Bionano Genomics (NASDAQ:BNGO) saw its shares surge 22% on Monday after the Company announced the hiring of its new Chief Commercial Officer, Jason Priar.

 

 

What kind of company is Bionano Genomics? As you could probably guess from the name, Bionano is a genomics company, however that doesn’t really clear anything up. After all, what the hell is genomics? Well, my inquisitive reader, genomics is an interdisciplinary field of biology focusing on the structure, function, evolution, mapping, and editing of genomes, which refers to an organism’s complete set of DNA. Genomics has yielded numerous benefits in the field of science, including life-saving genetic tests, genetic engineering, and knowledge related to the cause of certain diseases. In fact, more than 1,800 disease genes have been discovered through the Human Genome Project (HGP), an international scientific research project focused on studying the human genome.

 

With this in mind, Bionano is a life sciences instrumentation company focused on genome analysis. Being an instrumentation company, Bionano is currently in the midst of developing and marketing its Saphyr System platform. According to the Company, the Saphyr System is intended for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets. This is also intended to streamline the study of changes in chromosomes, which is known as cytogenetics.

 

In addition to its Saphyr System, Bionano’s Lineagen business allows the Company to provide molecular diagnostics services for individuals showing clinical presentations consistent with neurodevelopmental disorders, including autism spectrum disorder (ASD) and other disorders of childhood development. Through Lineagen, the Company has performed over 65,000 tests for those with neurodevelopmental concerns. Bionano acquired Lineagen on August 24, 2020, which has ultimately provided the Company with a unique and powerful platform for improved genomic research.

 

Now, lets but some meat on these bones. Why have Bionano’s shares soared in the last few days? The Company recently announced the hiring of Jason Priar as its Chief Commercial Officer. Mr. Priar is a seasoned sales leader with experience scaling businesses from early stage to hundreds of million in revenue. He is more widely recognized for his position at GeneDx, a genetic testing company. Under Mr. Priar’s sales leadership, GeneDx saw its revenue grow from $8 million to over $355 million. Mr. Priar is also credited for leading commercial sales for Sema4 and PerkinElmer Genomics, a health intelligence and molecular genetics laboratory, respectively.

 

 

Don’t be fooled, Bionano is much more than a meme stock. The Company’s Saphyr System has earned high praise from healthcare researchers, and analysts estimate that Bionano’s stock will reach $12 in the next year. The Company recently reported its Q1 2021 financial results and, although Bionano posted a $9.9 million net loss, the Company’s revenues almost tripled to $3.2 million. In particular, Bionano’s Saphyr System has performed exceptionally, with an installed base of 107 Saphyr units in the market. Keep in mind, the Company plans to increase this number to 150 by the end of the year. Having fortified its commercial sales operations through hiring Mr. Priar, Bionano shows promise as a leading life sciences instrumentation company.

 

 

Written By:

Kieran Robertson

Kieran Robertson is an experienced writer with a passion for technology, esports, and video games. He graduated from the University of Western Ontario with a Major in English Language and Literature. After graduating, Kieran worked as a freelance writer, managing his own blog and volunteering for La Maza Magazine, a magazine startup focused on collaborating with photographers, writers, models, and designers.

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Health Science
Medical Devices
2021 meme stocks
Bionano
Bionano Genomics
biotech
BNGO
genomes
genomics
Jason Priar
Lineagen
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Saphyr System
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