Codexis and seqWell Announce Strategic Investment and Partnership Initiation

Rhea-AI Summary

Codexis (CDXS) has announced a strategic partnership with seqWell, leading a $7 million Series C funding round with a $5 million investment. Current investors Research Corporation Technologies and BroadOak Capital Partners also joined the financing. This partnership aims to accelerate seqWell's commercialization of its genomics workflow solutions, notably its plexWell platform, which simplifies NGS library preparation. Codexis will leverage its CodeEvolver technology to enhance seqWell’s products, positioned in the rapidly growing genomics and next-generation sequencing markets.

Positive

• Codexis led seqWell's $7 million Series C funding round with a $5 million investment.
• The strategic partnership aims to enhance seqWell’s genomics workflow solutions.
• seqWell's plexWell technology facilitates scalable NGS library preparation.
• Partnership leverages Codexis’ enzyme optimization technology to improve product offerings.

Negative

• None.

• seqWell raises $7M Series C funding, led by Codexis
• Current investors Research Corporation Technologies and BroadOak Capital Partners also participated in the round
• New funding will be used to accelerate the commercialization of seqWell’s genomics workflow solutions

REDWOOD CITY, Calif. and BEVERLY, Mass.--(BUSINESS WIRE)-- Codexis, Inc. (Nasdaq: CDXS) and seqWell, Inc. today announced the initiation of a strategic partnership and investment to accelerate the commercialization of seqWell’s genomics workflow solutions. Codexis, a leading enzyme engineering company enabling the promise of synthetic biology, and seqWell, a developer of transformative library preparation products for demanding genomics applications, plan to collaborate on using Codexis’ CodeEvolver^® platform technology for enzyme optimization with seqWell’s growing portfolio of genomics workflow and library preparation products. As part of this partnership, Codexis led seqWell’s $7 million Series C financing with a $5 million investment. Current investors Research Corporation Technologies (RCT) and BroadOak Capital Partners also participated in the Series C financing. This collaboration and investment enable seqWell to continue rapidly advancing its commercialization of new and existing products in the fast-growing genomics and next generation sequencing (NGS) library prep market.

seqWell’s plexWell™ platform is an NGS library preparation technology that enables simple, scalable multiplexing of hundreds to thousands of samples without the need for time- and cost-consuming sample preparation or library normalization steps. Through this partnership, the technology will be matched with Codexis’ CodeEvolver^® platform for discovering and developing novel, high performance enzymes and novel biotherapeutics, to further advance seqWell’s growing portfolio of genomics workflow and library preparation products. By harnessing optimized enzyme-based solutions, seqWell aims to transform the speed and accuracy of sequencing applications within the fast-growing genomics and NGS markets.

Dan Calvo, President and CEO at seqWell, said: “We are thrilled to have Codexis as a strategic investor. This partnership creates great synergy in our pursuit of development and commercialization of innovative genomic tools to meet the demand for simplified, next-generation sequencing workflows that produce high quality results faster, with fewer steps required.”

Dr. Rob Wilson, SVP & General Manager of Codexis’ Performance Enzymes business unit, who joins the seqWell Board with this partnership, commented: “Next generation sequencing is an important strategic market for Codexis, and one in which we have a clear opportunity to create differentiated enzyme-based products to revolutionize future sequencing applications. With its plexWell technology, seqWell has proven its ability to develop efficient, scalable, and user-friendly products in core NGS workflows.” He added: “This investment amplifies Codexis’ strategic growth ambitions in the life science tools area and accelerates seqWell’s ability to bring exciting new products to market by leveraging Codexis’ enzyme engineering capabilities. I’m delighted to join the seqWell board and to work with the team as we continue to grow both organizations.”

For high-resolution images please contact Zyme Communications.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005610/en/

Dr. Ben Rutter

Tel: +44(0)7920 770 935

Email: ben.rutter@zymecommunications.com

Source: seqWell

FAQ

What partnership did Codexis announce on April 21, 2024?

Codexis announced a strategic partnership with seqWell to accelerate the commercialization of seqWell’s genomics workflow solutions.

How much did Codexis invest in seqWell's Series C funding?

Codexis invested $5 million as part of seqWell's $7 million Series C funding round.

What is seqWell's plexWell technology?

seqWell's plexWell technology simplifies and scales NGS library preparation, allowing multiplexing of hundreds to thousands of samples.

What markets does the Codexis and seqWell partnership aim to impact?

The partnership targets the rapidly growing genomics and next-generation sequencing markets.