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CM Life Sciences II (NASDAQ: CMIIU) and SomaLogic, Inc. report stronger-than-expected financial performance ahead of their business combination. Full-year 2021 revenue is projected to exceed $66.7 million by over 10%, while gross margins will be more than 500 basis points above the previous estimate of 51%. The expected proforma cash balance post-transaction is around $685 million, providing strategic financial flexibility. Leadership is optimistic about continued momentum into 2022, highlighting robust growth and long-term success potential.
CM Life Sciences II (CMIIU) and SomaLogic have launched customizable protein panel products, enhancing their offerings for pharma, biotech, and academic customers. These new panels, including disease-specific options and flexible combinations from a library of 7,000 proteins, aim to meet the growing demand for targeted research tools. SomaLogic has over 300 clients, including major partnerships with Novartis and Amgen, and has run more than 450,000 samples. Their SomaScan® platform provides extensive insights for drug discovery and disease management.
CM Life Sciences II Inc. (Nasdaq: CMIIU) announced that holders of its units can trade shares of Class A common stock and redeemable warrants separately starting April 15, 2021. These will trade under the symbols 'CMII' for stock and 'CMIIW' for warrants, while unseparated units will continue under 'CMIIU.' Brokers must contact Continental Stock Transfer & Trust Company for separation. This move is designed to capitalize on opportunities within the life sciences sector, although investors should be aware of the risks associated with forward-looking statements.
SomaLogic, a leader in proteomics technology, has announced a definitive agreement with CM Life Sciences II (NASDAQ: CMIIU) to merge, which will transform CMIIU into a publicly traded company named SomaLogic. The transaction will provide approximately $651 million in gross proceeds, including $375 million from institutional investors. SomaLogic's innovative platform, capable of measuring 7,000 human proteins, aims to accelerate its growth strategy in clinical diagnostics, drug discovery, and health management. This merger marks a significant milestone for both companies.
