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In Brief This Week: Precipio, BC Platforms, Seven Bridges, Invitae, and More

NEW YORK (360Dx) – Precipio said this week that its preliminary first quarter revenues rose 286 percent year over year to $712,000. The increase was driven by a restructured and expanded sales staff; a separate, dedicated sales staff for pathology services and Ice Cold PCR/Pharma projects; and the increased cross-selling of pathology services with the ICP lung cancer treatment resistance panel, the firm said.

Genomic informatics firms BC Platforms and Seven Bridges separately said this week that they are working with Google Cloud to broaden access to their technology platforms. BC Platforms said that it has partnered with Google Cloud to deliver its integrated and clinical data solutions to hospital and industry partners. Google Cloud genomics and AI tools, including DeepVariant, will be supported in addition to storage, archiving, and calculation capacity, BC Platforms said. BC Platforms' technology can process thousands of genomes per day, produced using either genotype arrays or next-generation sequencing. 

Seven Bridges said that it has become a certified Google Cloud technology partner. The collaboration brings together the data management and analysis flexibility of the Seven Bridges Platform with the infrastructure of the Google Cloud Platform. The Seven Bridges ecosystem includes the commercial Seven Bridges Platform and collaborative platforms based on Seven Bridges' core technology, such as the Cancer Genomics Cloud.

Invitae said in its Form 10-Q that it has a variable interest in a variable interest entity (VIE) through its partnership with genomic profiling firm Kew, announced in March. In the document filed with the US Securities and Exchange Commission, Invitae said it gained its variable interest by way of an investment in a convertible note issued by Kew, at a cost of $225,000.

A VIE is an entity in which an investor has a controlling interest but not a majority of voting rights.

In addition, Invitae has licensed Kew’s proprietary technologies and has a right of first refusal to acquire Kew, or to exclusively license any of its technologies. Invitae must continue to purchase incremental $225,000 convertible notes from Kew each month for a minimum of six months; make monthly payments of $225,000 for the right of first refusal for at least six months; and make licensing payments for the technologies for at least one year.

Qiagen said that it has initiated the repurchase of a first tranche of shares under a previously announced share repurchase program. Between May 15 and August 20, a first tranche of up to 1.65 million common shares of the company having a total purchase price of up to $50 million (or the equivalent Euro amount thereof) will be repurchased exclusively via the Frankfurt Stock Exchange. The maximum purchase price per share (excluding ancillary purchase costs) will not exceed the average closing price for the last five trading days prior to the day of purchase on the Frankfurt Stock Exchange by more than 10 percent.

Agilent Technologies said this week that it has completed its previously announced acquisition of privately held Genohm, a developer of on-premise and cloud-based laboratory management software. Financial terms were not disclosed.

Separately, Agilent this week declared a quarterly dividend of $.15 cents per share, to be paid on July 25 to all shareholders of record as of the close of business on July 3.

Quest Diagnostics’ board declared a quarterly cash dividend of $.50 per share, payable on July 23 to shareholders of record on July 9.

Sygnis announced this week that it has revised its guidance for full-year 2018 following its recently announced acquisition of TGR Biosciences. After assessing the impact of the acquisition on the expected results for 2018, Sygnis raised its 2018 revenue guidance to €13 million to €14 million from a previous range of €11 million to €12 million.

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