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The decision comes amid a general slowdown in the market, yet also showcases the continued appeal of ancestry-related applications.
The company said it will use the net proceeds from the offering for working capital and general corporate purposes.
Illumina said it plans to pursue a permanent injunction against BGI in the UK until the four patents expire — three in 2023 and one in 2027.
The company's two largest investors will purchase $25 million of its common shares, with proceeds supporting ongoing test commercialization.
The company plans to sell nearly 7.2 million shares of its common stock based on an assumed price of $55.86 per share.
The new fundraising effort follows on the heels of a $101.8 million public stock offering Bionano closed last week, at a price of $3.05 per share.
The final decision includes some changes, most notably removing requirements for guideline inclusion, but retains its technical performance benchmarks.
For the three months ended Sept. 30, the firm had total revenues of $8.2 million compared to $7.7 million a year ago.
Bio-Rad's PCR-based test is designed to detect SARS-CoV-2 nucleic acid, while United Biomedical's test detects antibodies against the virus.
The company has reached agreements with investors for a direct offering of 2.2 million shares at $1 per share, for gross proceeds of about $2.2 million.
OncoHost will use the funding to finance clinical trials, open a US location, and prepare to launch its proteomics platform called Prophet.
The firm sells a rapid, point-of-care, PCR platform for infectious disease diagnostics, including SARS-CoV-2, influenza, respiratory syncytial virus, and strep A.
The company, which is developing instrument-free, low-cost molecular diagnostics platform for infectious disease testing, plans to float its shares on the Nasdaq.
The kit was jointly developed by Singapore's Agency for Science, Technology, and Research, Tan Tock Seng Hospital, and MiRxes.
Buoyed by a string of positive news, the San Diego firm's stock was up 22 percent in Friday afternoon trading and 80 percent from last week.
Ancestry will focus more on family history and genetic genealogy, and called the move a "strategic but difficult decision."
The company's DETECTR disease detection platform will be used to help develop the technology and optimize the CRISPR enzymes used in the point-of-care device.
The sequencing company reported preliminary fourth quarter revenues of $27 million and said it currently has $318 million in cash and investments.
23andMe has launched a new tool that estimates someone's risk of developing severe COVID-19 if infected, Bloomberg reports.
The Guardian reports that Pasteur Institute researchers are halting their development of a SARS-CoV-2 vaccine following disappointing initial results.
The Wall Street Journal reports that an increased number of younger patients have been hospitalized as the new SARS-CoV-2 strain spread across the UK.
In Cell this week: proteomic patterns among COVID-19 affected tissue samples, transcriptome atlas of developing intestines, and more.