Fentanyl is a controlled substance used to prevent pain for short periods of time, usually before anesthesia is administered or immediately after surgical procedures. The expectation is for generating additional data in the coming months, initially using known drugs with established safety and efficacy profiles. SAN DIEGO, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (Progenity) (Nasdaq: PROG), an innovative biotechnology company, today announced that it has All statements, other than statements of historical facts included in this press release, including statements concerning the progress and future expectations of our research and development efforts, expectations regarding future cash burn and cash burn and expectations regarding cost savings resulting from cost-cutting measures are forward-looking statements. The company signed the third pharma partnership to test their molecule with an ingestible capsule, and obtained a patent related to the device. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. +1 (212) 733-3901[emailprotected] BioNTech: Type a symbol or company name. NEW YORK, Oct. 25, 2021 /PRNewswire/ --InvestorsObserverissues critical PriceWatch Alerts for T, TSLA, PFE, PROG, and WATT. Progenity also has an ongoing clinical study focused on ulcerative colitis patients, and has published an article in Crohns and Colitis 360. However, as part of shifting away from molecular testing operations to a development stage biotherapeutics play, there is less emphasis on the revenue generation factor, and, instead, concentrate on managing cash burn and optimizing capital allocation to the innovation pipeline. Further data from the ongoing Phase 1/2 clinical trials of the four vaccine candidates will enable the selection of a lead candidate and dose level for an anticipated large, global Phase 2b/3 safety and efficacy study that may begin as early as later this month, pending regulatory approval. Pfizer announced an agreement with the U.S. government to supply 10 million treatment courses of its investigational COVID-19 oral antiviral candidate, Last year, Tempus also partnered with GSK to advance oncology drug development, building on a previous collaboration with the pharma company to support clinical trial enrollment Do Not Sell My Personal Information (CA Residents Only). On top of that, the company trades for 40 times forward sales, which seems like a very lofty multiple. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. What happened. Progenity expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. In addition to engagements with governments, Pfizer and BioNTech have provided an expression of interest for possible supply to the COVAX Facility, a mechanism established by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations (CEPI) and World Health Organization (WHO) that aims to provide governments with early access to a large portfolio of COVID-19 candidate vaccines using a range of technology platforms, produced by multiple manufacturers across the world. German biotech BioNTech SE worked on cancer treatments, and was developing an influenza vaccine with Pfizer Inc., when its founder, Ugur Sahin, led the Pfizer is conducting a full agency review, including its PR accounts. (Note: You may have to copy this link into your browser then press the [ENTER] key.). For this purpose, I regularly contribute peer reviews and opinions for enterprise tech and help needy families by providing sponsored work.As for Research, I started with Tech stocks before going Multi-Tech with Fintechs, Biotechs, and Cryptotechs.I have been investing for the last 25 years, initially in mutual funds where the "learned economists" would always advise you to "think long term". The BNT162 program is based on BioNTechs proprietary mRNA technology and supported by Pfizers global vaccine development and manufacturing capabilities. Mikael Dolsten, Pfizers chief scientific officer, said the company is making significant investments to harness the power of the mRNA-LNP technology and deliver potential new breakthrough vaccines and therapeutics that address significant unmet needs for patients.. LightRocket via Getty Images. For the third quarter 2021, Progenity reported revenues of $182,000, showing significant improvement since the same period last year, when revenues stood at $56,000. As a result, the stock looks extremely speculative here, as the company is likely headed towards failure unless one of its products under development can succeed, in which case it could richly reward investors from here. Naar hoofdcontent gaan LinkedIn. WebPROCOPIO, CORY, HARGREAVES & SAVITCH LLP. The deal cost Pfizer $650 million upfront, as Greater San Diego Area. The company generated $74.3 million in revenues during the year ended December 31, 2020, of which $74.2 million were generated from discontinued operations. The company has a market cap of $35.14 million, a PE ratio of -0.77 and a beta of 2.25. Copy and paste multiple symbols separated by spaces. Such risks, uncertainties, and other factors include, among others, our ability to innovate in the field of precision medicine, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our plans to research, develop, and commercialize new products, the unpredictable relationship between preclinical study results and clinical study results, our expectations regarding future test volumes and revenues, our ability to raise sufficient capital to achieve our business objectives, the ongoing COVID-19 pandemic, and those risks described in Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in Progenitys Annual Report on Form 10-K for the year ended December 31, 2021 to be filed with the SEC and other subsequent documents, including Quarterly Reports, that we file with the SEC. Operating expenses were $20.6 million for the three months ended December 31, 2021, compared to $30.7 million for the three months ended September 30, 2021. Create your Watchlist to save your favorite quotes on Nasdaq.com. On the other hand, Progenity's test is designed to be run from a simple blood draw. These statements reflect our plans, estimates, and expectations, as of the date of this press release. Pfizer will pay Beam $300 million to develop treatments for rare genetic diseases of the liver, muscle and central nervous system as part of the four-year deal, However, there are also reasons to take a long position in Progenity as the company aggressively pursues its clinical programs. In the fourth quarter Progenity made important progress in transforming into an innovation-led biotherapeutics company initially focused on its targeted and systemic biotherapeutics platforms. Under the terms of the agreement, Pfizer will pay BioNTech $185 million in upfront payments, including a cash payment of $72 million and an equity investment of News provided by InvestorsObserver Oct 25, 2021, 09:31 ET NEW YORK, Oct. 25, 11,112,403 for assessment of preeclampsia using assays for free and dissociated placental growth factor. My aim is to provide differentiated insights, whether it is for investing, trading, or informational reasons. For this purpose, the company established a partnership with Augmenta Bioworks with the treatment aimed at patients with COVID-19. This informationincluding product informationis intended only for residents of the United States. Thus, it also stands out to benefit through licensing of its technology in the same way as TFFP with its high P/S ratio. As for its Oral Biotherapeutics Delivery System (OBDS) program, the goal is to achieve oral delivery as an alternative to intramuscular injectable vaccines, with considerable potential for use in monoclonal antibodies (mAbs) as well as proteins. Media Relations Now, Progenity is targeting an estimated "$250 billion potential global biologics market". We are particularly keen to see the progress of our targeted therapeutics program in UC where there is a significant unmet need and growing recognition of the potential of our therapeutic solution as a significant step forward by key opinion leaders. In this respect, the third quarter's financials were pivotal to the transformation strategy as it translated into a reduction in operational expenses as planned. Progenity (NASDAQ: PROG) stock is taking off on Tuesday after the company revealed a new patent granted to it. The currently available diagnostic modalities for GI problems, such as endoscopy, surgery and biopsy, are typically invasive. The company traded as low as $0.14 and last traded at $0.15. Alarmingly, there are 1.8 million IBD patients in the U.S. alone, and Progenity seeks to provide localized, topical delivery to the colon to address IBD. In the same way, Progenity has entered into additional partnerships with two large pharmaceutical plays to evaluate their therapeutic with the OBDS. At that offering, the company sold approximately 6.6 million shares for $15 apiece. Historically, PROG stock has been a Net loss from discontinued operations was $68.9 million for the year ended December 31, 2021 and net loss per share for discontinued operations was $0.72, compared to net loss from discontinued operations of $87.4 million and net loss per share for discontinued operations of $3.18 for the year ended December 31, 2020. The live call may be accessed by dialing 877-423-9813 for domestic callers and 201-689-8573 for international callers and entering the conference code: 13727360. Our partnership with Pfizer will help ensure a sustainable supply of five drugs that are essential not just during the pandemic, but also for routine and elective care longer term.. Instead, you can choose to buy PROG stock based on the companys potential as an innovator in addressing gastrointestinal (GI) disorders. TipRanks->. Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,100 U.S. hospitals and health systems and approximately 200,000 other providers and organizations to transform healthcare. Raised $20 million through a registered direct offering and reduced its non-affiliated debt by 38% through an exchange offer of $20.2 million of convertible notes. Raw short interest in Progenity is up 185% in the last month and up 316% since the end of July. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Progenitys Vice President of Strategy and Operations, On July 22, Pfizer announced a global collaboration with Arvinas, which has a breast cancer treatment in phase 2 trials. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date. Sninsky J. Barnes E. Zhang X. et al. Participated in the fourth annual Inflammatory Bowel Disease (IBD) Innovate Product Development for Crohns & Colitis conference to highlight the important developments achieved so far with the companys Targeted Therapeutics program. WebValorisation Recherche Hscm, Limited Partnership: Progenity, Inc. Now, preeclampsia is a common disease associated with pregnancy where the patient suffers from high blood pressure and protein build-up in the urine. We routinely post information that may be important to investors on our website at www.Pfizer.com. Labetalol is a beta blocker that is used to treat high blood pressure. Progenity also designed the first blood test designed to assess risk involved in preeclampsia, with a validation study manuscript submitted, and was awarded a patent for one of the key assays. Initiated a follow-on clinical device performance study evaluating the performance of the DDS device in patients with active ulcerative colitis. Investor Contact:Chuck PadalaManaging Director, LifeSci Advisorsir@progenity.com(917) 741-7792, Media Contact:Kristin SchaefferCG Lifemedia@progenity.com(858) 457-2436, Progenity, Inc.Condensed Consolidated Statements of Operations(Unaudited)(In thousands, except share and per share amounts), Net loss per share from continuing operations, basic and diluted, Net loss per share from discontinued operations, basic and diluted, Weighted average shares outstanding, basic and diluted, Net loss attributable to common stockholders, Net loss per share from discontinued operations, basic and diluted, Net loss per share attributable to common stockholders, basic and diluted, Progenity, Inc.Condensed Consolidated Balance Sheets(Unaudited)(In thousands), Prepaid expenses and other current assets, Current assets of disposal group held for sale, Long-term assets of disposal group held for sale, Accrued expenses and other current liabilities, Current portion of mortgages payable and capital lease obligations, Current liabilities of disposal group held for sale, Mortgages payable and capital lease obligations, net of current portion, Long-term liabilities of disposal group held for sale, Total liabilities and stockholders deficit, Musks Tesla Master Plan Disappoints With No Detail on New Cars, TREASURIES-Yields notch fresh highs as inflation threat lingers, UPDATE 1-China's job market better than expected in Jan-Feb: minister, Ukraine Latest: EU to Propose Plan to Boost Kyivs Ammo Supplies, US approves selling Taiwan munitions worth $619 million. About Premier Inc. They also achieved a $110 million reduction in annual operating expenses. The Pfizer/BioNTech vaccine development program is evaluating at least four experimental vaccines, each of which represents a unique combination of messenger RNA (mRNA) format and target antigen. However, Progenity is operating in a high-need clinical area with a large addressable market. The market reacted adversely to both news and the stock reached a low of around $1-1.5. Progenity ( PROG -0.85%), a biotech company and a meme stock favorite, saw its shares decline more than 11% on Wednesday. Rather, theyre debating the short-squeeze potential. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. This agreement is one of many steps towards providing global access to a safe and efficacious vaccines for COVID-19. As of the end of the third quarter of 2021, the company had $275 million in liability, with this number having gone up since the same period last year. For this matter, there were "concerns" about the change strategy not working back in October, as well as a share offering involving 13.3 million shares. For the third quarter 2021, Progenity reported revenues of $182,000, showing significant improvement since the same period last year, when revenues stood at I am not receiving compensation for it (other than from Seeking Alpha). Supplemental video of manufacturing vaccines. For example, PGN-001 (colon-targeted adalimumab) and PGN-600 (colon-targeted tofacitinib) target ulcerative colitis. The company generated $7.7 million in revenues during the fourth quarter, out of which $7.2 million came from discontinued operations. The executives also remain confident that total operating expenses (again before stock-based compensation) will reach less than $25 million in the fourth quarter (chart below), as Progenity completes the cost reduction exercise associated with its lab operation. A Closer Look at PROG Stock Going back to the beginning, Progenity conducted its initial public offering (IPO) on June 22, 2020. Progenity's ingestible capsules have attracted the attention of Ionis Pharmaceuticals (IONS), with its novel antisense therapies designed to target mRNA in a highly specific manner. View the full release here: https://www.businesswire.com/news/home/20200722005438/en/. 35. Thats because these penny stocks are frequently the playground for scam artists and market manipulators. With its highly complex molecular diagnositic testing, Progenity allows healthcare providers to access advanced genomic technology to guide patient healthcare at critical stages in their lives. pharma, like those it is partnering with. Just to recap, Progenity conducted its initial public offering (IPO) on June 22, 2020. NEW YORK & MAINZ, Germany--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) today announced the execution of an agreement with the U.S. Department of Health and Human Services and the Department of Defense to meet the U.S. governments Operation Warp Speed program goal to begin delivering 300 million doses of a vaccine for COVID-19 in 2021. Written by The information contained in this release is as of July 22, 2020. Join Caroline Roan, Senior VP, @pfizer and a host of other experts to discuss this & more at #AHAIC2023. Just recently, the company made significant headway in this area as the United States Patent and Trademark Office (USPTO) issued several patents related to Progenitys ingestible technologies for the GI-delivered therapeutics. In the same way as Progenity, the pharma is developing a drug delivery mechanism, this time based on inhalation or delivering dry powder to the main respiratory organ of patients. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. The companies currently expect to manufacture globally up to 100 million doses by the end of 2020 and potentially more than 1.3 billion doses by the end of 2021, subject to final dose selection from their clinical trial. Completed the sale of its Avero affiliate and ended the year with an improved liquidity position heading into 2022. 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