10x Genomics IPO begins at $100 Million
Updated: Aug 2
10x Genomics is an American Biotech company that specializes in designing and manufacturing of gene sequencing technology that is used for scientific research purposes and clinical diagnostics.
The firm has unfolded its plans to generate $100 million through an initial public offering (IPO), according to the Security Exchange Commission. The company is situated in Pleasanton, and it plans to list on the Nasdaq under the symbol TXG.
The biotech firm is a developer of integrated solutions, including tools, consumables, and software for analysis of biological systems in which the resolutions and scale were previously inaccessible.
10x Genomics is a retailer of chromium platform, made to allow high output analysis of individual biological components, such as up to millions of single cells. Later this year the firm tends to launch the recently announced “Visual-Spatial Gene Expression Solution”, invented to investigate spatially resolve whole transcriptome mRNA expression, while simultaneously also capturing histological data in the same tissue section.
The company has also invented molecular assays for Visium and Chromium that are designed to provide delicate and robust biochemistries that convert minute amounts of biological analytes into observable signals, as well as software for both platforms.
In its S-1 registration statement, filed on 19th August 2019, the company did not mention how much in net proceeds it is supposed to collect, because that would solely rely on how much money the company is willing to agree on to raise the IPO. One of the representatives of 10x Genomics said that their objective is to use the net proceeds from this IPO to general corporate causes. Initially, they may use this offering to acquire businesses, products or technologies. However, no commitment to material acquisition was guaranteed at that time. 10x Genomics later obtained two new companies in the last year, namely epigenetics company Epigenomics and Spatial Transcriptomics.
10x Genomics declared in the S-1 filing that they expect the company will harbour a “Century of Biology” in which numerous complex health challenges will be solved by precision diagnostics, targeting therapies and cures to currently uncontrollable diseases.
The company launched its first product at the 16th annual Advances in Genome Biology and Technology (AGBT) in 2015, when it introduced the platform for Gem Code. The molecular barcoding and analysis platform comprising of instrumentation, indicators and software was an incremental upgrade of the existing short-read sequencers, invented to produce a new type of sequencing data, linked reads, capable of delivering long-range information, also including haplotype phasing, structural variation, and de novo assembly.
From the launch till up to date, it has sold 1284 instruments to researchers around the globe, including 93 of the top 100 universal research institutions based on publications, and 13 of the top 15 international pharmaceutical companies, based on 2018 revenues.
The key to their success is the marginal innovation, said Serge Saxonov, CEO and co-founder of 10x Genomics, told clinical OMIC’s previously this year. He also highlighted that the success comes from amazing people belonging from varying disciplines, working together in multi-disciplinary teams.