GREAT BASIN SCIENT COM USD0.0001(POST SPLIT)(OTCMKTS:GBSN) has seen recent lows of $0.0014 which is pretty incredible considering where this stock was a year ago. GBSN has had 8 months that Investors would love to forget as toxic financing continues to decimate the share price. Over the past 14 months GBSN has affected 3 reverse stock splits and every one of them has ended in the continued collapse of the share price.
GBSN is an exciting story in small caps that would be trading for a lot more if it was not for the massive dilution that has been hampering this one for months. GBSN is sitting on some valuable technology; the Company’s breakthrough approach to molecular diagnostics provides fast, cost-effective diagnosis of infectious diseases. The simple test deliver more diagnostic data per sample, meaning healthcare providers are able to treat patients with the right medication sooner, greatly improving outcomes and significantly reducing costs.
GREAT BASIN SCIENT COM USD0.0001(POST SPLIT)(OTCMKTS:GBSN) is a molecular diagnostics company that commercializes breakthrough chip-based technologies. The Company is dedicated to the development of simple, yet powerful, sample-to-result technology and products that provide fast, multiple-pathogen diagnoses of infectious diseases.
GBSN vision is to make molecular diagnostic testing so simple and cost-effective that every patient will be tested for every serious infection, reducing misdiagnoses and significantly limiting the spread of infectious disease. In January GBSN announced Utah Business magazine has honored Sandra Nielsen, Vice President, Sales, Marketing & HR with a 2016 SAMY award. The Utah Business SAMY awards aim to recognize Utah’s top sales and marketing professionals who have had a measurable impact on their company’s bottom line. Ms. Nielsen will accept her award later today during the SAMY Honoree Award Luncheon held at the Grand America Hotel in Salt Lake City.
Shareholders are expecting big things in 2016; they are waiting on the Pertussis/Parapertussis Test – and a clinical trial expected to commence in first half of 2016. Another clinical trial is in the works on the CT/NG as well as Candida Blood Infections Panel, a clinical trial expected to commence in the second half of 2016. GBSN has also been busy continuing what it started last year making some big moves in 2016 adding many new customers bringing its total customer count to 186.
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On May 12 GBSN reported financial results for the first quarter ended March 31, 2016. Total revenues for the first quarter of 2016 were $731,422, compared to $458,730 for the same period in 2015, representing an increase of 59.4%. Continued growth in Great Basin’s customer base as well as adoption of its Group B Strep assay drove the year-over-year increase.
Great Basin ended the first quarter of 2016 with 222 U.S. customers, compared to 101 customers for the first quarter ending March 31, 2015, representing an increase of 119.8%.
Operating expenses were $6.0 million in the first quarter of 2016, as compared to $3.4 million in the first quarter of 2015. Research and development expenses increased by $0.8 million over the first quarter of 2015 to $2.3 million in the first quarter of 2016, primarily due to increased clinical and regulatory activities related to our Staph ID/R Blood Culture Panel and Shiga Toxin Direct Test and ongoing pipeline development.
GBSN recently received 510(k) clearance from the FDA for its Shiga Toxin Direct Test as well as its Staph ID/R Blood Culture Panel received 510(k) clearance by the FDA;
In September GBSN announced the U.S. and European commercial launch of its Staph ID/R Blood Culture Panel, the Company’s first multiplex panel. This sample-to-result, automated panel benefits hospitals and laboratories by detecting, in about two hours, bloodstream infections caused by MRSA and other Staphylococcus species, enabling accurate, timely, and cost-effective diagnosis and treatment of patients. The panel detects the mecA gene, a major drug resistance marker that confers resistance to methicillin and other beta-lactams and creates the superbug MRSA.
On December 19 GBSN announced the 510(k) submission for the Stool Bacterial Pathogens Panel to the U.S. Food and Drug Administration (FDA). Upon anticipated clearance, this syndromic panel for the identification of bacterial causes of acute gastroenteritis will be the Company’s second multiplex panel in its growing menu of sample-to-result assays to diagnose infectious disease. The Company is also seeking CE marking for the panel.
GBSN Stool Bacterial Pathogens Panel is designed to simultaneously detect Salmonella species, Shigella species, Shiga Toxin-producing E. coli (stx1, stx 2, O157 serotype-specific genes), and Campylobacter species (C. jejuni and C. coli), key bacterial pathogens the Company believes better supports customer needs with an easy-to-use workflow of less than two minutes hands-on steps, and a turnaround time of under two hours, compared to conventional tests that are labor intensive, requiring multiple individual tests with poor sensitivity and long turnaround times (96 hours). Great Basin Scientific provides both low-plex and multiplex testing on a single system.
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Currently trading in the double zeros GBSN would be skyrocketing up the charts if it was not for the toxic financing that has been going on here resulting in massive dilution and 2 reverse stock splits in the last 10 month. GBSN is an exciting Company sitting on very valuable technology that could make them a buyout target having received 510(k) clearance from the FDA and recently launching its Staph ID/R Blood Culture Panel and Shiga Toxin Direct Test. GBSN has also just initiated a clinical trial for its sample-to-result Bordatella Direct Test, which will detect, directly from patient specimen, Bordatella pertussis or whooping cough. This is the first of five clinical trials the Company plans to initiate in 2016. GBSN also has ready liquidity, legions of shareholders and a proven ability to make parabolic moves on any good news. We will be updating on GBSN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GBSN.
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Disclosure: we hold no position in GBSN either long or short and we have not been compensated for this article.