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Saturday, December 3, 2022

The Exciting Story of Great Basin Scientific Inc (NASDAQ:GBSN)

Great Basin Scientific Inc (NASDAQ:GBSN) has seen a recent massive surge in trading volume after the Company announced the commercial launch of its Shiga Toxin Direct Test. The Shiga Toxin Direct Test recently received the CE marking designation under the European Directive on In Vitro Diagnostic Medical Devices. It is the third CE marked molecular diagnostic assay designation for Great Basin, following its tests for Group B Streptococcus and Clostridium difficile.

GBSN is one exciting story in small caps that would be skyrocketing up the charts if it toxic financing that has been going on here resulting in massive dilution and 2 reverse stock splits in the last 10 month. 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. GBSN has been hampered by managements wasteful spending and continued failure to deliver which has resulted in massive dilution and reverse stock splits in the past.

Great Basin Scientific Inc (NASDAQ: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;

On August 2 GBSN announced the commercial launch of its Shiga Toxin Direct Test, the only stand-alone test to provide the Center for Disease Control’s (CDC) recommended identification of the high-virulence serotype O157 in conjunction with detecting Shiga toxin-producing Escherichia Coli, or STEC, giving clinicians definitive patient diagnosis to make timely decisions on the right course of treatment. The Company reports it began evaluations at sites in July and reaffirms that it expects to attain 50 percent penetration of its installed customer base using the Shiga Toxin Direct Test within five to seven months.

GBSN CEO Ryan Ashton said “We are very excited about the market response we’ve received for our Shiga Toxin Direct Test, both from our existing customer base and from brand new opportunities including larger reference laboratories. We’re further encouraged to discover test volume estimates are proving to be higher than we initially expected, much of which is a result of demand from larger sites for this unique and valuable assay.”

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Currently seeing massive volatility GBSN is one exciting story in small caps that 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.

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