PROG Progenity Inc.

5.34
-0.15  -3%
Previous Close 5.49
Open 5.56
52 Week Low 3.08
52 Week High 15.92
Market Cap $291,809,261
Shares 54,645,929
Float 17,441,077
Enterprise Value $312,170,231
Volume 261,085
Av. Daily Volume 861,109
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Latest News

  1. SAN DIEGO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. ("Progenity") (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that it has entered into a definitive securities purchase agreement with two leading healthcare-focused investment funds for the sale of units consisting of shares of common stock and warrants to purchase common stock, as described below, in a private placement expected to result in gross proceeds to Progenity of approximately $25 million, before deducting placement agent commissions and other offering expenses.

    Pursuant to the terms of the securities purchase agreement, at the closing of the private placement…

    SAN DIEGO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. ("Progenity") (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that it has entered into a definitive securities purchase agreement with two leading healthcare-focused investment funds for the sale of units consisting of shares of common stock and warrants to purchase common stock, as described below, in a private placement expected to result in gross proceeds to Progenity of approximately $25 million, before deducting placement agent commissions and other offering expenses.

    Pursuant to the terms of the securities purchase agreement, at the closing of the private placement, Progenity will issue units representing an aggregate of 4,370,629 million shares of common stock and warrants to purchase an aggregate of 4,370,629 million shares of common stock. The aggregate purchase price of each unit, which consists of one share of common stock plus a warrant to purchase one share of common stock, is $5.72. The warrants will have a per share exercise price of $6.86 and will be exercisable for cash at any time on or after the closing date and through the fifth anniversary of the closing date. The price per unit was based in part upon the average of the last five closing prices of the common stock on the Nasdaq Global Market. If exercised for cash, the warrants would result in additional gross proceeds to Progenity of approximately $30 million.

    The private placement is expected to close on February 25, 2021, subject to the satisfaction of customary closing conditions. Additional details regarding the private placement will be included in a Form 8-K to be filed by Progenity with the Securities and Exchange Commission ("SEC").

    Progenity intends to use the net proceeds to support its operations, to invest in its molecular testing research and development program, to invest in research and development with respect to its precision medicine platform, and for working capital and general corporate purposes.

    Piper Sandler & Co. served as lead placement agent on the offering with Raymond James & Associates, Inc. acting as co-placement agent.

    The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. Progenity has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable in connection with the private placement and upon exercise of the warrants.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies.

    Forward Looking Statements

    This press release contains "forward-looking statements," which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including, but not limited to, Progenity's expectations regarding the completion of the private placement, the satisfaction of customary closing conditions related to the private placement and the expected receipt of proceeds from the private placement, are forward-looking statements. 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," "develop," "plan" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause Progenity's actual results to differ materially from the forward-looking statements expressed or implied in this press release, the uncertainties related to market conditions and the completion of the offerings on the anticipated terms or at all, the uncertainties inherent in the clinical drug development process, such as the regulatory approval process, the timing of regulatory filings, and other matters, including the ongoing COVID-19 pandemic and associated shelter-in-place orders, that could affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations and the availability or commercial potential of Progenity's products, and those risks described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Progenity's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 11, 2020, and other subsequent documents filed with the SEC. Progenity claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Progenity expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (619-743-6294) 



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  2. SAN DIEGO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success developing and commercializing molecular testing products, today announced the initiation of a clinical study for their Drug Delivery System (DDS) capsule, an ingestible and self-guided drug delivery device. The study will evaluate the capsule's safety and tolerability in the gastrointestinal (GI) tract of Normal Healthy Volunteers (NHV). The study will also collect the first clinical data on the ability of the DDS to auto-locate and accurately deliver a payload to the colon, a key delivery site for the treatment of ulcerative colitis.

    This study will investigate the in vivo behavior of the DDS using…

    SAN DIEGO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success developing and commercializing molecular testing products, today announced the initiation of a clinical study for their Drug Delivery System (DDS) capsule, an ingestible and self-guided drug delivery device. The study will evaluate the capsule's safety and tolerability in the gastrointestinal (GI) tract of Normal Healthy Volunteers (NHV). The study will also collect the first clinical data on the ability of the DDS to auto-locate and accurately deliver a payload to the colon, a key delivery site for the treatment of ulcerative colitis.

    This study will investigate the in vivo behavior of the DDS using the well-established method of scintigraphic characterization. Gamma scintigraphy will be used to validate the DDS GI localization as well as the drug delivery accuracy using a saline solution payload that includes radioisotopes. The DDS capsule will be evaluated in a single-dose application to approximately 12 subjects in three separate dosing cohorts. Results of the study are expected in the second quarter of this year.

    "This research is a significant step in our efforts toward improving the management of ulcerative colitis, where therapy is often challenged by the inability to achieve sufficient drug concentrations at the site of disease without incurring dose-limiting side effects," said William Sandborn MD, Chief of the Division of Gastroenterology and Director of the Inflammatory Bowel Disease Center at the University of California San Diego. "Verifying the safety and tolerability of this drug delivery system will allow us to advance this technology to potentially provide a noninvasive, oral solution for safe and effective treatment of this and other GI diseases."

    Progenity designed the DDS capsule with the aim of ultimately using it to deliver bolus doses of therapeutic compounds formulated in proprietary solutions at a defined location within the GI tract. If successful, the DDS could be used to transport previously approved therapeutics directly to their intended disease target in the GI tract, thereby improving efficacy through increased localized drug concentration while potentially minimizing harmful side effects associated with systemic drug delivery. This technology offers the potential to improve treatment for patients suffering from conditions such as ulcerative colitis (UC) and inflammatory bowel disease (IBD). Current drug treatments for these conditions suffer from less than optimal efficacies at safe doses, leading to a loss of response in the majority of patients within the first few years of treatment.

    Progenity has two lead drug-device candidates utilizing the DDS technology: PGN-001, a high-concentration, liquid formulation of adalimumab, and PGN-600 a liquid formulation of tofacitinib. Both are under development for the treatment of ulcerative colitis. Using intracecal catheter preclinical colitis models, the company previously observed significant efficacy, as well as both high local tissue drug levels with localized drug delivery and reduced systemic drug exposure, compared to systemic injection.

    For more information about Progenity's products and pipeline visit www.progenity.com, or follow the company on LinkedIn or Twitter.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Forward Looking Statements

    This press release contains "forward-looking statements," which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including statements regarding the development progress of our Drug Delivery System (DDS) capsule, its future use in managing ulcerative colitis, and the performance of the Drug Delivery System (DDS) capsule in an upcoming clinical study. 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. These statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the forward-looking statements expressed or implied in this press release, including the ongoing COVID-19 pandemic and associated shelter-in-place orders, our ability to develop and commercialize our testing products, the performance of third parties in connection with the commercialization and development of our products, regulatory developments in the United States and foreign countries, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our ability to improve and enhance our products, our plans to research, develop, and commercialize new products, the development, regulatory approval, efficacy, and commercialization of competing products, the loss or retirement of key scientific or management personnel, and those risks described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 11, 2020, and other subsequent documents we file with the SEC. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life

     

    (619) 743-6294

     



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  3. SAN DIEGO, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, applauds the continuing focus of the Society for Maternal-Fetal Medicine (SMFM) on the challenges of diagnosing and managing preeclampsia. Preeclampsia was the focus of this year's President's Workshop at the SMFM 2021 Virtual Annual Meeting, co-hosted by the Preeclampsia Foundation.

    The SMFM President's Workshop highlighted the latest research in diagnosing and managing patients with preeclampsia. The session titled Gray Zone Preeclampsia confirmed and highlighted the challenges of diagnosing preeclampsia due to non-specific symptoms…

    SAN DIEGO, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, applauds the continuing focus of the Society for Maternal-Fetal Medicine (SMFM) on the challenges of diagnosing and managing preeclampsia. Preeclampsia was the focus of this year's President's Workshop at the SMFM 2021 Virtual Annual Meeting, co-hosted by the Preeclampsia Foundation.

    The SMFM President's Workshop highlighted the latest research in diagnosing and managing patients with preeclampsia. The session titled Gray Zone Preeclampsia confirmed and highlighted the challenges of diagnosing preeclampsia due to non-specific symptoms, overlap with other hypertensive disorders of pregnancy, and limited diagnostic tools. Other sessions focused on the promise of biomarkers and multi-omics as part of the ongoing research on preeclampsia.

    The SMFM publication, American Journal of Obstetrics & Gynecology (AJOG) also recently published an article by Redman, et.al., highlighting the complexity of preeclampsia, which is a syndrome involving multiple pathophysiological pathways. The authors stress there is an urgent need to understand the complex, multi-factorial pathways of preeclampsia at the cellular level, including biomarkers, to better characterize and manage patients.

    The Preeclampsia Foundation, co-hosts of the SMFM President's Workshop, issued a national call to action in October for the development of biomarker tests specific to the pathophysiology of preeclampsia due to this unmet need.

    "We have heard very clearly from the SMFM, the Preeclampsia Foundation, and healthcare providers across the country, that new technology to evaluate risk for preeclampsia is urgently needed. We believe that biomarker testing is important, because complex syndromes require sophisticated solutions," said Harry Stylli, PhD, CEO, chairman of the board, and co-founder of Progenity. "We are responding to these needs by preparing for launch of the Preecludia™ test, our novel preeclampsia biomarker assay. We look forward to announcing additional milestones throughout 2021 as we usher in a new era of risk assessment for preeclampsia."

    The Preecludia rule-out test for preeclampsia could be the first of its kind in the United States to help healthcare providers evaluate patients with signs and symptoms of possible preeclampsia. This novel, multi-analyte, protein biomarker assay is designed to look at markers across multiple pathophysiological pathways to assess risk for preeclampsia. The laboratory developed test requires a simple blood draw, and is designed to aid in the triage and management of preeclampsia. Last November, the company released strong clinical and analytical verification data, and it plans to enter the validation phase later in Q1, followed by a targeted launch in the second half of 2021.

    Preeclampsia is the second most common cause of maternal mortality, and more than 700,000 women present each year with signs and symptoms of possible preeclampsia. Preeclampsia is characterized as a hypertensive disorder, but it is difficult to differentiate from other hypertensive conditions in pregnancy, making diagnosis and management difficult. Preeclampsia can result in impaired organ function, seizures, stroke, and death, and often requires pre-term delivery of the baby. This can result not only in poor health outcomes, but also significant healthcare costs.

    For further information about preeclampsia and the Preecludia test, access the slides presented at the company's Preeclampsia R&D Day at: progenity.com/presentations.

    For more information about Progenity's products and pipeline visit www.progenity.com, or follow the company on LinkedIn or Twitter.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Forward Looking Statements

    This press release contains "forward-looking statements," which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including statements the development progress of our preeclampsia rule-out test, its future use by providers to rule out preeclampsia, the performance of the rule-out test in an upcoming validation study, the completion of our upcoming validation study, and our efforts and intent to commercialize the Preecludia test and address an unmet medical need. 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. These statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the forward-looking statements expressed or implied in this press release, including the ongoing COVID-19 pandemic and associated shelter-in-place orders, our ability to develop and commercialize our testing products, the size and growth potential of the markets for our products, and our ability to serve those markets, the rate and degree of market acceptance and clinical utility of our products and coverage and rates of reimbursement for our products, the performance of third parties in connection with the commercialization and development of our products, regulatory developments in the United States and foreign countries, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our ability to improve and enhance our products, our plans to research, develop, and commercialize new products, the development, regulatory approval, efficacy, and commercialization of competing products, the outcome of pending and future investigations and legal proceedings, the loss or retirement of key scientific or management personnel, our ability to develop and maintain our corporate infrastructure, including maintaining effective internal controls, our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others, and those risks described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 11, 2020, and other subsequent documents we file with the SEC. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (619) 743-6294



    Primary Logo

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  4. SAN DIEGO, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that Harry Stylli, Ph.D., CEO, chairman of the board, and co-founder of Progenity, is scheduled to participate in two upcoming virtual investor conferences:

    • A fireside chat at the BTIG Virtual MedTech, Digital Health, Life Science & Diagnostic Tools Conference at 2 p.m. ET / 11 a.m. PT on February 17, 2021; and

    • A fireside chat at the Raymond James 42nd Annual Institutional Investors Conference at 3 p.m. ET / 12 p.m. PT on March 3, 2021.

    A live audio webcast of the fireside chats will be available in the Investors section of…

    SAN DIEGO, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that Harry Stylli, Ph.D., CEO, chairman of the board, and co-founder of Progenity, is scheduled to participate in two upcoming virtual investor conferences:

    • A fireside chat at the BTIG Virtual MedTech, Digital Health, Life Science & Diagnostic Tools Conference at 2 p.m. ET / 11 a.m. PT on February 17, 2021; and



    • A fireside chat at the Raymond James 42nd Annual Institutional Investors Conference at 3 p.m. ET / 12 p.m. PT on March 3, 2021.

    A live audio webcast of the fireside chats will be available in the Investors section of the company's website at progenity.com/presentations, with an archived replay available following each event.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (858) 457-2436



    Primary Logo

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  5. SALT LAKE CITY, Feb. 8, 2021 /PRNewswire/ -- PROG Holdings, Inc. (NYSE-PRG), a leading provider of lease-purchase solutions, will host a conference call and webcast on Thursday, February 25, 2021, at 8:30 a.m. Eastern Time to discuss its fourth quarter 2020 financial results scheduled for release before the market opens on that day.

    The public is invited to listen to the call by dialing 877-270-2148 a few minutes before the scheduled start time and requesting to join the PROG Holdings, Inc. call. For international participants the number is 412-902-6510. The call will also be accessible by visiting the company's investor relations website at investor.progleasing.com. The webcast will be archived for playback at that same site.

    About PROG Holdings, Inc.

    Headquartered in SALT LAKE CITY, PROG Holdings, Inc. (NYSE-PRG) is the holding company of Progressive Leasing, a leading provider of lease-purchase solutions for consumers at the point of sale at many national, regional and local retailers and e-commerce websites. Progressive Leasing offers a lease-to-own payment solution for consumers to acquire furniture, appliances, jewelry, electronics, bedding, cell phones, wheel and tire and other large ticket consumer durables through over 20,000 locations in 46 states as well as with e-commerce POS sites. Vive Financial provides a variety of second-look credit products that are originated through federally insured banks. For more information, visit ProgLeasing.com and Vivecard.com.

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/prog-holdings-inc-announces-fourth-quarter-2020-earnings-call-and-webcast-301223564.html

    SOURCE PROG Holdings, Inc.

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