that influence COVID-19 disease resistance, sensitivity, disease progression and drug response. The first...