Bionano Genomics, Inc. - BNGO STOCK NEWS

Bionano Genomics (BNGO) announced that the International Genome 10K (G10K) Consortium has selected its optical mapping technology as a critical tool for creating high-quality reference genomes. Bionano's Saphyr System will be used in the Vertebrate Genomes Project (VGP) to generate genomes for about 70,000 vertebrate species. The publication outlines how Bionano's technology effectively corrects sequencing errors and addresses complex genome regions. The collaboration highlights the importance of Saphyr in understanding genetic diversity, which is essential for advancements in treatments and diagnostics, especially in the context of COVID-19.

Bionano Genomics (Nasdaq: BNGO) announced the granting of non-qualified stock options to several executives, including CFO Christopher Stewart, CMO Alka Chaubey, and CSO Michael Paul, as part of its 2020 Inducement Plan. Stewart received options for 350,000 and 225,000 shares, while Chaubey got 300,000 shares, and Paul received options for 200,000 shares. Moreover, options covering 904,000 shares were granted to 34 employees following Bionano's acquisition of Lineagen, Inc. All options have an exercise price of $0.56, equal to the stock's closing price on the grant date.

Bionano Genomics has postponed its Special Meeting of Stockholders initially scheduled for August 31, 2020, to gather more votes for a proposal to increase the number of authorized shares. Although 75.6% of votes at the meeting favored the increase, they only accounted for 47.5% of total shares outstanding, necessitating a majority for approval. The meeting will reconvene on September 29, 2020, with voting open until September 28, 2020. CEO Erik Holmlin emphasized the urgency of the proposal to support future financing and strategic transactions.

Bionano Genomics announced plans to increase its authorized shares from 200 million to 400 million in an open letter to stockholders ahead of the virtual meeting on August 31, 2020. CEO Erik Holmlin emphasized the need for additional shares to enable future financings, recruit key personnel, and execute strategic transactions, notably following their acquisition of Lineagen. As of August 26, 2020, only 13.3 million shares remained available. The proposal aims to bolster the company’s capability to meet strategic financial needs without a reverse stock split.

Bionano Genomics has acquired Lineagen, a genetic diagnostics company focused on pediatric neurodevelopmental disorders for approximately $9.6 million in stock and cash. This acquisition enhances Bionano's market position by integrating Lineagen's expertise in laboratory-developed tests (LDTs) within a CLIA-certified environment, addressing a $1 billion market. The synergy is expected to bolster revenue growth and streamline the adoption of Bionano's Saphyr system for comprehensive structural variation detection in clinical settings.

Bionano Genomics, Inc. (Nasdaq: BNGO) announced that Praxis Genomics is the first CLIA-certified lab to become a Bionano Certified Service Provider, utilizing the Saphyr system. This partnership aims to enhance genome analysis by combining Bionano's optical mapping with DNA and RNA sequencing, providing precise identification of genetic variants. The Saphyr technology is noted for its high sensitivity in detecting structural variations, which can assist in diagnosing rare genetic disorders. Praxis is also pursuing CAP accreditation to further enhance its service capabilities.

Bionano Genomics has appointed Dr. Alka Chaubey as its first Chief Medical Officer, effective August 31, 2020. Dr. Chaubey brings nearly 20 years of expertise in molecular diagnostics, including significant contributions to FDA-cleared tests and reimbursement processes. Her role will focus on driving the adoption of Bionano's Saphyr system for clinical applications like digital cytogenetics. CEO Erik Holmlin expressed confidence that Dr. Chaubey’s experience will enhance the company's capabilities and accelerate its commercial execution, positioning Bionano as a leader in molecular diagnostics.

Bionano Genomics (Nasdaq: BNGO) has filed a prospectus with the SEC for an at-the-market equity offering program, allowing it to sell up to $40 million worth of common stock. The proceeds will be used for general corporate needs, including R&D and debt repayment. The shares will be sold through Ladenburg Thalmann & Co. Inc., and Bionano is not obligated to sell any shares under the program. Investors are advised to review the ATM Prospectus and associated documents for comprehensive details about the offering and the company's current risks, particularly those linked to COVID-19.

Bionano Genomics (BNGO) reported Q2 2020 financial results with total revenue decreasing by 45.7% to $1.2 million, impacted by COVID-19 lab shutdowns. Despite a decrease in revenue, the company processed 493 customer samples this year, highlighting strong adoption of the Saphyr system. Operating expenses increased by 7.4% to $8.0 million due to headcount growth. The company retains $17.2 million in cash. Notable achievements include 100% concordance in studies validating Saphyr against gold standard cytogenetic methods and expansion into COVID-19 research with an extensive scientific consortium.