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Great Basin Scientific Inc. (GBSN)

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October 31, 2017: "Insider Financial" article about this year's GBSN events, successes, issues, and possible GBSN way forward:

***News Out: 6/27/2017 Great Basin Provides Business Update***

New Business Pipeline exceeds $5.0 million in potential new revenue; Nearly $2.0 million in potential pipeline revenue is from Stool Bacterial PathogensPanel, currently awaiting FDA clearance

Salt Lake City, June 26, 2017 – Great Basin Scientific, Inc. (OTCQB: GBSN), a molecular diagnostics company, today provided a general business update on the Company, focusing on its efforts to drive growth in second half 2017 and into 2018 through an expanded menu of diagnostic panels and tests.  Highlights include:

  • New business pipeline exceeds $5.0 million, an increase of 123% over the fourth quarter of 2016;
    Pipeline includes $1.96 million in expected annual revenue from the Company’s Stool Bacterial Pathogens Panel (SBPP), currently awaiting expected 510(k) clearance from the U.S. Food and Drug Administration (FDA);
    Average expected annual revenue of sites in evaluation increases 279% to $47,866 compared with $12,620 in the second quarter of 2016; and
    New customer sites now comprise 34% of new business pipeline.

“We are pleased to see such exciting results from the large investments we made in 2016 to diversify and expand our product menu. Already, we believe the potential revenues of our new business pipeline exceed our revenues for all of fiscal year 2016,” said Ryan Ashton, co-founder and chief executive officer of Great Basin Scientific. “Especially encouraging has been the response to our most important product, the Stool Bacterial Pathogens Panel, currently awaiting FDA clearance. We will not commence sales and marketing outreach on that panel until we receive FDA clearance, but inbound demand has been promising, and, based on the pre-clearance demand, we expect to see our new business pipeline growth accelerate once we receive FDA clearance for this important assay.”

Ashton continued, “In addition to menu expansion and new business progress, we also continue to execute our cash management program, which was initiated in late 2016. This program is intended to re-align Company resources from a heavy focus on product development to an increased focus on customer acquisition and revenue growth. We expect our cash burn rate to continue to decline during 2017, and reiterate our target for total operating expenses at or below $4.0 million for the third quarter of 2017, proving our dedication to executing on the fundamentals that will both serve our target market and our stockholders.”

New Business Pipeline and Product Mix

As of June 22, 2017, the Company had approximately $5.0 million of potential new revenues in the new business pipeline. These potential revenue estimates, as well as those below are based on the evaluating site’s own estimate of their expected testing volumes multiplied by the product price offered to the prospective customer[1].

The Company’s highest-value multiplex panels – Staph ID/R Blood Culture Panel (SIDR) and Stool Bacterial Pathogens Panel (SBPP) SBPP – comprise 34% of new customer site evaluations in the new business pipeline. Staph ID/R has a list price 50% above that of the Company’s low-plex tests, with the same general cost-of-goods as the low-plex assays. SBPP, which is awaiting 510(k) clearance from the FDA, comprises 25% of the new customer evaluations in the pipeline. SBPP, when commercially available, will have a list price 2-3 times higher than the Company’s low-plex tests. Based on customer feedback, the Company anticipates significant pipeline growth for SBPP once it receives FDA clearance and the Company is free to market the panel. The new business pipeline follows:

To the extent these evaluations and scheduled evaluations are converted into customers, we expect such conversions to occur between the fourth quarter of 2017 and the first quarter of 2018. The Company’s historical “win rate” (those evaluations that elect to become customers) has been 82%.

New Customers from Larger Hospitals and Labs Mark Largest Evaluation Growth

A substantial increase in the number of larger hospitals and labs in the new business pipeline, along with greater interest in the Company’s newest and higher-priced panels, is resulting in significant growth in the Company’s expected average annual revenue per customer. Expected annual revenue from new customers evaluating the Company’s products increased approximately 279% from the second quarter of 2016 and 186% from the third quarter of 2016. This significant increase occurred prior to launch of the Company’s first mid-plex panel, its Staph ID/R Blood Culture Panel for blood sepsis caused by staphylococcus species. The Company believes its expanded product mix of low-, mid- and multi-plex assays is the primary driver of the increase in expected average revenue per customer, and believes this trend will accelerate with the addition of SBPP to its commercial offerings, as well as the anticipated development of other, higher-priced assays in the future. The chart below shows the average expected annual revenue of new customer evaluation starts by quarter:

Stool Bacterial Pathogens Panel (SBPP)

The Company expects its SBPP assay to be its primary growth driver in 2018, having already seen large demand for this assay pre-FDA clearance. The Company believes this response has been driven by three factors:

  • SBPP addresses, by far, the largest market of any of the Company’s products—that for the approximately 48 million food-borne illnesses that occur annually in the United States;
    The assay fulfills an unmet need by providing a powerful, focused set of answers that allow clinicians to quickly and accurately diagnose and treat their patients suffering from food-borne gastrointestinal distress; and
    The Company’s low-cost structure allows it to offer its hospital and lab customers a powerful value proposition. The test will be priced below expected reimbursement rates, which means SBPP can be run profitably by customers.

According to the Centers for Disease Control (CDC), there are 48 million food-borne (bacterial) illnesses annually in the United States. SBPP powerfully addresses this large market where current solutions are either too slow (culture) or too expensive relative to reimbursement rates (mega-plex panels). The Company believes its low-cost, easy-to-use solution will drive placements for its system, accelerating revenue growth and, because of SBPP’s higher selling price and exceptional gross margins, resulting in profitability.

In late December 2016, the Company submitted its 510(k) application for SBPP to the FDA. Previous 510(k) clearances for the Company’s assays have been approximately 180 days from submission to clearance, with the Company’s first FDA-cleared mid-plex panel, Staph ID/R, requiring 205 days.

Mid-Plex Panels and Reimbursement as a Competitive Driver

In late April 2017, Medicare contractor Palmetto GBA issued a draft of Local Coverage Determinations (LCDs)[2] proposing reimbursement coverage for a variety of diagnostic panels, including Foodborne Gastrointestinal Panels Identified by Multiplex Nucleic Acid Amplification Tests (NAATs), recommending the use of smaller, more targeted panels over larger and broader panels. Their reasoning for non-coverage included the fact that the pathogen targets in larger (more than five pathogens) panels don’t represent a common syndrome, and that many targets can be very rare. “A panel that includes pathogens that are very rare, or a panel in which all pathogens do not cause overlapping clinical syndromes, or when some pathogens are found only in specific patient populations (immuno-compromised patients) is not reasonable and necessary,” Palmetto wrote. This recommendation supports Great Basin’s mid-plex panel approach of smaller panels that represent a common syndrome, for which there is broad applicability and, per Palmetto’s recommendation, offers a lower rate of reimbursement denial.

“In ongoing discussions with customers and prospects, they report a strong preference for smaller panels targeting the most common pathogens, noting high-cost molecular diagnostic mega-panels are meeting reimbursement resistance from payors and clinical resistance from clinicians who prefer a more targeted, therapy-focused set of answers for their patients. This preference maps to the updated reimbursement recommendations being issued from payors like Palmetto, reinforcing our mid-plex panel strategy,” said Sandra Nielsen, senior vice president of sales and marketing for Great Basin Scientific. “We are excited about the opportunity to serve the needs of clinicians with SBPP and our in-development Stool Parasite Panel, two right-sized, cost effective panels that we believe will offer a significant competitive advantage over either culture or our competitors’ high-cost molecular diagnostic mega-panels.”

About Great Basin Scientific

Great Basin Scientific 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. The Company’s 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. More information can be found on the Company’s website at

***6/1/2017 NEWS UPDATE***

Data to be Presented June 1-5, 2017 at American Society of Microbiology's "Microbe 2017" Conference Demonstrates Great Basin Scientific, Inc.’s Stool Bacterial Pathogens Panel Efficacy
                    Four posters describing the Company’s platform are to be presented, including a third-party (Laboratory Alliance of Central New York) clinical study poster of the Stool Bacterial Pathogens Panel 

SALT LAKE CITY, June 01, 2017 -- Great Basin Scientific, Inc. (GBSN), a molecular diagnostics company, announced today that it will present 3 posters describing the reliability and effectiveness of its diagnostic platform to attendees of American Society of Microbiology's (ASM) Conference "Microbe 2017" in New Orleans on June 1-5, 2017. Additionally, Dr. Paul Granato from the Laboratory Alliance of Central New York will present a poster summarizing the results of a multi-site independent clinical study evaluating the Great Basin Scientific, Inc. Stool Bacterial Pathogens Panel, which is awaiting 510(k) clearance from the US Food and Drug Administration (FDA). In the independent study by the Laboratory Alliance of Central New York, the Company’s Stool Bacterial Pathogens Panel is shown to process results in approximately 2 hours with superior detection rates of over 97%, compared to 51% for conventional culture and EIA methods.

***5/24/2017 NEWS UPDATE*** 

Great Basin Scientific Issued Second U.S. Patent for PCR Amplification Suppressor

SALT LAKE CITY, May 24, 2017 (GLOBE NEWSWIRE) -- Great Basin Scientific, Inc.(OTCQB:GBSN), a molecular diagnostics company, today announced that the United States Patent and Trademark Office (USPTO) issued U.S. Patent 9,657,353 for the Company’s amplification suppressor. This patent is the second U.S. patent relating to Great Basin’s amplification suppressor technology, expanding the Company’s protection to assays, kits, and products. The protection afforded by this patent allows the Company to explore licensing of the technology to applications such as medical research, food safety, veterinary, and more.


***4/12/2017 NEWS UPDATE***

Announced today (4/12/2017) that it has received CE Marking for its Stool Bacterial PathogensPanel

***4/3/2017 NEWS UPDATE*** 
FDA 510(k) Premarket Notification - Effective 3/31/2017 - Great Basin Scientific, Inc. - Bordetella Pertussis DNA Assay System:

FYI (Why this particular diagnostic product is so important and useful for healthcare professionals): Pertussis, a respiratory illness commonly known as whooping cough, is a very contagious disease caused by a type of bacteria called Bordetella pertussis. These bacteria attach to the cilia (tiny, hair-like extensions) that line part of the upper respiratory system. The bacteria release toxins (poisons), which damage the cilia and cause airways to swell. Pertussis is a very contagious disease only found in humans. It is spread from person to person. People with pertussis usually spread the disease to another person by coughing or sneezing or when spending a lot of time near one another where you share breathing space. Many babies who get pertussis are infected by older siblings, parents, or caregivers who might not even know they have the disease.

GBSN's most recent 510(k) clearances and applications: 

Great Basin Scientific, Inc. (GBSN) granted 510(k) clearance 3/31/17 by the FDA for Great Basin Bordetella Direct Test

Great Basin Scientific, Inc. submits 510(k) application to FDA 12/19/16 for diagnostic Stool Bacterial Pathogens Panel

Great Basin Scientific Reports Fourth Quarter and Full Year 2016 Results
(GlobeNewswire,  March 22, 2017, 07:03:00 AM EDT)

*Company reduces operating costs, improves gross margin and cash burn rate quarter-over-quarter *
Fourth quarter revenue increased 39% year-over-year; 2016 revenues increased 42%
14% reduction in net cash used in operating activities from the third quarter to the fourth quarter of 2016
34% reduction in fourth quarter G&A expenses leads to 4% reduction in total operating expenses compared to third quarter
Quarterly gross margin improved 42 basis points over third quarter to best level of the year
Percentage of customers using more than one assay increased 17% quarter-over-quarter and 81% year-over-year

Read more:





About Great Basin Scientific, Inc: Great Basin Scientific, Inc. (ticker symbol: 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. Great Basin's molecular diagnostics system is uniquely capable of answering both the ‘What is it?’ question --answered by a low-cost, low-plex assay-- and the ‘What is causing it?’ question, identified by a multi-plex panel. Great Basin has FDA Clearance on tests for Clostridium difficile and Group B streptococcus. Low-plex tests in development include SA Nasal and Staph ID/R and multi-plex panels being developed include Fungal Pathogens, Shiga-toxin-producing E. coli (STEC) and Food-borne Pathogens (GI Panel). Great Basin Scientific’s 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. Fast, accurate results. More answers. One easy-to-use and cost-effective system. Only Great Basin delivers a powerful product pipeline of tests and panels that allows every lab to adopt molecular diagnostics that will assist clinicians in better diagnosing and managing patients outcomes. The company sells its diagnostic tests through a direct sales force in the United States, as well as through distributors in the European Union and New Zealand. Great Basin Scientific, Inc. is headquartered in Salt Lake City, UT. For more information on the company or its products, please feel free to contact us at our Corporate Headquarters.


Amended Statement of Ownership (sc 13g/a)
Date: January 24, 2017 @ 4:29 PM
Source: EDGAR (US Regulatory)
Stock: Great Basin Scientific, Inc. (QB) (GBSN)

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GBSN News: Amended Statement of Ownership (sc 13g/a) 01/12/2018 09:13:41 AM
GBSN News: Current Report Filing (8-k) 10/03/2017 06:07:42 AM
GBSN News: Current Report Filing (8-k) 10/02/2017 06:08:07 AM
GBSN News: Current Report Filing (8-k) 09/28/2017 09:16:23 AM
#37217  Sticky Note New SC-13G/A 1/12/18 for Empery Asset Master/Tax Efficient. TKane 01/14/18 09:15:15 AM
#37217   New SC-13G/A 1/12/18 for Empery Asset Master/Tax Efficient. TKane 01/14/18 09:15:15 AM
#37216   Enough-is-Enough!-Toppest-Class-CEO-RA-should-file-something! Id StockUser 01/05/18 12:17:50 PM
#37215   Incredible-CEO!-DYODD! Id StockUser 01/05/18 12:06:09 PM
#37214   HAPPY NEW YEARS ASSTON THE BEST CEO wickerman 12/29/17 10:32:07 PM
#37213   Merry-Christmas-to-All!-Don't-Drink-&-Drive-Also-file-something! Id StockUser 12/22/17 11:15:50 PM
#37212   U-must-bk-4rm-Zimbabwe?-No?File-something-if-u-want-ur-christmas-bonus!Hurry-?! Id StockUser 12/14/17 05:17:15 PM
#37211   $GBSN - Agree. Once this last final Penny Profit Prophet 12/09/17 07:40:05 AM
#37210   Wait for it, wait for it soon reverse yesterdaysnews74 12/09/17 02:00:26 AM
#37209   DANGER DANGER DANGER! $GBSN has almost peaked Penny Profit Prophet 12/05/17 08:06:47 AM
#37208   Wish my warrants were still good Etmccarthy13 12/03/17 10:09:46 PM
#37207   Late17/early18-GBSN-will-b-profitable-IMO-accoding-2RA-Looks-like-B/O Id StockUser 11/30/17 07:28:15 PM
#37206   BTC-was-riding-hight-on-UK-For-now-that-risk-half-gone-since-they-will-pay-half- Id StockUser 11/30/17 09:11:45 AM
#37205   I'd be lightfooted in any bitcoin investments now. Penny Profit Prophet 11/30/17 07:26:55 AM
#37204   No-wonder-why-people-are-investing-in-bitcoins-and-other-alternatives Id StockUser 11/30/17 06:04:53 AM
#37203   $GBSN still getting away with dumping endless toxic Penny Profit Prophet 11/27/17 07:43:40 AM
#37202   It's funny how Ashton keeps this thing going. TKane 11/18/17 10:51:10 AM
#37201   Okay, this post is my favorite ever posted vixpix 11/10/17 03:16:15 PM
#37200   Uno (#1) CEO!!!!Zimbabwe/SLC/LA?-SLC-is-Salt-Lake-City! Id StockUser 11/09/17 08:44:08 PM
#37199   No-money-to-file-ER?-Looks-like-year-end-B/O-MAX.$£¢€-Maybe-C-U-all-in-LA! Id StockUser 11/09/17 08:36:49 PM
#37198   Staying-in-the-new-office-must-b-expensive.-No?-When-B/O? Id StockUser 11/09/17 08:31:02 PM
#37197   I saw this on my filters last week tazinu 10/26/17 08:50:06 PM
#37196   Cant wait until we hit that 52 week stokbrokin 10/26/17 05:12:50 PM
#37195   And soooo what wasnup with today? Meteoric stokbrokin 10/26/17 05:11:37 PM
#37193   Great Bankrupt Soiled Network dandan2x72 10/19/17 11:57:42 PM
#37191   Very interesting set up given the recent activities. Filterthenoise 10/19/17 04:10:28 PM
#37190   Bullish $GBSN jjr04001 10/19/17 03:39:10 PM
#37189   MOON-SHOT!!!!Invest-Forget!Party-in-LA-with-THE-GREATEST-KING! Id StockUser 10/19/17 03:04:19 PM
#37188   Looks-like-fundind-4-next-TDM-Company-will-start-soon!CFO-available! Id StockUser 10/19/17 02:55:37 PM
#37187   Party in LA with the Greatest CEO! Id StockUser 10/19/17 02:47:02 PM
#37186   Yeah.. Ready for Bankruptcy! Party at my dandan2x72 10/19/17 02:37:50 PM
#37185   Looks ready Gcasa 10/19/17 01:07:20 PM
#37184   It ain't over yet. BRoberts1982 10/15/17 10:44:58 AM
#37183   Scanning through some SEC filings. Are these guys Admtiger 10/14/17 10:00:05 PM
#37182   A glorious day it will be when this wickerman 10/13/17 10:37:24 PM
#37181   Jeff Rona resigns as CDO (Chief Dilution Officer) wickerman 10/13/17 10:35:07 PM
#37180   The-KING-of-the-Kings!RYAN-ASHTON!!!99.9999--%-down-isn't-a-big-deal-here! Id StockUser 10/13/17 07:03:57 PM
#37179   You know GBSN is the SCAM King when wickerman 10/13/17 01:44:18 AM
#37178   Just-0.00001%-is-all-we-need!-Thanks-RA!!!! Id StockUser 10/12/17 05:50:50 PM
#37177   This-21%-drop-today-is-not-a-BIG-deal-when-u-r-down-just-99.9999999%! Id StockUser 10/12/17 05:26:14 PM
#37176   Looks-like-RA-is-on-the-right-track!-No-stoping-now!LA-BABY-LA! Id StockUser 10/12/17 05:22:16 PM
#37175   RA-could/should-give-us-another-chance-with-his-new-COMPANY-2-invest-Otherwise-straight-2LA! Id StockUser 10/12/17 05:05:51 PM
#37174   IMHO-THE-Super-Duper-STAR-will-b-LA-soon!-The-KING-himself!-Yeah-u-got-that-right! Id StockUser 10/12/17 05:01:39 PM
#37173   RYAN ASHTON!!!!!!!!!!!!!!!!!!!!!!!! Id StockUser 10/11/17 06:25:15 PM
#37172   Ashooonon-is-a-legit-guy!!!-AM-I-WRONG? Id StockUser 10/11/17 06:23:02 PM
#37171   Is-there-anymore-FDA-approvals-pending-or-just-waiting-for-Ryaan-to-sell-GBSN? Id StockUser 10/10/17 06:53:31 AM
#37170   Sell-it!-Before-this-tech-becomes-too-old-&-pay-friends-family-rent-ontime-IMHO!GL!I-still-remem Id StockUser 10/09/17 04:41:09 PM
#37169   Bulletproof BUYOUT PLAN!!! LOL... Id StockUser 10/09/17 04:32:37 PM
#37168   U-Could-B-right-BRob-No-money-2-file-ER-bu-Ashtoon&Sandraa-r-enjoying-their-last Id StockUser 10/06/17 10:24:04 AM
#37167   Trust me. These garbage penny stock executives BRoberts1982 10/06/17 09:49:17 AM
#37166   LOL-It's-totally-up-2-him-I-am-100%-sure-The-name-will-b-greater-than-The-Great-B-S-itself-GL-RA&am Id StockUser 10/05/17 06:08:36 PM