OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in
point-of-care and home diagnostic tests, specimen collection
devices, and microbiome laboratory and analytical services, today
announced it is leading the Series B financing and has entered
wide-ranging strategic distribution agreements with Sapphiros, a
privately held consumer diagnostics portfolio company based in
Boston, and certain of its related entities. Sapphiros was
conceived in 2020 by experienced healthcare executive Namal Nawana
and launched along with leading global investment firm KKR in 2021.
The company has since developed innovative capabilities including
novel sample collection, next-generation detection systems,
computational biology, and printed electronics to help consumers
access diagnostic results.
Through this strategic relationship, OraSure
expects to be able to offer a more comprehensive range of low-cost
diagnostic tests and sample management solutions to its customers
globally. OraSure has secured exclusive distribution rights to key
products in Sapphiros’ development pipeline that align with and
enhance OraSure’s existing areas of expertise, including
self-collected blood samples and diagnostic tests for sexually
transmitted infections, respiratory conditions, and other
diseases.
“Our partnership and investment in Sapphiros
significantly expands and accelerates our product and innovation
pipeline. It also advances our vision to improve the access,
quality, and affordability of healthcare, including addressing
unmet needs in the growing consumer diagnostic market,” said Carrie
Eglinton Manner, President and CEO of OraSure. “We are excited to
collaborate with the Sapphiros team to fully unlock the value and
benefits of this relationship.”
This partnership connects Sapphiros’ innovation
and robust product pipeline with OraSure’s strength in commercial
distribution to serve new and existing market segments. It also
creates opportunities for further collaboration in co-developing
future products and advancing Sapphiros’ novel platforms for
next-generation lateral flow devices, break-through molecular
technologies, and advanced biosensors. Initial product distribution
is expected to begin in 2024, with multiple additional products
expected to launch in 2025 and beyond, subject to regulatory
approvals. Distribution of Sapphiros’ products is expected to
accelerate revenue growth in OraSure’s core business beginning in
2025.
"Our relationship with OraSure is a significant
milestone for Sapphiros, and we are excited to partner with an
organization that shares our focus on expanding access to
diagnostic insights. We believe OraSure’s existing commercial
infrastructure will allow us to quickly and efficiently scale
following regulatory approvals to the populations that need them
the most," said Mark Gladwell, President and CEO of Sapphiros. "We
are looking forward to an innovation-filled future that will have a
real impact on global health."
Conference Call
InformationOraSure will host a conference call to discuss
its strategic relationship with Sapphiros at 9 a.m. ET on Thursday,
Jan. 4, 2024. A webcast of the conference call will be available on
the investor relations page of OraSure’s website at
https://orasure.gcs-web.com/events-and-presentations. Please click
on the webcast link and follow the prompts for registration and
access at least 10 minutes prior to the call. The webcast will be
archived on OraSure’s website shortly after the call has ended and
will be available for approximately 90 days.
To participate in the live conference call,
please follow the link below to pre-register. After registering,
you will be provided with access details via email.
https://register.vevent.com/register/BIeb0ab4e711c74d0f90b2c435f5a4266f
About OraSure Technologies,
Inc. OraSure Technologies (the “Company”) transforms
health through actionable insight and powers the shift that
connects people to healthcare wherever they are. The Company
improves access, quality, and value of healthcare with innovation
in effortless tests, sample management solutions, and services.
OraSure, together with its wholly-owned subsidiaries, DNA Genotek,
Diversigen, and Novosanis, provides its customers with end-to-end
solutions that encompass diagnostics, tools, and services. The
OraSure family of companies is a leader in the development,
manufacture, and distribution of rapid diagnostic tests, sample
collection and stabilization devices, and molecular services
solutions designed to discover and detect critical medical
conditions. OraSure’s portfolio of products is sold globally to
clinical laboratories, hospitals, physician’s offices, clinics,
public health and community-based organizations, research
institutions, government agencies, pharmaceutical companies,
commercial entities, and direct to consumers. For more information
on OraSure Technologies, please visit www.orasure.com
About SapphirosSapphiros, backed by KKR and
Neoenta, is a privately held consumer diagnostics company.
Sapphiros’ portfolio of capabilities and technologies includes
novel sample collection, next-generation diagnostics, computational
biology, and printed electronics, which help consumers access
important diagnostic results globally. Knowing Now Moves Us™
Forward Looking
Statements This press release contains certain
forward-looking statements, including with respect to products,
product development and manufacturing activities, our investment
in, and distribution relationship with, Sapphiros and its related
entities, revenue growth, cost savings, cash flow, increasing
margins and other matters. Forward-looking statements are not
guarantees of future performance or results. Known and unknown
factors that could cause actual performance or results to be
materially different from those expressed or implied in these
statements include, but are not limited to: Sapphiros’ and its
related entities’ ability to seek and obtain regulatory approval
for products in development; our ability to satisfy customer
demand; ability to reduce our spending rate, capitalize on
manufacturing efficiencies and drive profitable growth; ability to
achieve the anticipated cost savings as a result of our business
restructuring; ability to market and sell products, whether through
our internal, direct sales force or third parties; impact of
significant customer concentration in the genomics business;
failure of distributors or other customers to meet purchase
forecasts, historic purchase levels or minimum purchase
requirements for products; ability to manufacture or have
manufactured products in accordance with applicable specifications,
performance standards and quality requirements; ability to obtain,
and timing and cost of obtaining, necessary regulatory approvals
for new products or new indications or applications for existing
products; ability to comply with applicable regulatory
requirements; ability to effectively resolve warning letters, audit
observations and other findings or comments from the FDA or other
regulators; the impact of the novel coronavirus (“COVID-19”)
pandemic on the Company's business, supply chain, labor force,
ability to successfully develop new products, validate the expanded
use of existing collector products, receive necessary regulatory
approvals and authorizations and commercialize such products for
COVID-19 testing, and demand for our COVID-19 testing products;
changes in relationships, including disputes or disagreements, with
strategic partners such as Sapphiros or other parties and reliance
on strategic partners for the performance of critical activities
under collaborative arrangements; ability to meet increased demand
for the Company’s products; impact of replacing distributors;
inventory levels at distributors and other customers; ability of
the Company to achieve its financial and strategic objectives and
continue to increase its revenues, including the ability to expand
international sales and the ability to continue to reduce costs;
impact of competitors, competing products and technology changes;
reduction or deferral of public funding available to customers;
competition from new or better technology or lower cost products;
ability to develop, commercialize and market new products; market
acceptance of oral fluid or urine testing, collection or other
products; market acceptance and uptake of microbiome informatics,
microbial genetics technology and related analytics services;
changes in market acceptance of products based on product
performance or other factors, including changes in testing
guidelines, algorithms or other recommendations by the Centers for
Disease Control and Prevention or other agencies; ability to fund
research and development and other products and operations; ability
to obtain and maintain new or existing product distribution
channels; reliance on sole supply sources for critical products and
components; availability of related products produced by third
parties or products required for use of our products; impact of
contracting with the U.S. government; impact of negative economic
conditions; ability to maintain sustained profitability; ability to
utilize net operating loss carry forwards or other deferred tax
assets; volatility of the Company’s stock price; uncertainty
relating to patent protection and potential patent infringement
claims; uncertainty and costs of litigation relating to patents and
other intellectual property; availability of licenses to patents or
other technology; ability to enter into international manufacturing
agreements; obstacles to international marketing and manufacturing
of products; ability to sell products internationally, including
the impact of changes in international funding sources and testing
algorithms; adverse movements in foreign currency exchange rates;
loss or impairment of sources of capital; ability to attract and
retain qualified personnel; exposure to product liability and other
types of litigation; changes in international, federal or state
laws and regulations; customer consolidations and inventory
practices; equipment failures and ability to obtain needed raw
materials and components; cybersecurity breaches or other attacks
involving our systems or those of our third-party contractors and
IT service providers; the impact of terrorist attacks, civil
unrest, hostilities and war; and general political, business and
economic conditions, including inflationary pressures and banking
stability. These and other factors that could affect our results
are discussed more fully in our SEC filings, including our
registration statements, Annual Report on Form 10-K for the year
ended December 31, 2022, Quarterly Reports on Form 10-Q, and other
filings with the SEC. Although forward-looking statements help to
provide information about future prospects, readers should keep in
mind that forward-looking statements may not be reliable. Readers
are cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are made as of the date
of this press release and OraSure Technologies undertakes no duty
to update these statements.
|
|
Investor
Contact:Jason PlagmanVP, Investor
Relationsinvestorinfo@orasure.com |
Media
Contact:Amy KochDirector, Corporate
Communicationsmedia@orasure.com |
OraSure Technologies (NASDAQ:OSUR)
Historical Stock Chart
From Apr 2024 to May 2024
OraSure Technologies (NASDAQ:OSUR)
Historical Stock Chart
From May 2023 to May 2024