Great Basin Scientific, Inc. (NASDAQ:GBSN) revealed that from Friday to Tuesday, it had issued about 14.55 million shares, which had been converted into cash at $0.39 each, in pursuant of the pre-installment of the 2015 notes.
An additional $1.70 million in cash, which is intended for the company’s use, had also been withdrawn from its restricted cash accounts.
As of Tuesday, a total of $13.84 million in principal amount had already been converted into shares, bringing the remaining principal amount to be converted into shares at approximately $8.26 million.
Shiga Toxin Direct Test Commercial Launch
Last week, Great Basin Scientific has commercially launched the Shiga Toxin Direct Test, the only recommended and approved standalone test providing the high-virulence serotype O157 identification in conjunction with Shiga-toxin-producing Escherichia Coli (STEC) identification. Over the next five to seven months, the installed customer base with the Shiga Toxin Direct Test is expected to complete at least half of the penetration.
Ryan Ashton, Great Basin Scientific CEO, noted that the company is highly encouraged with the overall market reception for Shiga Toxin Direct Test. Given this, the company is looking forward to further explore its potentials, especially when it comes to STEC identification. Great Basin Scientific is hopeful to come up with cost-efficient solutions that provide accurate results, enhancing the overall experience of all its consumers.
Shiga Toxin Direct Test
STEC is one of the primary causes of severe infections such as hemolytic-uremic syndrome and acute gastroenteritis. Consequently, there is a need for efficient methods to determine its presence as early as possible.
Dr. Blake Buchan, Medical College of Wisconsin Assistant Professor of Pathology and Associate Director of Clinical Microbiology, emphasized that enhanced disease management can only be attained with accurate and immediate disease identification. With Shiga Toxin Direct Test, Great Basin promises not just accuracy and cost-efficiency but simplicity in procedure as well. It is highly beneficial for laboratory technicians and patients alike since it provides the results in just a minute or less.