Progenity Inc. (PROG) shares surged 4.44% in after-hours on Tuesday, August 24, 2021, and closed the daily trading at $0.86. In the regular trading session on Tuesday, PROG’s stock gained 8.27%. PROG shares have fallen 91.04% over the last 12 months, and they have moved down 51.20% in the past week. Over the past three months, the stock has lost 66.12%, while over the past six months, it has declined 86.03%.
Let’s have a brief discussion about its recent developments.
PROG closed a public offering
On Aug. 24, 2021, Progenity, Inc (PROG) closed its previously announced underwritten public offering of 40,000,000 shares of its common stock and warrants to purchase up to 40,000,000 shares of its common stock, at a public offering price of $1.00 per share and associated warrant.
The warrants have an exercise price of $1.00 per share and underwriters can buy additional 6,000,000 shares of its common stock. The company will get net proceeds of approximately $37.1 million.
PROG recent financial news
On August 12, 2021, Progenity, Inc (PROG) reported financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- PROG reported revenue of $463,000 in Q2 2021 compared to zero revenue in Q2 2020.
- In Q2 2021, total operating expenses were $36.1 million compared to $26.5 million in Q2 2020.
- It suffered a net loss of $78.5 million and a net loss per share of $1.23 in Q2 2021 compared to a net loss of $53.1 million and a net loss per share of $6.11 in Q2 2020.
- Net loss per basic and diluted share attributable to common stockholders was $1.23 in Q2 2021, compared to $6.11 in Q2 2020.
PROG update about Preeclampsia Rule-Out Test
On July 29, 2021, Progenity, Inc (PROG) completed the validation study for its Preecludia™ rule-out test for preeclampsia and achievement of the primary endpoint of the study protocol.
Preeclampsia is the second most common cause of maternal mortality, with more than 700,000 pregnant women presenting with signs and symptoms of possible preeclampsia each year.
The PRO-104 clinical validation study was a prospective, multi-center, observational study with over 1,300 enrolled subjects. Test specimens were collected from pregnant patients aged 18 to 45 years and 28 0/7 to 36 6/7 weeks gestational age. Analysis was blinded. Patients in the study cohort presented with potential signs and symptoms of preeclampsia at 20 labour and delivery triage sites across all major regions of the United States.
New Appointment
On June 30, 2021, Progenity, Inc (PROG) appointed Surbhi Sarna to its board of directors effective July 1, 2021. Ms. Surbhi’s medical device experience and her focus on the development of strategic partnerships will prove valuable as the company advances its innovation pipeline.
Conclusion
The recent closing of the public offer of its common stock could be the reason behind its exceptional performance on Tuesday. It can continue to surge on Wednesday as well.
