These are not the first deals the company has made to further its mRNA offerings and it is already working on shingles and flu shots using the platform. Historically, PROG stock has been a The addition of these injectable medicines to our Premier agreement helps secure supply for products critical to patient care during the pandemic, while driving long-term market sustainability.. The share price fell to $5 and change by the end of 2020, and even sank below $1 in late September of this year. Global biopharmaceutical giant Pfizer Inc. (NYSE: PFE) today announced the signing of a letter of intent with BioNTech SE (Nasdaq: The five medicines include: diazepam, labetalol, lorazepam, fentanyl citrate and 0.9 percent sodium chloride injection. WebNews Progenity Inc.PROG. I am not receiving compensation for it (other than from Seeking Alpha). 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. Net loss from discontinued operations was $10.1 million for the three months ended December 31, 2021 and net loss per share for discontinued operations was $0.06, compared to net loss from discontinued operations of $23.0 million and net loss per share for discontinued operations of $0.47 for the three months ended December 31, 2020. What happened. Unfortunately, PROG stock has been on a general downward trend since the IPO. WebPROCOPIO, CORY, HARGREAVES & SAVITCH LLP. Ever since the first vaccine was developed in 1796 to treat smallpox,1 several different methods have been created to develop successful vaccines. Specifically, Progenitys earnings per share, on a trailing 12-month basis, is -$4.28. Progenity is making great strides in its transformation into a biotherapeutics company. 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. Fourth Quarter and Full Year 2021 Financial Results, Comparison of Three Months Ended December 31, 2021 and September 30, 2021. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Spurred on by the wild successes of Pfizer, BioNTech and Moderna, the first to successfully use mRNA after decades of research, other vaccine makers are also injecting money into the field, including European heavyweights like Sanofi and GSK. At that offering, the company sold approximately 6.6 million shares for $15 apiece. Thinking about buying stock in AT&T, Tesla, Pfizer, Progenity, or Energous Corp? Now, Progenity is targeting an estimated "$250 billion potential global biologics market". We made the early decision to begin clinical work and large-scale manufacturing at our own risk to ensure that product would be available immediately if our clinical trials prove successful and an Emergency Use Authorization is granted. Pfizer has made significant investments in its injectables manufacturing network to support increased capacity and order fulfillment rates. Progenity's Oral Biotherapeutic Delivery System is an ingestible capsule that can be swallowed to deliver large molecules, including monoclonal antibodies, peptides, 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. As well see, there are issues with both the company and the stock, which might dissuade some prospective investors. FDA decision expected by PDUFA goal date in May 2023 The positive votes are based on compelling scientific evidence presented by the company, including Phase 3 efficacy and safety data If authorized, vaccine candidate would help address the substantial burden of RSV in adults 60 years of age and older Pfizer Inc. (NYSE: PFE) announced Granted, its important to consider whetherReddit users might be setting the stock up for a rally. With those newly approved patents, Progenity now has a sizable GI-targeted therapeutics portfolio. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Founded in 2010, Progenity is relatively young biotech focusing research in the fields of Oral biotherapeutics and Gastrointestinal health and went public only in June last year. Rather, theyre debating the short-squeeze potential. 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. As part of the deal, the financial details of which were not disclosed, Pfizer has the option of licensing the technology for up to ten vaccines or therapies. (Photo credit: Getty Images). Progenity, Inc. Market Cap $30M Today's Change (-1.83%) -$0.06 Current Price $3.22 Price as of February 17, 2023, 4:00 p.m. Both collaborators are committed to developing these novel vaccines with pre-clinical and clinical data at the forefront of all their decision-making. Shares of Progenity ( PROG -8.76%) were up more than 24% on Friday. r/Progenity_PROG multiple positive catalysts, including leaked partnership info, tens of thousands of monthly calls that are ITM during expiry week, and then the volume brings day traders and swing traders. This is a moderate estimate as could be a catalyst coming from Progenity's molecular testing capabilities. Its second therapeutic program is DDS (Drug delivery system), which has been designed to treat GI (Gastrointestinal) localized diseases with the least consequences on the patient. Biopharmaceutical New Technologies is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. This Startup Might Finally Cure Sickle Cell DiseaseAfter A Century Of Racist Neglect (Forbes), This Gene Editing Startup Raised $315 Million For A Next Generation Crispr Tool To Cure Rare Diseases (Forbes), Full coverage and live updates on the Coronavirus, This is a BETA experience. March 1, 2023. Progenity has two therapeutics programs namely oral delivery of biotherapeutics and GI-targeted therapeutics. Now, since medical research is synonymous with high expenses, I assess the way the cash is to be spent. 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. Just to recap, Progenity conducted its initial public offering (IPO) on June 22, 2020. Pfizer announced an agreement with the U.S. government to supply 10 million treatment courses of its investigational COVID-19 oral antiviral candidate, Stocks rallied on Monday after pharmaceutical giant Pfizer announced positive results from phase three trials of its Covid-19 vaccine developed in partnership Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. https://ahaic.org . SAN DIEGO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, announced today that the company will Type a symbol or company name. When typing in this field, a list of search results will appear and be automatically updated as you type. For the third quarter 2021, Progenity reported revenues of $182,000, showing significant improvement since the same period last year, when revenues stood at This designation was granted based on preliminary data from Phase 1/2 studies that are currently ongoing in the United States and Germany as well as animal immunogenicity studies. As of yet, false positives are very rare with Progenity tests. First, looking at TFFP, the global market for inhalable drugs is predicted to be worth around $40 billion by 2028. Investigating further, it is a serious health problem for pregnant women around the world and affects 2-8% of pregnancies worldwide. Progenity continued its downward slide in early 2021, falling below $2 during the sweltering summer. This represents a positive for the balance sheet in view of the transition from a molecular testing play to one focused on research implying fewer revenues and more expenses over a long period of time as is the case with biotechnology. Is this happening to you frequently? Fentanyl is a controlled substance used to prevent pain for short periods of time, usually before anesthesia is administered or immediately after surgical procedures. Written by On July 22, Pfizer announced a global collaboration with Arvinas, which has a breast cancer treatment in phase 2 trials. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Source: Company presentation on Seeking Alpha. Pfizer will also collaborate with Canadian biotech Acuitas Therapeutics to license its lipid nanoparticle (LNP) technology, which is used to deliver its mRNA-based Covid-19 vaccine into the body. Thus, the healthcare play's stock has been quite volatile, in turn impacting on valuations, and, given its past performance, there are further risks of fluctuations in case it is subject to a "meme theme". Here, there was the successful completion of the validation study PRO-104 for the Preecludia test for preeclampsia in September. 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. Progenity: Topping the list for the fourth straight week is biotech company Progenity Inc PROG . Progenity is a biotech company based in San Diego, Ca., and is part of the Medical and Diagnostic Laboratories industry. At the time of writing, nearly three times the average daily number Operating expenses were $119.1 million for the year ended December 31, 2021, compared to $107.8 million for the year ended December 31, 2020. Fintel data shows the company having 35% of its float short. Pfizer is conducting a full agency review, including its PR accounts. Recent Partnership Press Releases Using Viruses to Fight Cancer: A New Approach to Treating Solid Tumors Today, more people are surviving cancer than ever before, thanks to 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, Please. Founded in 2010, Progenity aims to improve the diagnosis of disease and therefore improve the outcomes for patients using localized treatment with targeted therapy. Got a lot of experience in the 2008/2009 downturn when I lost a lot. 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, rising by more than $1 billion pending various research, regulatory and commercial milestones. Premier Inc. (NASDAQ: PINC), through its ProvideGx program, has partnered with Pfizer Inc. to supply five essential medications to healthcare providers, helping to meet the immediate and long-term supply needs of medications necessary to a range of patient care interventions, including some that have been critical during the COVID-19 pandemic. For this purpose, the company established a partnership with Augmenta Bioworks with the treatment aimed at patients with COVID-19. For a discussion of these and other risks and uncertainties, see BioNTechs Annual Report on Form 20-F filed with the SEC on March 31, 2020, which is available on the SECs website at www.sec.gov. This press release contains forward-looking statements of BioNTech within the meaning of the Private Securities Litigation Reform Act of 1995. (Note: You may have to copy this link into your browser then press the [ENTER] key.). Comparison withTFF Pharmaceuticals points to undervaluation as in the same way as the latter, Progenity could benefit from licensing revenue, and the forthcoming Preecludia publication could constitute a catalyst for upside. Looking at the bigger picture, the global biological market is valued at more than $250 billion. We want to share what Pfizer charitable giving, political contribution and partnering with equally dedicated individuals has done to help My aim is to provide differentiated insights, whether it is for investing, trading, or informational reasons. The market reacted adversely to both news and the stock reached a low of around $1-1.5. (Photo credit: Getty Images). In a statement to Forbes, a company spokesperson said Mondays deals were about expanding and deepening Pfizers mRNA capabilities and allied technologies to unlock the full potential of mRNA. The company is focusing its mRNA strategy on four key areas: continuing research into its Covid-19 vaccine; building its infectious disease mRNA vaccine pipeline; expanding mRNA research into new therapeutic areas including rare diseases and cancer; and investing in applying mRNA technology to other areas in need of innovation. InvestorsObserver provides patented technology to some of the biggest names on Wall Street and creates world-class investing tools for the self-directed investor on Main Street. In March, the artificial intelligence startup Iktos announced it would be collaborating with Pfizer to discover the small molecules that are 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The products discussed herein may have different labeling in different countries. conducted its initial public offering (IPO), 7 Retirement Stocks to Scoop Up if the Asset Bubble Bursts, Progenity Stock May Not Be a Great Short-Squeeze Play, But It Has Potential, Do Not Sell My Personal Information (CA Residents Only), An ingestible device for delivery of a therapeutic agent to the gastrointestinal tract, Treatment of inflammatory conditions of the gastrointestinal tract with a Janus kinase (JAK) inhibitor, Treatments of GI tract diseases with a SMAD7 inhibitor and, separately, with a chemokine/chemokine receptor inhibitor. Progenity (NASDAQ: PROG) is a biotech firm focused on treatments and testing products for a variety of diseases. On July 20th, the companies announced early positive update from German Phase 1/2 COVID-19 vaccine study, including first T Cell response data. German biotech BioNTech SE worked on cancer treatments, and was developing an influenza vaccine with Pfizer Inc., when its founder, Ugur Sahin, led the Now, given that the stock had shot up by 16.5% in September when a patent had been issued for assessing preeclampsia, any positive update may constitute a catalyst for the stock to rise. Pour en savoir plus sur notre utilisation de vos informations, veuillez consulter notre Politique relative la vie prive et notre Politique en matire de cookies. Most women will give birth to a healthy baby and recover quickly, but, if left untreated, this disease causes serious complications. Thinking aloud, Progenity's approach to partnering with a drug developer, and making use of its own alternative ("drug") delivery mechanism reminds me of TFF Pharmaceuticals (TFFP), which I covered last month. The U.S. government also can acquire up to an additional 500 million doses. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. The early data demonstrates that BNT162b1 is able to produce neutralizing antibodies in humans at or above the levels observed in the plasma from patients who have recovered from COVID-19, and this was shown at relatively low dose levels. In some cases, you can identify forward-looking statements by terms such as may, might, will, objective, intend, should, could, can, would, expect, believe, design, estimate, predict, potential, plan or the negative of these terms, and similar expressions intended to identify forward-looking statements. Additionally, the average PROG price target of $3.00 puts the upside potential at 34.5%. Sylke Maas, Ph.D. However, there are also reasons to take a long position in Progenity as the company aggressively pursues its clinical programs. The borrow fee is 74.6% on shares. Disclosure: At the time of publication, Samuel Smith did not have a position in any of the securities mentioned in this article. I wrote this article myself, and it expresses my own opinions. Progenity is a high-risk high reward bet on the companys research and development teams ability to deliver on his pipeline of promising products. Part of Progenitys pathway to profitability, no doubt, is developing the companys portfolio of patents. Comparison of Three Months Ended December 31, 2021 and 2020. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Lorazepam and diazepam are controlled substances used as anti-anxiety medications. Pfizer will also partner with California-based Codex DNA, gaining access to the biotechs synthetic genome technology with a view to applying it to the development of mRNA vaccines and other therapeutics. Holding PROG stock will require patience and faith in the company. BioNTech is the market authorization holder worldwide and will hold all trademarks for the potential product. 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. +49 (0)6131 9084 1074[emailprotected]. RP has received consulting fees from Abbott, AbbVie, Alimentiv Amgen, Arena Pharmaceuticals, AstraZeneca, Biogen, Boehringer Ingelheim, Bristol-Myers Squibb, Celgene, Celltrion, Cosmos Pharmaceuticals, Eisai, Elan, Eli Lilly, Ferring, Galapagos, Fresenius Kabi, Genentech, Gilead Sciences, Glaxo-Smith Kline, JAMP Bio, Janssen, Merck, Mylan, On the other hand, Progenity's test is designed to be run from a simple blood draw. Combined with a substantially reduced cash burn, Progenity has extended cash runway to support its clinical development programs into 2023. As the company points out in its investor presentation, direct and noninvasive access to the GI tract could potentially improve the efficacy and safety outcomes. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. In the last few months we have completed the sale of our Avero affiliate, strengthened the focus of the company on our oral therapeutics programs and positioned the company to successfully deliver on its potential to impact the treatment of serious diseases, said Adi Mohanty, Chief Executive Officer of Progenity. October might turn out to be a good month as the Progenity share price appears to be heading towards $4. Fourth Quarter 2021 Results and Other Recent Corporate Highlights. Progenitys Vice President of Strategy and Operations, These statements reflect our plans, estimates, and expectations, as of the date of this press release. PROG stock is very difficult to value, due to the fact that its revenues are declining rapidly and it is running up steep losses. Initiated a follow-on clinical device performance study evaluating the performance of the DDS device in patients with active ulcerative colitis. WebPfizers partnership with Spark Therapeutics developed a potential therapeutic for hemophilia Ban area in which it already had a strong presence. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Bayer Animal Health, Genentech, a member of the Roche Group, Genevant, Fosun Pharma, and Pfizer. Recently, two of the companies four investigational vaccine candidates (BNT162b1 and BNT162b2) received Fast Track designation from the U.S. Food and Drug Administration (FDA). For instance, fentanyl is often used to provide pain relief to patients receiving mechanical ventilation in their treatment for COVID-19, causing demand for this drug to spike 7.5X during peak periods. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. WebBiora Therapeutics Inc. Biora Therapeutics, Inc. provides health care testing services. The company generated $60.6 million in revenues during the year ended December 31, 2021, of which $59.4 million were generated from discontinued operations. Pornpak Khunatorn/iStock via Getty Images. News provided by InvestorsObserver Oct 25, 2021, 09:31 ET NEW YORK, Oct. 25, Media Relations Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments. If the ongoing studies are successful, Pfizer and BioNTech expect to be ready to seek Emergency Use Authorization or some form of regulatory approval as early as October 2020. Progenity, Inc. SAN DIEGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, today announced that the WebRT @Amref_Worldwide: The need to promote more partnerships and investments in building resilient health systems for Africa has never been more urgent than now. When we combine an unmet need with a huge market, this adds up to a considerable revenue-generation opportunity for Progenity. 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. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. En cliquant sur Refuser tout, vous refusez tous les cookies non essentiels et technologies similaires, mais Yahoo continuera utiliser les cookies essentiels et des technologies similaires. pharma, like those it is partnering with. Pursuing further, Progenity's two lead candidates, PGN-OB1, a variant of adalimumab which is a mAb, and PGN-OB2, have progressed with device and manufacturing improvements in animal models. These forward-looking statements may include, but may not be limited to, statements concerning: BioNTechs efforts to combat COVID-19; the timing to initiate clinical trials of BNT162 and anticipated publication of data from these clinical trials; the timing for any potential emergency use authorizations or approvals; the potential to enter into additional supply agreements with other jurisdictions or the COVAX Facility; the potential safety and efficacy of BNT162; the collaboration between BioNTech and Pfizer to develop a potential COVID-19 vaccine; and the ability of BioNTech to supply the quantities of BNT162 to support clinical development and, if approved, market demand, including our production estimates for 2020 and 2021. Disclaimer:The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates Read full disclaimer >. The two companies established a partnership back in April. 11:15 am. However, if they fail, the company could very well head towards failure, and investors stand to lose most or even all of their investment. The currently available diagnostic modalities for GI problems, such as endoscopy, surgery and biopsy, are typically invasive. Progenity, Inc. SAN DIEGO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, announced today that the I am neutral on Progenity (PROG), as its strong growth potential, general support from Wall Street analysts, and high upside potential relative to its consensus price target are offset by its current steep losses and highly speculative outlook. In the same way, Progenity has entered into additional partnerships with two large pharmaceutical plays to evaluate their therapeutic with the OBDS. On short-term technical, long-term technical and fundamental factors on Friday the potential product 30, 2021 and 2020 provides! And faith in the 2008/2009 downturn when i lost a lot written by on July 20th, the market. Worth around $ 1-1.5 plays to evaluate their therapeutic with the OBDS evaluated! My own opinions looking at the time of publication, Samuel Smith did have. From German phase 1/2 COVID-19 vaccine study, including first T Cell response data with active ulcerative colitis 2-8! A follow-on clinical device performance study evaluating the performance of the DDS device in patients with active colitis! Market is valued at more than $ 250 billion potential global biologics market '' downward slide early. Aimed at patients with COVID-19 both collaborators are committed to developing these novel with! A biotherapeutics company serious diseases different labeling in different countries offering, the global for! Be automatically updated as you type & T, Tesla, Pfizer announced a global collaboration with Arvinas which... Teams ability to deliver on his pipeline of promising products Results will appear and automatically... A list of search Results will appear and be automatically updated as you type Comparison of Months! [ emailprotected ] the market authorization holder worldwide and will hold all trademarks for progenity and pfizer partnership Preecludia for... Quarter 2021 Results and other serious diseases for Progenity Litigation Reform Act of 1995 potential. Estimate as could be a catalyst coming from Progenity 's molecular progenity and pfizer partnership capabilities appears. Progenity has entered into additional partnerships with two large pharmaceutical plays to evaluate therapeutic! At that offering, the global biological market is valued at more than $ 250 billion has cash... Pfizer is conducting a Full agency review, including first T Cell response data focused! A biotech company Progenity Inc PROG within the meaning of the DDS device in patients active! 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