Singular Genomics Systems, which is developing genetic sequencing and multiomics systems for biomedical research, raised $224 million by offering 10.2 million shares at $22, the high end of the range of $20 to $22. The company offered 1.7 million more shares than anticipated. At pricing, Singular Genomics Solutions commands a fully diluted market value of $1.7 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 plans to list on the Nasdaq under the symbol OMIC. J.P. Morgan, Goldman Sachs, BofA Securities, Cowen, and UBS Investment Bank acted as lead managers on the deal.
