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Pacific Biosciences of California, Inc. reports developments in long-read sequencing systems and genomic-analysis workflows. The company designs, develops, and manufactures sequencing solutions, including HiFi long-read sequencing technology, for research applications such as human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, rare disease research, metagenomics, and reproductive genetics.
Recurring PACB updates include quarterly financial results, Revio system adoption, chemistry and library-preparation workflows, partner integrations for bioinformatics and sample preparation, research consortia using HiFi whole genome data, and governance changes. Company releases also reflect its focus on long-read sequencing following the completed disposition of short-read sequencing assets.
PacBio announced that its executives will participate virtually in the 40th Annual J.P. Morgan Healthcare Conference on January 13, 2022, at 12:00 pm ET (9:00 am PT). The event will be accessible via live webcast on the company’s investors page, with a replay available for at least 30 days after the presentation. PacBio specializes in highly accurate long-read sequencing technology, used globally in research across various scientific fields, enhancing insights into genetic variation.
PacBio (NASDAQ: PACB) has launched the HiFiViral SARS-CoV-2 solution, successfully sequencing the entire genome of the Omicron variant. This innovation provides researchers crucial genomic information, improving public health responses. The solution employs molecular inversion probes for complete genome coverage, minimizing gaps due to mutations. Validation from Inqaba Biotec showed >95% coverage for Omicron samples. The kit promises efficiency, requiring less time and fewer resources than traditional PCR methods, potentially alleviating supply chain challenges faced by labs.
PacBio (Nasdaq: PACB) has announced a research collaboration with UCLA's Institute for Precision Health and the David Geffen School of Medicine to identify the causes of rare diseases.
The partnership will utilize PacBio’s HiFi long-read sequencing technology to enhance the diagnostic yield in pediatric patients previously analyzed with short-read sequencing. UCLA's program currently sees about 50% of rare disease patients without a DNA diagnosis, and the aim is to reduce this number significantly through advanced sequencing methods.
PacBio (NASDAQ: PACB) announced the granting of stock options for 80,000 shares and restricted stock units (RSUs) for 40,000 shares to a newly hired employee under its 2020 Inducement Equity Incentive Plan. The stock options have an exercise price of $23.06, reflecting the closing price on November 29, 2021. The options will vest 25% after one year and monthly thereafter, while RSUs will vest quarterly over four years. This plan aims to attract new talent and aligns with Nasdaq rules for inducement equity grants.
PacBio (NASDAQ:PACB) appoints Jason Kang as Vice President and General Manager for the Asia-Pacific region, aiming to strengthen its commercial presence in the region. With over 25 years in the genomics industry, Kang's experience includes leadership roles at Illumina and founding Helixrus. The company's HiFi sequencing technology is seeing increased demand, and Kang's leadership is expected to facilitate further expansion. A recent keynote highlighted the opportunity for PacBio's technology in Asia-Pacific, emphasizing the growing market potential.
PacBio (NASDAQ: PACB) announced the grant of stock options and restricted stock units (RSUs) to a newly hired employee. The Compensation Committee of PacBio's Board approved non-qualified stock options for 80,000 shares and RSUs for 40,000 shares, effective November 15, 2021. The exercise price for the options is set at $26.70, matching the closing price on the effective date. The options will vest over four years, with partial vesting after one year. This grant is part of the 2020 Inducement Equity Incentive Plan, aimed at attracting new talent to the company.
PacBio (NASDAQ: PACB) has partnered with ARUP Laboratories to improve the diagnostic yield for unexplained rare disease cases through whole genome HiFi sequencing. This collaboration aims to leverage PacBio's Sequel IIe system within the Utah NeoSeq Project, enhancing the detection of variants that short-read sequencing might miss. Currently, diagnostic yield stands at 30%-50%, and the study seeks to increase this by utilizing HiFi sequencing to analyze previously sequenced samples. If successful, HiFi WGS may serve as a frontline diagnostic tool for rare disorders.
PacBio announced the launch of the HiFiViral SARS-CoV-2 Kit, a comprehensive solution for detecting COVID-19 variants. This kit is aimed at enhancing public health laboratories' ability to identify new variants and includes cost-effective sequencing methods that significantly improve workflow efficiency. The kit can process up to 384 samples simultaneously and is designed to reduce hands-on time significantly. Additionally, PacBio is releasing an upgraded HiFi microbial whole genome assembly application, enhancing the capabilities of its existing sequencing systems to aid pathogen surveillance.
PacBio announced participation in two upcoming investor conferences. Executives will present at the Stifel 2021 Virtual Healthcare Conference on November 16, 2021, at 11:20 am ET, and at the Canaccord Genuity Virtual MedTech, Diagnostics and Digital Health & Services Forum on November 18, 2021, at 2:00 pm ET. Live webcasts will be available on the company’s investor page, with replays accessible for at least 30 days post-presentation. PacBio specializes in long-read sequencing technology, providing insights into genetic variation.
PacBio (NASDAQ: PACB) reported strong financial results for Q3 2021, with revenue reaching $34.9 million, an 83% year-over-year increase. The company installed 44 Sequel II/IIe systems during the quarter, bringing the total installed base to 326 systems. Gross profit soared to $15.4 million, reflecting a 117% increase and a gross margin of 44%. Despite this growth, operating expenses surged to $89.8 million, influenced by substantial stock-based compensation. Net income stood at $16.5 million, a significant turnaround from the $23.7 million loss in Q3 2020.