NEW YORK – Genetron Cofounder, Chairman, and CEO Sizhen Wang has submitted a preliminary nonbinding proposal letter to acquire all of the company's outstanding ordinary shares, the China-based precision oncology firm said this week. Wang's proposal dated Aug. 21 also includes American depositary shares of Genetron, each representing five ordinary shares. The bid suggests Wang intends to fund the transaction with a combination of debt and equity capital. In a filing with the US Securities and Exchange Commission, Genetron said that equity financing for the transaction is expected to be provided in the form of rollover equity in the company and cash contributions from both Wang and third-party sponsors. The firm's board has formed a special committee comprising two independent directors to evaluate the proposed transaction "as well as other potential strategic alternatives," Genetron said.
MDxHealth said this week that its revenues for the first half of 2022 increased 21 percent to $13.0 million from $10.7 million a year ago. The firm added that revenues for the second quarter, ended June 30, grew 22 percent year over year to $6.9 million. MDxHealth had a net loss of $18.1 million, or $.12 per share, for the first half of 2022 compared to a net loss of $13.3 million, or $.12 per share, during the year-ago period. The company had $40.0 million in cash and cash equivalents as of June 30. For full-year 2022, it is guiding to revenues of between $27 million and $29 million for the company's existing business. Adding revenues from the Oncotype DX GPS business acquired from Exact Sciences earlier this month, MDxHealth's total revenues for the year are anticipated to be between $40 million and $42 million.
Biocept said this week that it received a notice from the Nasdaq Listing Qualifications Department advising it that it was not in compliance with Nasdaq's continued listing requirements as a result of its failure to file its quarterly Form 10-Q for the quarter ended June 30, 2022, in a timely manner. On Aug. 16, 2022, Biocept disclosed in an SEC filing that it was unable to file Form 10-Q within the prescribed time period as a result of an ongoing accounting review, including the analysis of previously reported material weaknesses and matters related to the US Health Resources Services Administration and its funding for reimbursement of COVID-19 testing services performed by Biocept.
Under Nasdaq rules, Biocept has 60 calendar days from the receipt of the notice, or until Oct. 17, 2022, to submit a plan to regain compliance with the rule. If Nasdaq accepts Biocept's plan, it may grant Biocept up to 180 calendar days from the due date of Form 10-Q, or until Feb. 13, 2023, to regain compliance.
Biocartis announced this week that it has obtained ISO 27001 certification for the design, development, maintenance, service provision, and support of the Idylla platform and associated customer-facing software.
Beckman Coulter Life Sciences said this week that it has partnered with Flownamics to create an automated, on-line solution for bioprocess culture monitoring and control. The agreement will specifically unite BCLS's Vi-Cell BLU Cell Viability Analyzer with Flownamics' Seg-Flow S3 Automated On-Line Sampling System. The integration is expected to remove error-prone manual steps while enabling load-and-go sample runs for up to eight bioreactors, GMP compliance with electronic data management, and continuous control of viable cell density, including remote workflows, BCLS said in a statement.
Todos Medical this week said that its second quarter revenues grew 29 percent year over year to $2.2 million from $1.7 million a year ago. The company had a net loss of $6.8 million, or $.01 per share, for the three months ended June 30 compared to a profit of $3.4 million, or $.01 per share, a year ago. Its R&D costs dropped to $13,000 in Q2 2022 from $239,000 a year ago, while its SG&A costs grew 45 percent to $3.2 million from $2.2 million. Todos exited Q2 with $17,000 in cash and cash equivalents.
Privately held medical device company Satio said this week that it has formed a strategic partnership with Senegal's Institut Pasteur de Dakar to combine Satio's intradermal patches with various technologies from the institute to accelerate the clinical development of vaccine patches and diagnostic patches for blood sampling, genetic testing, and pathogen surveillance. Satio's technologies are designed to "transform the workflows in healthcare for blood draw, diagnostics, and drug delivery using our patented patch-based technology," Namal Nawana, executive chairman and founder of Satio, said in a statement. The Boston-based company has three platforms in development: a vaccine and drug-delivery patch that allows for intradermal delivery; dry blood spot and whole-blood sampling patches for lab-based and genomic testing; and a consumer-based diagnostic patch.
In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.