Singular Genomics Systems, which is developing novel next generation sequencing and multiomics technologies, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $179 million by offering 8.5 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Singular Genomics Systems would command a fully diluted market value of $1.5 billion.
Singular has developed a proprietary next generation sequencing (NGS) technology. The pre-revenue company is developing two integrated solutions for specific applications. Its first integrated solution targets the NGS market and comprises its G4 Instrument, a benchtop next generation sequencer, and an associated menu of consumable kits, addressing specific applications in markets including oncology and immune profiling. The company anticipates initiating an early access program followed by a commercial launch of the G4 Integrated Solution by the end of 2021, and expects to ship units in the 1H22. Its second integrated solution in development comprises its PX Instrument and an associated menu of consumable kits, which combines single cell analysis, spatial analysis, genomics, and proteomics. The company anticipates commercial launch of the PX Integrated Solution in 2023.
Singular Genomics Systems was founded in 2016 and plans to list on the Nasdaq under the symbol OMIC. J.P. Morgan, Goldman Sachs, BofA Securities, Cowen, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
