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News Breaks
November 19, 2012
07:25 EDTBGMD, BGMDBG Medicine management to meet with Lazard Capital
Meeting to be held in London on November 26 hosted by Lazard Capital.
News For BGMD From The Last 14 Days
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July 6, 2015
07:52 EDTBGMDBG Medicine discloses largest customer files petition for bankruptcy protection
In a regulatory filing, BG Medicine disclosed that Health Diagnostic Laboratory, BG Medicine’s largest customer of its BGM Galectin-3 Test with sales that represented approximately 80% of the company’s revenues for the fiscal year ended December 31, 2014 and approximately 60% of the company’s revenues for the fiscal quarter ended March 31, 2015, filed a voluntary petition for bankruptcy protection under Chapter 11 in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. The company has been in discussions with HDL since its bankruptcy filing and HDL has indicated that it intends to continue operating its business, to purchase tests from the company in the ordinary course and has agreed to accelerated payment terms and a limitation on amounts owed to the company on such new orders. Shipments of galectin-3 test kits to HDL resumed on June 15, 2015 in volumes comparable to those that had been shipped immediately prior to the June 7, 2015 bankruptcy filing. On July 2, 2015, in accordance with the post-bankruptcy accelerated payment terms, the company received timely payment from HDL for kit shipments the Company has made to HDL since June 15, 2015. While the company cannot assure you that HDL’s bankruptcy will not have an adverse effect on HDL’s future orders from the company, the company expects to become less reliant on growth from sales of the manual microtiter plate method for galectin-3 testing as automated testing is introduced in the United States in 2015.

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