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The startup wants to serve the 50 percent or so of genetic disease patients who haven't obtained a molecular diagnosis despite extensive testing.
The deal consists of cash, Bionano common stock, and assumption of liabilities. Bionano has also paid off $1.1 million loaned to Lineagen under the CARES act.
The firm is hoping that researcher-generated data will soon be published in peer-reviewed papers, while it weathers the COVID-19 pandemic.
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.