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The San Diego-based genome mapping firm's share price fell below $1.00 for 30 consecutive days, triggering a noncompliance notification from Nasdaq.
News items for the in vitro diagnostics industry for the week of April 20, 2020.
The investment bank said the company's molecular diagnostics have the potential to replace microarrays for cytogenetics analysis.
The company is also participating in a study, being conducted at Hannover Medical School, investigating the genetics of susceptibility to COVID-19.
The genome mapping firm had fallen out of compliance with respect to its loan agreement with Innovatus and will prepay $5 million toward the loan principal.
Industry experts say a receptive market and investor interest in new technologies have spurred the increase in genomics tools and molecular diagnostics IPOs.
The firm is offering approximately 13.8 million shares and the same number of warrants to purchase shares, which will be sold together.
Several groups are comparing Bionano with standard cytogenetic assays like karyotyping, FISH, or array CGH for blood cancer or genetic disease testing.
Angle this week announced its preliminary financial results for the fiscal year ended April 30.
The technology could analyze, in one assay, all structural variants known to be diagnostic and prognostic for blood cancers, potentially replacing serial FISH testing.