BNGO Stock Price: Over 12% Increase Pre-Market Explanation

By Amit Chowdhry ● June 7, 2021
  • The stock price of BioNano Genomics Inc (NASDAQ: BNGO) increased by over 12% pre-market. This is why it happened.

The stock price of BioNano Genomics Inc (NASDAQ: BNGO) increased by over 12% pre-market. Investors are responding positively to Bionano Genomics announcing today that Jason Priar has joined the company as its Chief Commercial Officer. 

Priar is known as a seasoned sales leader with experience scaling businesses from early stage to hundreds of millions in revenue. And Priar has a deep understanding of how to penetrate clinical and research markets including genetic diseases and cancer. For Bionano, he is going to lead the commercial teams across the platform and services businesses to drive sales and market access with third-party payors.

Priar experience also includes sales in genetic diseases and cancer testing as well as pharmaceutical sales. And after time with Forest Laboratories as a pharmaceutical detailer, he was selected for sales leadership positions at GeneDx, Sema4 and PerkinElmer Genomics with responsibilities covering sales, marketing, customer support and managed care across North America, Europe, China and India. 

Under his leadership, GeneDx’s revenue increased from $8 million to over $225 million across a menu of genetic testing products. 

KEY QUOTES:

“We are thrilled to welcome Jason to Bionano. We believe he has the experience in scaling revenues and obtaining market access from third party payers that we need to accelerate global adoption of optical genome mapping (OGM) with our Saphyr system and drive Lineagen’s business of providing diagnostic services in pediatric neurodevelopmental disorders. Jason’s intimate familiarity with the needs of traditional cytogenomics laboratories performing genome analysis in cancer and genetic diseases, combined with his understanding of needs of the physicians and pharmaceutical partners who apply the data, is among the best I have encountered in the industry. I believe adding Jason to an already stellar team can have a profound impact on Bionano.”

— Erik Holmlin, PhD, CEO of Bionano Genomics

“I am excited to work with this incredible team of talented people and I am grateful to Erik and the Bionano board for this opportunity. I have seen first-hand over the past two decades how important the timely and accurate identification of structural variations can be in people’s lives, including for children, but too often I have seen the existing tools used in cytogenomics fail to make an impact. OGM with Saphyr is something I believe has the potential to disrupt healthcare by making structural variation analysis just as accessible and routine as next-generation sequencing.”

— Jason Priar, CCO of Bionano Genomics

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.