LOL they are not doing an S1. There is no company worth it's salt that will underwrite a dime if looking at financials, OIG investigations for fraud, DOJ investigations, and debt servicing as they JUST let go of a huge portion of their salesforce. They may be doing a merger or being bought out but and S1 isn't in the cards.
I stand corrected. They are hoping to raise 100million with 82.5 million in fines and settlements....LOL what a dumpster fire. https://www.genomeweb.com/molecular-diagnostics/progenity-files-ipo-seeks-raise-100m#.XtGPvBNKiAw
Someone please explain how we can continue as a viable company with so much debt and monthly cash burn of 12mm+?
Note that Progenity employees have undoubtedly been cautioned not to comment on the company in any way. The company is in the quiet period.
Hmm the company is about to loose a LOT of business with these new cash prices !! Not competitive at all with other labs and we won’t work with patients now on their bills BUT we care! ha!
Worst company ever. What kind of idiot would invest in a organization with an owner that can not even run his own company due to past legal issues. Harry also has George G running day to day operations....George is terrible to employees and just as bad of a person as Harry.
what the company is saying is basically, "no more games". we have no choice but to play by the rules, after having to settle for 80+mm in fines/penalties and who knows how much in withholds all these years. hey folks, the landscape has changed. so we're now asked to sell, sell, sell in an environment where the only true feature/benefit we had all these years was flexibility on price. this will now be the ultimate test in measuring just how good sales people are.
Convenient timing to stick it to Harry. More legal issues = more settlements in the millions. We will need to raise a whole lot more $$ for sure. Natera Sues Progenity, Alleging Noninvasive Prenatal Test Infringes Patents Jun 17, 2020 | staff reporter NEW YORK – Natera has sued Progenity, alleging that the molecular diagnostics firm's noninvasive prenatal Innatal test infringes six of its patents. The suit comes shortly after Progenity filed for an initial public offering in which it is seeking to raise up to $122.6 million. In its complaint, filed on Wednesday with the US District Court for the Western District of Texas, Waco Division, Natera claims that the use and sale of Progenity's Innatal Prenatal Screen test infringes six of its patents: US Patents 9,228,234 and 10,522,242, both titled "Methods for noninvasive prenatal ploidy calling"; US Patents 9,424,392, 10,227,652, and 10,240,202, all titled "System and method for cleaning noisy genetic data from target individuals using genetic data from genetically related individuals;" and US Patent 10,266,893, titled "System and method for cleaning noisy genetic data and determining chromosome copy number." Natera is seeking injunctive relief, monetary damages, court expenses, and a jury trial.
Well, I suppose the stock price is doing about what you would expect. Hope they have a rabbit to pull out of the hat.
single digits? looks like a straight slide to delisting. if that happens before the lockout expires, there will be some very sad progenites.
Options already underwater for most of us, including all the senior management fools. Kudos to the smart ones who exited this dumpster fire, while the rest of us pretend we give a crap about this shit hole.
