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Progenity : to Participate in Crohn's & Colitis Foundation's Fourth AnnualáIBD Innovate Conference

10/19/2021 | 07:32am EST

SAN DIEGO, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, announced today that the company will participate in the fourth annual IBD Innovate Product Development for Crohn’s & Colitis virtual conference, hosted by the Crohn’s & Colitis Foundation, November 18-19, 2021.

Progenity’s Vice President of Strategy and Operations, Chris Wahl, MD, MBA, will present as part of a session titled "Novel Drug Delivery Technologies” on Thursday, November 18, at 2:25 p.m. Eastern. The presentation will be live-streamed and will be available for viewing after the event to registered attendees.

The presentation will focus on Progenity’s novel Drug Delivery System (DDS), currently under development, which is designed to improve patient outcomes in ulcerative colitis by increasing the available dose at the site of disease while reducing systemic toxicity.

About the Drug Delivery System (DDS)
Progenity’s Drug Delivery System (DDS) is an ingestible capsule designed for targeted delivery of therapeutics to improve treatment of gastrointestinal disease. For the 1.8 million patients in the United States who suffer from inflammatory bowel disease (IBD), existing therapeutics offer less than ideal efficacy because of the challenges with safely achieving therapeutic drug levels in the affected tissues.

The DDS promises an alternative therapeutic platform that could maximize the available dose at the site of disease while reducing systemic toxicity. Once swallowed, the DDS smart capsule is designed to autonomously identify when it has arrived at a designated location in the intestine, and release drug at the site of disease.

Progenity is currently in preclinical development of its lead candidates, PGN-001 (liquid adalimumab delivered by the DDS) and PGN-600 (liquid tofacitinib, a JAK inhibitor, delivered by the DDS) and is preparing to initiate early clinical studies in 2022. Progenity was a recipient of the Crohn’s and Colitis Foundation IBD Ventures development grant in 2021 to support development and further clinical evaluation of the DDS platform.

About Progenity
Progenity, Inc. is a biotechnology company innovating in the fields of women’s health, gastrointestinal health and oral biotherapeutics. Progenity applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity’s vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies.

For more information visit www.progenity.com, or follow the company on LinkedIn or Twitter.

Forward Looking Statements
This press release contains “forward-looking statements,” which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts, included in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause Progenity’s actual results to differ materially from the forward-looking statements expressed or implied in this press release, including Progenity’s ability to successfully develop and commercialize its products under development, the uncertainties inherent in the development process, such as the regulatory approval process, the timing of regulatory filings, and other matters, including the ongoing COVID-19 pandemic, that could affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations and the availability or commercial potential of Progenity’s products, and those risks described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Progenity’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 18, 2021, and other subsequent documents we file with the SEC, including but not limited to Progenity’s Quarterly Reports on Form 10-Q. Progenity claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Progenity expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Robert Uhl
Managing Director, Westwicke ICR
(619) 228-5886

Media Contact:
Kate Blom-Lowery
CG Life
(619) 743-6294

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Net income 2021 -180 M - -
Net Debt 2021 101 M - -
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EV / Sales 2021 8,69x
EV / Sales 2022 295x
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Short TermMid-TermLong Term
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Last Close Price 2,72 $
Average target price 6,00 $
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Eric d'Esparbes Chief Financial Officer & Executive Vice President
Matthew Cooper Chief Scientific Officer
Troy Seelye Chief Information Officer
Damon Silvestry Chief Operating Officer
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