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In Brief This Week: PerkinElmer, Invitae, Quotient Limited, and More

NEW YORK – PerkinElmer said this week in its Form 10Q that it has laid off 259 employees as part of a restructuring plan in the third quarter of 2019. The workforce reduction is expected to result in $13.8 million in charges, with approximately $11.2 million in the Discovery & Analytical Solutions segment and $2.6 million in the Diagnostics segment, according to the document filed with the US Securities and Exchange Commission.

In an email, a PerkinElmer spokesman said that the firm identified "a number of minor redundancies through a recent initiative to bring the organization together by aligning our regional commercial teams and end market-focused business segments." He added that the positions "were not concentrated in any particular region, business, or function."

The company also said that during the first three quarters of 2019, it completed three acquisitions for a total of $258.4 million in cash. The Waltham, Massachusetts-based company bought Cisbio Bioassays for $219.9 million. Additionally, it disclosed in its SEC document that it acquired two other unnamed businesses for a total of $38.5 million. 

Invitae said this week that it completed its acquisition of Clear Genetics on Nov. 12 for approximately $50 million, about half in cash and half in Invitae common stock. Clear Genetics is now a wholly-owned subsidiary of Invitae.

Quotient Limited announced the close of its public share offering of 13.8 million shares at $7 apiece. The net proceeds from the sale were $90.2 million. The company said it intends to use the funds to continue development and commercialization of its MosaiQ high-throughput automated testing platform. The offering's joint book-running managers were Jefferies and Cowen, with BTIG acting as lead manager. The underwriters of the offering exercised their option to purchase 1.8 million additional ordinary shares. 

Co-Diagnostics this week reported a fourfold year-over-year increase in its third quarter revenues. 

For the three months ended Sept. 30, the Salt Lake City-based molecular diagnostics firm's revenues ticked up to $41,434 million, up from $9,696 million a year ago, it said in its Form 10-Q filed with the US Securities and Exchange Commission.

In a statement, Co-Diagnostics CEO Dwight Egan said that in the recently completed quarter, the firm saw "continued sales" of its vector control mosquito tests as it expanded into different US markets, and generated revenues in its infectious disease vertical and genomic design services for the ag-bio industry. 

"Significantly, the company also installed one of the largest private molecular diagnostics laboratories in Ghana, maintains a strong financial position, and remains debt-free," Egan said, adding Co-Diagnostics anticipates a "significant increase" in infectious disease testing sales in Q4 in India, as well as other geographical markets. 

The company's R&D spending increased a fraction of 1 percent year over year to $331,027 from $330,422. Its SG&A costs stayed essentially flat at $1.3 million. 

The firm posted a net loss of $1.7 million, or $.10 per share, in Q3 2019 compared to a net loss of $1.6 million, or $.13 per share, a year ago. The company used 17.3 million shares to calculate its per share loss in Q3 2019 compared to 12.3 million shares a year ago. 

Co-Diagnostics exited Q3 2019 with $2.5 million in cash and cash equivalents. 

VolitionRx this week reported $17,096 in third quarter 2019 revenues, including $16,204 in service revenues and $892 in royalty revenues, compared to no revenues in Q3 2018.

The Austin, Texas-based firm said it recorded its first revenues from sales of research-use-only kits and providing sample processing services to a third party.

VolitionRx’s Q3 net loss narrowed to $4.2 million, or $.10 per share, from $4.5 million, or $.14 per share, a year earlier.

Its Q3 R&D expenses fell 4 percent year over year to $2.6 million from $2.7 million, and its SG&A expenses fell 6 percent year over year to $1.6 million from $1.7 million.

At the end of Q3, the firm had cash and cash equivalents of $19.7 million.

VolitionRx President and CEO Cameron Reynolds said in a statement that the firm made progress in Q3 on development of its Nu.Q Capture and Nu.Q Vet diagnostics platforms, as well as on its colorectal cancer and lung cancer trials.

Belgian research institute VIB and Chinese genomics organization BGI said that they have partnered to share expertise to accelerate the use of genomics in healthcare, agriculture, and other fields. Under the strategic collaboration, the partners will establish joint research programs and co-develop applications of single-cell sequencing, health monitoring omics, and other technologies.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.