Progenity Inc. (NASDAQ: PROG) has announced the acceptance of two presentations with patient findings on indicators of efficacy on gastrointestinal disorders treatment by the 17th Congress of the European Crohn’s and Colitis Organisation, February 16-19, 2022, which is the largest forum for IBD specialists globally.
Progenity to present at ECCO 2022
The objective of ECCO is to enhance the care of people with inflammatory bowel disease (IBD) through promoting international guidelines, teaching, research, and collaboration.
Bram Verstockt, MD, Ph.D. and Séverine Vermeire, MD, Ph.D. will present the first abstract entitled, “Tofacitinib tissue exposure correlates with endoscopic outcome.” Joep van Oostrom and Geert D’Haens, MD, Ph.D. will present the second abstract EC22-1198 entitled, “Characterization of cytokine and drug concentrations in serum, mucosa, and faeces during induction treatment of moderate-to-severe ulcerative colitis with anti-TNF monoclonal antibodies.” The presentations will take place on February 18, 2022, from 12:30 to 13:30 CET.
In mid-January, abstracts will be available on the ECCO website. In addition, the poster presentations will be accessible on the Progenity website following the conference conclusion.
Progenity divests Avero Diagnostic
Recently the company successfully closed the divesture of its subsidiary Avero Diagnostics via asset sale to Northwest Pathology. The acquisition price was $10.9M, subject to the purchase agreement’s standard adjustments.
The company’s chief finance officer Eric d’Esparbes said, “The sale of our Avero Diagnostics affiliate results in a further annual operating expense reduction of approximately $28 million, bringing the total reduction in annual operating expenses to approximately $145 million compared to the second quarter. This reduction, along with capital raised, should extend our cash runway beyond the end of 2022 and reduce our dependency on the capital markets.”
CEO Adi Mohanty said, “This is one of the final steps in our strategic plan to materially reduce our cash burn. Completing this transaction is important to us as we focus on delivering on our biotherapeutics pipeline. We are pleased that Northwest Pathology will be retaining more than 90% of Avero employees, and we look forward to a smooth transition for the business.”
