Bionano Genomics Inc Stock Price, News & Analysis

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.

Bionano Genomics (BNGO) has made substantial progress in its COVID-19 host genetics studies, particularly concerning initial outbreaks in Wuhan and Shanghai. The company successfully analyzed patient samples at GrandOmics in Wuhan, focusing on genomic differences between individuals with mild and severe symptoms. Despite previous setbacks due to restrictions, four samples from Shanghai have been processed successfully, showing high DNA quality. Bionano's Saphyr technology is expected to provide critical structural variation data, potentially aiding in the development of new COVID-19 therapies and diagnostics.

Bionano Genomics (BNGO) announced a study in Nature highlighting its Saphyr genome imaging technology's role in constructing reference-quality genomes of six bat species. The research shows bats' unique ability to withstand viral infections, relevant amidst the COVID-19 pandemic. Conducted as part of the Bat1K consortium, the study involved a comparative analysis of bat genomes against 42 other mammals, revealing significant genetic adaptations. The findings may advance understanding of viral transmission from bats to humans and the immune mechanisms involved.

Bionano Genomics (BNGO) announced an international consortium using its Saphyr genome imaging system to analyze genomic variants in 1,000 COVID-19 patients across North America and Europe. Led by Dr. Ravindra Kolhe and Dr. Alka Chaubey, the initiative includes over 40 renowned institutions. Initial findings from 30 analyzed patients indicate Saphyr detects significant structural variations in genes linked to disease severity, challenging traditional point mutation theories. Bionano aims to advance COVID-19 understanding and treatment through this collaboration, supported by tech donations from Rescale and Amazon.

Bionano Genomics (BNGO) announced a significant milestone with the first complete assembly of a human chromosome using its genome imaging technology, Saphyr. This assembly, detailed in a Nature publication, showcased the ability to achieve a gap-free build of the human X chromosome. Bionano's technology provided crucial structural accuracy that corrected errors in long-read sequencing data. CEO Erik Holmlin emphasized the potential of this advancement to enhance reference genomes, aiding in the discovery of new therapeutic targets and diagnostic biomarkers.