Better Times Ahead For Great Basin Scientific Inc (NASDAQ:GBSN)

To say shareholders of Great Basin Scientific Inc (NASDAQ:GBSN) have been disappointed is an understatement. A company with great technology has been taken to the woodshed by short sellers and toxic financiers. However, better days look to be ahead as GBSN is finally cleaning up it share structure mess that has decimated many shareholders.On January 21, 2016, Great Basin converted the remaining 1,221,587 Series C Warrants. It settled 1,416 warrants with cash and settled the remainder by issuing 13.7 million shares of Great Basin common stock. The Company did not issue any of the Pre-funded Rights to acquire its common stock. GBSN has converted all outstanding Series C Warrants into shares of its common stock and therefore now has 75.5 million shares of common stock issued and outstanding, and has no remaining unconverted Series C Warrants.Now everyone can focus on the business at hand. 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.The company's automated molecular diagnostics system uses a unique amplification technology and chip-based detection which afford rapid test turnaround and high sensitivity at a relatively low price point. These benefits provide what GBSN believes is an attractive value proposition, particularly for its targeted customer base of small- to medium-sized hospitals.GBSN owns three method and method/composition patents related to detection and amplification: Methods of isothermal amplification using blocked primers (8,936,921 issued in January 2015), Systems and methods for point-of-care amplification and detection of polynucleotides (8,637,250 issued in January 2014) and Methods and compositions for amplifying a detectable signal (8,574,833 issued in November 2013). The company also has a non-exclusive license with BioHelix for use of that company's patented isothermal amplification method using HDA, as well as a license agreement with Integrated DNA Technologies (IDT) for the use of blocked primers in combination with HAD.

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The latest news showed that the company added 46 new customers in the fourth quarter of 2015. As of December 31st, the company had secured 186 U.S. customers, compared to 84 customers reported at the end of December 2014, representing an increase of 121 percent year over year. Further, Great Basin’s Group B Streptococcus (GBS) test—which was commercially launched on June 1, 2015—has now been adopted by or is scheduled to be evaluated by 80 sites, which represents 43 percent of the Company’s customer base.2016 should be an exciting year for GBSN. Among the items we are watching include Pertussis/Parapertussis Test – clinical trial expected to commence in first half of 2016; CT/NG Test – clinical trial expected to commence early second half of 2016; SA Nasal Screen Test – clinical trial expected to commence first half of 2016; Stool Bacterial Pathogens Panel – clinical trial expected to commence in first half of 2016; and Candida Blood Infections Panel – clinical trial expected to commence in the second half of 2016.Furthermore, last year Great Basin submitted its Staph ID/R Blood Culture Panel and Shiga Toxin Direct Test to the U.S. Food & Drug Administration (FDA) for 510(k) clearance following the successful completion of clinical trials. The Company anticipates response from the FDA for both submissions in the first quarter of 2016. Based on initial FDA review of the submissions, the Company anticipates response for the Shiga Toxin Direct Test prior to response for the Staph ID/R Blood Culture Panel due to the complexity of the submission for a panel diagnostic assay.

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Last month a 1:60 reverse split went into effect. We think the worst is behind the company. GBSN has a proven technology, customers and a product needed worldwide. We're expecting a lot of news out of GBSN this year, so be sure to sign up to Insider Financial and get the latest updates on GBSN!Disclosure: We have no position in GBSN either long or short. We have not been compensated for this article.