October 29, 2020
Now that the Mechelen diagnosis specialist is once again in danger of seeing an important commercial partner drop out, investors are also dropping out in large numbers.
sells Idylla machines – mini labs the size of a bread machine – and cartridges to labs and hospitals. A lab technician places a drop of blood, urine or body tissue in the cartridge and slides it into the Idylla like a cassette. The result is known about two hours later.
In September 2017, the biotech company entered into a strategic collaboration agreement with the American Genomic Health. This has since been taken over by the listed company Exact Sciences
The idea was that Biocartis would develop a faster version of Genomic Health‘s breast cancer test. The American giant has a test on the market to indicate the correct treatment for breast cancer and called on the people of Mechelen to make a Biocartis version in a cartridge for the European market.
In a short telephone response, Biocartis announced that it could no longer say anything about the timing and outcome of the talks. Earlier it became known that the collaboration with Genomic Health had been suspended due to the consequences of the corona pandemic.
“This is another serious setback in the outlook,” said Degroof Petercam analyst Thomas Guillot. ‘We estimate the value of the collaboration with Genomic at 1.6 euros per share. The setback comes on top of the already weak balance sheet, in combination with a strong cash burn.
On the Brussels stock exchange, Biocartis tumbles to 17 percent to 3.49 euros. That is close to the record low at the start of the pandemic, around 3 euros on 17 March, and 70 percent below the 11.50 euros that Biocartis debuted five years ago.