On February 4, 2021 Shanghai Fosun Long March Medical Science Co., Ltd. (Fosun Long March) reported that it has executed a non-binding Letter of Intent (LOI) with bioAffinity Technologies, Inc. providing for Fosun to evaluate CyPath Lung, a non-invasive test for the early detection of lung cancer, with an expectation of negotiating and entering into binding agreements to commercialize the early lung cancer diagnostic in China (Press release, BioAffinity Technologies, FEB 4, 2021, View Source [SID1234574691]).

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Fosun Long March is a high-tech in-vitro diagnostics enterprise active in manufacturing, marketing, and research and development of diagnostic and laboratory instruments and reagents. Fosun Long March is a wholly owned company of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma, stock code: 02196.HK; 600196.SH). Fosun Pharma is a leading healthcare company in China and is listed on the Shanghai Stock Exchange and on the Main Board of the Hong Kong Stock Exchange.

Dr. Yuejian Zhang, Chief Executive Officer of Fosun Long March, said, "We are impressed with the results of the CyPath Lung test validation trial that showed high accuracy in detecting lung cancer in people at high risk for the world’s most deadly cancer. CyPath Lung is patient-friendly and reasonably priced, making it a good fit in the China market. The test could make a very positive impact. Whilst China represents a little under 20% of the world’s population, it accounts for almost 24% of cancer diagnoses and 30% of cancer-related deaths worldwide in 2020, of which 18% are due to lung cancer. We look forward to proceeding with the collaboration with bioAffinity Technologies and working together to launch CyPath Lung in China."

Maria Zannes, President and Chief Executive Officer of bioAffinity Technologies, said, "Fosun Long March is a driving force in healthcare, bringing medical breakthroughs to China and the world that improve the health and clinical outcomes of patients. We are very excited to be working with Fosun Long March in advancing CyPath Lung. China represents a $5 billion market for CyPath Lung. An estimated 780,000 people will be diagnosed with lung cancer annually in China, most often at late stage. CyPath Lung is proven to detect lung cancer at early stages, providing opportunities for more effective and less caustic treatments that can save lives."

Ms. Zannes continued, "CyPath Lung offers a simple, cost-effective and highly accurate test. Patients collect their sputum samples at home, a significant benefit during this time of COVID-19 that will last well after the pandemic subsides. Samples are processed at a central laboratory including use of a proprietary porphyrin that labels cancer. Single-cell analysis is performed at extraordinary speed by flow cytometry and data fed through our automated AI-designed platform to provide physicians with results in minutes. CyPath Lung showed 92% sensitivity and 87% specificity in detecting lung cancer in high-risk, heavy smokers who had lung nodules smaller than 2 cm or no nodules in the lung. The detection of small lung nodules in people who have early stage cancer can dramatically increase lung cancer survival."

On February 4, 2021 Bolt Biotherapeutics, Inc. (Nasdaq: BOLT), a clinical-stage immuno-oncology company, reported the pricing of its upsized initial public offering of 11,500,000 shares of common stock at a price to the public of $20.00 per share (Press release, Bolt Biotherapeutics, FEB 4, 2021, View Source [SID1234574677]). In addition, Bolt has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock solely to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions. The shares are expected to begin trading on The Nasdaq Global Select Market under the symbol "BOLT" on February 5, 2021.

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Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities are acting as joint bookrunners for the offering.

The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6105 or by email at [email protected].

Registration statements relating to these securities have been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

On February 4, 2021 Veracyte, Inc. (Nasdaq: VCYT) (the "Company") reported the pricing of an underwritten public offering of 7,432,433 shares of its common stock at a public offering price of $74.00 per share (Press release, Veracyte, FEB 4, 2021, View Source [SID1234574670]). The gross proceeds to the Company from this offering, before deducting underwriting discounts and commissions and offering expenses payable by Veracyte, are expected to be approximately $550 million. The public offering was upsized from the previously announced size of $400 million in shares of common stock. All of the shares are being offered by the Company. The offering is expected to close on or about February 9, 2021, subject to customary closing conditions. In addition, the Company granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 1,114,864 shares of its common stock at the public offering price, less underwriting discounts and commissions.

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Veracyte intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to finance its acquisition of Decipher Biosciences, Inc. Veracyte intends to use the remaining net proceeds of this offering for working capital and other general corporate purposes, which may include acquisitions or investments in complementary businesses, technologies or other assets, although it has no present commitments or agreements to do so (other than with respect to Decipher Biosciences, Inc.).

Goldman Sachs & Co. LLC and SVB Leerink LLC are acting as joint lead book-running managers for the offering, William Blair & Company, L.L.C. is acting as a book-running manager and BTIG, LLC, Needham & Company, LLC, and Lake Street Capital Markets, LLC are acting as co-managers.

The shares will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on February 3, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by email at [email protected], or by telephone at (866) 471-2526; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 01220, by email at [email protected], or by telephone at (800) 808-7525, ext. 6105.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

Veracyte, Afirma, Percepta, Envisia, Prosigna, LymphMark, and Know by Design, and the Veracyte, Afirma, Percepta, Envisia and Prosigna logos are trademarks of Veracyte, Inc.

On February 4, 2021 Quest Diagnostics Incorporated (NYSE: DGX), the world’s leading provider of diagnostic information services, reported financial results for the fourth quarter and full year ended December 31, 2020 (Press release, Quest Diagnostics, FEB 4, 2021, View Source [SID1234574669]).

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"In a year dominated by the pandemic, Quest brought critical COVID-19 testing to our country, and delivered record revenues, earnings and cash from operations for the fourth quarter and full year 2020," said Steve Rusckowski, Chairman, CEO and President. "Declines in our base business recovered rapidly throughout the summer and fall; however the recovery stalled at the end of November and into December due to the surge in COVID-19 infections across the country. Continued high demand for COVID-19 testing drove our performance through the second half of the year.

"In light of the company’s strong financial position, we have increased our dividend and our share repurchase authorization while maintaining flexibility to pursue our M&A strategy," Mr. Rusckowski continued. "Given the ongoing uncertainty regarding the trajectory of the virus and its impact on COVID-19 testing trends as well as further recovery of our base business, we are providing an outlook for the first six months of 2021. We expect to provide additional updates as the year progresses."

Mr. Rusckowski continued: "The pandemic has tested our nearly 50,000 employees and they have responded as heroes, by developing COVID-19 tests, building test capacity, innovating new testing models with our retail partners, transporting specimens, delivering results and of course, supporting our customers. I’m proud of what we have achieved and optimistic about what we can accomplish in 2021."

For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, income from continuing operations attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.

The sum of reported and adjusted diluted EPS for the four quarters of 2020 did not equal the total for the year ended December 31, 2020 due to quarterly fluctuations in the company’s earnings and weighted average common shares outstanding throughout the year as a result of the impact of COVID-19 and the temporary suspension of repurchases under the company’s share repurchase program.

Note on Non-GAAP Financial Measures

As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, a gain on remeasurement of an equity interest, costs associated with donations, contributions and other financial support through Quest for Health Equity, the company’s recently announced initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities, the gain on the sale and leaseback of a property, and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on the company’s website at www.QuestDiagnostics.com/investor. The company suggests participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or by phone at 866-461-2735 for domestic callers or 203-369-1352 for international callers. No passcode is required. Telephone replays will be available from approximately 10:30 a.m. Eastern Time on February 4, 2021 until midnight Eastern Time on February 18, 2021. Anyone listening to the call is encouraged to read the company’s periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

On February 4, 2021 Emergent BioSolutions Inc. (NYSE: EBS) reported that it will host a conference call on Thursday, February 18, 2021 at 5:00 pm eastern time to discuss the financial results for the fourth quarter and full year 2020, recent business developments, financial outlook for full year 2021, and revenue guidance for the first quarter of 2021 (Press release, Emergent BioSolutions, FEB 4, 2021, View Source [SID1234574668]).

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This conference call can be accessed live by telephone or by webcast:

Webcast Information:
Visit View Source for the live webcast.
A replay of the call can be accessed from the Emergent website.