BioNano Genomics Inc (NASDAQ: BNGO) Appoints Jason Priar As A New CCO

BioNano Genomics Inc (NASDAQ: BNGO)’s newly appointed COO, Jason Priar, joined the company.

Focuses on new growth opportunities

Jason will lead the sales teams and improve its revenues by focusing on new opportunities with third-party payers and insurance companies. 

Jason is credited with improving the revenues of several startups to several hundred million. He is experienced in penetrating the research and clinical markets like cancer and genetic diseases. 

BioNano’s CEO, Erik Holmlin, is pleased with the induction of Jason. He said Jason will contribute his experience in scaling up the revenues. 

Jason will plan an essential role in the adoption of OGM (optical genome mapping) with its Saphyr system. He will promote diagnostic services use in PND (pediatric neurodevelopmental disorders). 

Posts robust sales

BioNano posted a growth of 179% YoY to $3.2 million in Q1 2021 revenues mainly because of increased demand for its consumables and reagent rental platform. However, the company posted a major chunk of its revenues from Lineagen subsidiary.

BioNano improved cash equivalents and cash balance to $362 million at the end of Q1 2021 compared to $38.4 million in Q4 2020. Its operating expenses increased $2.2 million YoY to $12.2 million in Q1 2021. 

On May 26, 2021, BioNano will participate in the OMTD (Oppenheimer MedTech, Tools & Diagnostics) Summit virtually. 

Receives patent from the USPTO

BioNano will receive the patent 10,995,364 from the US PTO on May 4, 2021. The new patent includes the methods to label DNA molecules using one or more SPBs (sequence-specific probes) and detect signals from these probes. 

BioNano is pleased to announce that GEM (Georgia Esoteric and Molecular) Laboratory at MCG (Medical College of Georgia) offers diagnostic services for CGD (constitutional genetic disorders) using LDT.

LDT (laboratory developed test) is based on OGM with BioNano’s Saphyr System. 

Ravindra Kolhe and his team developed LDT to detect neurodevelopmental genetic disorders in children. He is also developing more LDTs based on OGMs to detect prenatal disorders. 

According to the present medical guidelines, patients with suspected genetic conditions like autism spectrum disorder undergo diagnosis for structural variation using whole-genome analysis. 

The physicians may recommend further whole-genome analysis using Karyotyping depending on the results of the first-line tests. 

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