Quantum-Si and Planet Innovation to Partner on Proteus™

Rhea-AI Summary

Quantum-Si (Nasdaq: QSI) has announced a partnership with Planet Innovation for the development and manufacturing of its novel proteomics platform, Proteus™. Planet Innovation, which currently manufactures QSI's Platinum® Pro instrument, will expand its role to support Proteus instrument development and serve as the contract manufacturing partner. The partnership aims to bring the platform to market in under two years, with Planet Innovation leveraging its team of over 400 experts in scientific instrumentation and medical devices development. The Platinum® Pro instrument is scheduled to debut in the first half of 2025.

Positive

• Partnership with established manufacturer Planet Innovation to accelerate product development
• Target timeline of under two years for market delivery of Proteus platform
• Seamless transition from development to commercialization through single partner

Negative

• None.

Insights

Tech Manufacturing Expert

This manufacturing partnership signals a strategic move to accelerate Proteus™ platform development, but carries moderate significance for investors. While Planet Innovation's proven track record in scientific instrumentation is promising, several key details remain unclear:

• No financial terms or cost structures were disclosed
• No specific technical milestones or development phases were outlined
• Market size and revenue projections are absent

The two-year timeline to market is ambitious for a novel proteomics platform. Planet Innovation's existing relationship manufacturing the Platinum® Pro instrument provides some de-risking, but successful execution will depend heavily on technical feasibility and regulatory pathways. With QSI's relatively small market cap of $93M, this partnership could meaningfully impact development costs and time-to-market, though commercial success remains speculative.

Combined Teams Aim to Deliver Novel Proteomics Platform in Under Two Years

BRANFORD, Conn.--(BUSINESS WIRE)-- Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), The Protein Sequencing Company™, and Planet Innovation today announced that they will partner on the development and manufacturing of Quantum-Si’s novel proteomics platform, Proteus™.

Planet Innovation has a team of over four hundred people with expertise across design, development and manufacturing of scientific instrumentation and medical devices. Currently, Planet Innovation serves as the contract manufacturer for Quantum-Si’s Platinum^® Pro instrument, set to debut in the first half of 2025. Through this expanded partnership, Planet Innovation will support the development of Quantum-Si’s Proteus instrument and serve as the contract manufacturing partner to ensure a seamless transition from development into commercialization.

“We are thrilled to expand our partnership with Planet Innovation and leverage their global scale and expertise to accelerate the development and commercialization of Proteus,” said Jeff Hawkins, President and CEO of Quantum-Si. “We believe that partnering with Planet Innovation will allow us to deliver this novel instrument to the market on a timeline of under two years.”

“Planet Innovation is proud to support Quantum-Si in developing their new proteomics platform. We have a large, established team with a proven track record in developing world-first life science platforms that are disruptive, compliant and commercialized in record time. We are excited to work side-by-side with the Quantum-Si team in making proteomics more accessible to researchers, scientists and clinicians to ultimately improve human health,” said Stuart Elliott, CEO and co-founder of Planet Innovation.

About Quantum-Si Incorporated

Quantum-Si, The Protein Sequencing Company^™, is focused on revolutionizing the growing field of proteomics. The Company’s Platinum^® instrument enables Next-Generation Protein Sequencing™ that advances proteomic research, drug discovery, and diagnostics beyond what has been possible with existing proteomic tools. Learn more at quantum-si.com or follow us on LinkedIn or X.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of products and services, its anticipated cash runway and its financial guidance for the full year 2024. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth profitably and retain its key employees; the Company’s ongoing leadership transitions; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future; the potential attributes and benefits of the Company’s commercialized Platinum® protein sequencing instrument and kits and the Company’s other products once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241120378566/en/

Investor Contact

Doug Farrell, VP, Investor Relations

ir@quantum-si.com

Media Contact

Katherine Atkinson, SVP, Commercial Marketing

media@quantum-si.com

Source: Quantum-Si Incorporated

FAQ

When will Quantum-Si (QSI) launch its Platinum Pro instrument?

Quantum-Si's Platinum Pro instrument is scheduled to debut in the first half of 2025.

What is the timeline for Quantum-Si's (QSI) Proteus platform development?

Quantum-Si aims to deliver the Proteus platform to market in under two years through their partnership with Planet Innovation.

Who is manufacturing Quantum-Si's (QSI) Proteus platform?

Planet Innovation will serve as the contract manufacturing partner for Quantum-Si's Proteus platform, handling both development and manufacturing.