Nasdaq Grants Bionano Genomics 180-Day Extension to Regain Compliance | Financial Buzz

Nasdaq Grants Bionano Genomics 180-Day Extension to Regain Compliance

Bionano Genomics, Inc. (NASDAQ: BNGO) reported that Nasdaq granted the company an extra 180-day compliance period which will end on June 28th, 2021 to regain compliance with Nasdaq’s minimum USD 1.00 closing bid price per share requirement.  All other requirements have been met. 

Erik Holmlin, PhD, CEO of Bionano Genomics commented: “We are pleased that Nasdaq granted our request for an extension. We have been making steady progress with our business and this extension gives us extra time to regain compliance as we continue to advance the Saphyr System in our target markets of discovery research and Cytogenomics.”

The company also recently announced that Praxis Genomics, LLC received recognition from the College of American Pathologists.  This makes it the first CAP-accredited CLIA certified diagnostic lab within the U.S. to offer a laboratory developed tests based on whole genome analysis with Saphyra. 

Erik Holmlin, PhD, CEO of Bionano Genomics commented: “We want to congratulate Praxis Genomics and its founder Dr. Peter L. Nagy on their CAP accreditation, making their Saphyr-based test the first whole genome analysis LDT in the U.S. in a CAP/CLIA setting. We believe this accreditation is a key step on the path to reimbursement of Saphyr-based LDTs by third party payors. While Praxis is first, we expect several other U.S. laboratories to offer whole genome LDTs for various clinical applications in the future, establishing Saphyr as a key tool for next generation cytogenomics. By adding whole genome sequencing, Praxis intends to demonstrate that Saphyr and NGS complement each other to provide answers to patients and families affected with genetic disorders. As more Saphyr-based tests enter the LDT stage worldwide, we believe it is possible to create a paradigm shift for cytogenomic applications in cancer and genetic disease that have the potential to improve patient outcomes.”

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