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In Brief This Week: HTG Molecular Diagnostics, Indivumed, Bio-Techne, Shuwen Biotech, More

NEW YORK – HTG Molecular Diagnostics reported a 28 percent year-over-year drop in revenues for 2022 in a filing with the US Securities and Exchange Commission last week, in line with preliminary results. The company booked $6.4 million in revenues for the year, down from $8.9 million 2021. Its net loss for 2022 amounted to $21.6 million, or $24.28 per share, compared to a net loss of $17.1 million, or $29.66 per share, in 2021. The company ended the year with $12.2 million in cash and cash equivalents. 

Indivumed said this week that it has changed its name to Indivumed Therapeutics and will focus its efforts on oncology drug development, including biomarker and therapeutic target discovery and validation. The name change and refocus come as Indivumed closes a deal initially announced in January to sell off the services side of its business, IndivuServ, to the CRO Crown Bioscience. 

Bio-Techne said this week that it has completed its $257 million investment in Wilson Wolf Manufacturing after Wilson Wolf achieved the trailing 12-month earnings before interest, taxes, depreciation, and amortization (EBITDA) target of $55 million. The investment gives Bio-Techne a 20 percent ownership stake in Wilson Wolf, Minneapolis-based Bio-Techne said in a statement. The agreement also gives Bio-Techne the right to acquire the remaining ownership stake in Wilson Wolf for $1.0 billion upon achievement of 12-month trailing revenues of $226 million or EBITDA of $136 million. If the milestone isn’t achieved by Dec. 31, 2027, Bio-Techne may acquire Wilson Wolf for about 4.4X trailing 12-month revenues. 

Chinese in vitro diagnostics company Shuwen Biotech said last month that it has acquired patents for molecular subtyping of triple-negative breast cancer (so-called Fudan subtyping) from Fudan University Shanghai Cancer Center. In addition, Shuwen and FUSCC are collaborating to develop and commercialize the technology. The subtyping method classifies TNBCs into four groups based on their transcriptomes: luminal androgen receptor, immunomodulatory, basal-like immune-suppressed, and mesenchymal-like. Two prospective clinical trials demonstrated that patients receiving personalized treatment based on their Fudan subtyping results had improved overall response rates, according to Shuwen. 

OpGen said this week that it has expanded the scope of a previous collaboration with diagnostics nonprofit FIND to develop the firm’s Unyvero A30 for identification of bloodstream infections in low- and middle-income countries. The firm will now add an antimicrobial stewardship module, additional hardware and software options, and next-generation sequencing strain analysis to its project, which it said will increase the revenue potential by €830,000 ($907,063). 

Boston BioProducts said this week that its quality management system received ISO 13485:2016 certification from TÜV SÜD America for the manufacturing and supply of buffers, solutions, media, and reagents for diagnostics, research, and therapeutics applications. The certification allows the Milford, Massachusetts-based reagent manufacturing and supply company to support applications in in vitro diagnostics, clinical trial assays, and cell and gene therapy manufacturing. 

Laboratory Corporation of America said this week that it has partnered with the Conference of National Black Churches (CNBC) to raise awareness and provide expanded access to colorectal cancer screening tests. Through the partnership, CNBC will distribute more than 3,000 at-home colorectal screening collection kits throughout several urban and rural locations including Atlanta, Dallas, Memphis, Washington, D.C., New Haven, Los Angeles, and Richmond. Labcorp has also conducted a survey of consumer perceptions of colorectal cancer testing that found that 62 percent of respondents are not current with recommended colorectal cancer screening; that 56 percent of those who have been screened would opt for at-home test collection if given the choice; and that only 33 percent of respondents are aware that at-home test collection kits are widely available. 

German metabolic data firm Lifespin said this week that it has obtained ISO 13485:2016 certification for its AI-based metabolomics technology platform. The platform, located in Regensburg, where Lifespan is headquartered, leverages metabolomic data for health, diagnostics, and disease management, as well as for drug research and development. The company said its database includes information covering neurology, oncology, and inflammation. 

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.