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In Brief This Week: MDxHealth, PerkinElmer, OpGen, Intelligent Bio Solutions, Novacyt, More

NEW YORK – MDxHealth said this week that its revenues for the third quarter ended Sept. 30 more than doubled year over year to $11.2 million from $5.4 million a year ago. Excluding the Oncotype DX GPS prostate cancer testing business it acquired in August from Exact Sciences, Q3 revenues increased 42 percent year over year to $7.8 million. The company recorded a Q3 net loss of $8.6 million, or $.05 per share, compared to a net loss of $7.6 million, or $.06 per share a year ago. The company ended the quarter with $27.4 million in cash and cash equivalents. The firm said its revenue guidance for the full year remains between $40 million and $42 million, a figure that includes revenues from Oncotype DX GPS prostate cancer testing.

PerkinElmer declared a regular quarterly dividend of $.07 per share of its common stock this week. The dividend will be payable on Feb. 10 to all shareholders of record at the close of business on Jan. 20.

OpGen this week announced its preliminary Q3 financial results, reporting that revenues for the quarter declined 67 percent to $400,000 from $1.2 million in 2021. The decline in revenues was the result of the completion of a project with the New York State Department of Health in Q3 last year, as well as lower than expected sales of its Ares sequencing services, the firm said in a statement. The preliminary results don’t include the potential impact from a collaboration agreement with the Foundation for Innovative New Diagnostics or sales of its Acuitas test, the company noted.

As of Sept. 30, the firm had $10.3 million in cash. It closed a financing transaction as the quarter ended, and as of Oct. 3, the company had $13.3 million in cash, OpGen said.

Point-of-care diagnostic firm GBS said this week that it has changed its name to Intelligent Bio Solutions and began trading on the Nasdaq under the ticker symbol IBSS. The name was changed to more closely align with the company’s “expanding portfolio of intelligent, efficient, convenient, and practical noninvasive and drug testing technologies and products,” the firm said in a statement. The company inked a deal to acquire Intelligent Fingerprinting in June and acquired the company earlier this month.

LexaGene said this week that it has entered into a secured convertible note agreement with Meridian LGH in the aggregate principal amount of up to $1.6 million. The note bears 12 percent interest per year and matures on March 1, 2023. The interest rate rises to 16 percent if the company defaults. The outstanding principal of the note is convertible into common shares of LexaGene at a conversion price of $.17, and interest on the note will be convertible at the market price of the shares at the time the interest is due. LexaGene may prepay the note and any accrued interest at any time without penalty. If the firm receives an equity financing of at least $5 million, merges with another company, or sells its assets, Meridian may accelerate the maturity date of the note, which will be secured against LexaGene's assets and guaranteed by its subsidiaries.

Caris Life Sciences said this week that Virginia Commonwealth University Massey Cancer Center has joined its Precision Oncology Alliance. The growing network includes 73 cancer centers and academic institutions.

Novacyt said this week that its Winterplex 3G real-time PCR assay for SARS-CoV-2, influenzas A and B, and respiratory syncytial virus has been approved for sale in the UK under the Health Security Agency's Medical Devices regulations, which require that antigen-based and molecular COVID-19 tests undergo desktop reviews to be sold in the UK. The high-throughput multiplex test uses oropharyngeal, nasopharyngeal, or sputum samples.

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.