Singular Genomics Systems, Inc. - OMIC STOCK NEWS

Singular Genomics Systems, Inc. (Nasdaq: OMIC) has announced the appointment of Elaine R. Mardis, Ph.D., to its Board of Directors. Dr. Mardis is a renowned expert in cancer genomics, recognized for her contributions to genomic technologies aimed at enhancing disease understanding and precision medicine.

The CEO, Drew Spaventa, expressed enthusiasm for her unique expertise, which aligns with the company's focus on advancing clinical sequencing solutions. Dr. Mardis's extensive background includes leadership roles in genomic medicine and significant publications in medical research.

Singular Genomics Systems (Nasdaq: OMIC) has announced a collaboration with the Broad Institute to integrate its G4 sequencer with Terra, a cloud-based data platform. This partnership aims to enhance biomedical research by providing seamless access to analytical tools and cloud storage optimized for genomic data. The integration is designed to facilitate data analysis and sharing, empowering researchers to advance their work more efficiently. Both parties anticipate this collaboration will pave the way for future offerings that complement the capabilities of the G4 sequencer.

Singular Genomics Systems, Inc. (NASDAQ: OMIC) has launched the G4 Sequencing Platform, boasting up to three times more data output per hour than existing benchtop sequencers. This innovative next-generation sequencing (NGS) platform integrates advanced chemistry and engineering to enhance accuracy, speed, and flexibility for various applications, particularly in oncology and immunology. Orders are currently being accepted, with shipments anticipated to commence in Q2 2022. The G4 can run up to 16 samples simultaneously, significantly reducing run times and operational costs.

Singular Genomics Systems, Inc. (Nasdaq: OMIC) reported its third-quarter 2021 financial results, highlighting successful early access partnerships for the G4 Integrated Solution. The company achieved targeted performance metrics in labs with accuracy rates between 99.6% to 99.8% and significant average read counts. Operating expenses rose to $17.5 million, driven by headcount growth and G4 launch investments, resulting in a net loss of $17.6 million. Cash reserves stood at approximately $357 million, with the commercial launch for G4 expected by year-end 2021 and shipments slated for the first half of 2022.

Singular Genomics Systems will report its Q3 2021 financial results after market close on November 9, 2021. Management will host a conference call at 1:30 PM PT to discuss these results. Singular Genomics focuses on advancing genomic technologies, offering products like the Singular Sequencing Engine and developing integrated solutions such as the G4 Integrated Solution for NGS and the PX Integrated Solution for multiomics applications.

Singular Genomics Systems will participate in a fireside chat at the UBS Genomics 2.0 and MedTech Innovations Summit on August 11, 2021, at 3:00 PM PT. CEO Drew Spaventa and CSO Eli Glezer will discuss the company's advancements in genomic technologies. Investors can listen live through the company's website, with an archived version available after the event. Singular Genomics focuses on novel next-generation sequencing and multiomics technologies, aiming to accelerate genomics for scientific and medical progress.

Singular Genomics Systems reported its second quarter 2021 financial results, revealing significant gross proceeds of approximately $258.1 million from its IPO, bringing cash reserves to $371.7 million. During the quarter, operating expenses increased to $13.9 million from $6.8 million year-over-year, with a net loss of $37.5 million, compared to $6.8 million in Q2 2020. The CEO emphasized progress towards the launch of the G4 integrated sequencing solution by mid-2022 and highlighted key partnerships and team expansions to support commercialization.

Singular Genomics Systems announced the closing of its initial public offering on June 1, 2021, selling 11,730,000 shares at $22.00 each, raising approximately $258.1 million. This included the full exercise of the underwriters' option for 1,530,000 additional shares. The shares started trading on Nasdaq under the ticker symbol OMIC on May 27, 2021. Major underwriters involved included J.P. Morgan, Goldman Sachs, BofA Securities, and Cowen.

Singular Genomics has priced its upsized IPO of 10,200,000 shares at $22.00 per share, aiming for gross proceeds of $224.4 million. Trading under the ticker OMIC will commence on May 27, 2021, with the offering expected to close by June 1, 2021. Underwriters have a 30-day option to purchase an additional 1,530,000 shares. This offering will help fund their innovative genomic technologies, including the G4 and PX Integrated Solutions, which focus on next-generation sequencing and multiomics.