Monday November 30, 2020 0 comments
BOULDER -- SomaLogic, Inc., a global leader in proteomic discovery and applications transforming biomedical discovery and clinical diagnostics, announced it has successfully closed an Initial Series A capital raise of $121 million.
The company said it anticipates additional closings will occur in the next 90 days.
The Series A financing round is being led by leading life science investor Casdin Capital, with participation from Farallon Capital Management, Foresite Capital, funds and accounts advised by T. Rowe Price Associates, Inc., Blue Water Life Science Advisors, Madryn Asset Management, Fiscus Ventures and Reimagined Ventures (affiliates of Magnetar Capital), Monashee Investment Management, Mossrock Capital, Soleus Capital and others.
Eli Casdin of Casdin Capital will be joining the SomaLogic board of directors, the company said.
The funds raised in this Series A round will facilitate improving, expanding and commercializing SomaLogic’s world-leading proteomic products in both the clinical and life science markets, the company said.
SomaLogic’s total funding from inception now exceeds $485 million and has been provided largely by both financial and strategic investors.
SomaLogic’s SomaScan Platform technology offers life science researchers from biopharmaceutical to academic labs unparalleled and reliable coverage of the proteome for revealing new biology and/or identifying new drug targets as well as the effects of current and potential new drug treatments.
“This strong vote of confidence by Casdin Capital, together with a premier syndicate of sophisticated health care technology investors validates the importance of the science of proteomics in both clinical and research settings and confirms SomaLogic has developed the leading technology and applications in this field,” said Roy Smythe, SomaLogic CEO.
“With this funding, we will build on our substantial technological lead in this space, continue to develop these important markets and in the process, achieve our goals of improving human health and healthcare delivery.”
“The proteomics era is here,” said Eli Casdin, founder and chief investment officer for Casdin Capital.
“We’ve invested in support of the value created by genomic technologies from the beginning. This impact has been profound across and beyond healthcare, but what has remained is the 1 fundamental appreciation that the proteome holds as much or greater promise.
“These disruptive waves begin with powerful enabling technologies, and we’re seeing the emergence of these tools to power a proteomics revolution.
“SomaLogic is a pioneer in the space with established partnerships with leading biopharma and health system players, and we see tremendous opportunity to drive this field forward in partnership with the SomaLogic team.”
Cowen served as sole placement agent to SomaLogic for the private placement, and Reed Smith LLP served as legal counsel for the transaction.