While INCY and GENXY are suffering under the threat of a pharma consortium to identify and make public SNPs, we have $37 million going into a private round. Lots of relatively new names to biotech financing here.......
BW0073 APR 19,1999 3:34 PACIFIC 06:34 EASTERN
( BW)(CA-SEQUENOM) Sequenom Announces $37 Million of Private
Funding
SAN DIEGO and HAMBURG, Germany--(BW HealthWire)--April 19, 1999--Sequenom today
announced that it has completed a $37 million financing round through equity funding.
Equity participants include Nomura International, Deutsche Bank, Haspa Bank, Euroventures,
Vertex Capital, Alafi Capital and Value Management & Research. Index Securities also acted as a
placement agent for a portion of the financing. Joining in this round are previous investors, including
Techno Venture Management, Alpinvest International, Global Life Sciences, Dresdner Kleinwort
Benson and S.R. One Limited.
"Sequenom welcomes the alliance with these investors as the Company begins to play a leading role
in the widespread use of Industrial Genomics(TM) through its proprietary DNA MassArray(SM)
technology. This funding will aid in the completion of the full commercial launch of Sequenom's
proprietary DNA analysis products. It will also facilitate the expansion of the company's
manufacturing, sales and service support structure necessary to meet the anticipated customer
demand," said Hubert Koster, Ph.D., president and chief executive officer.
"Sequenom has raised over $64 million in both debt and equity funding. This current round of
financing is clearly a record for a transnational U.S.-German life sciences company," added Stephen
Zaniboni, chief financial officer. "The share price was a 106% increase from the previous round. This
demonstrates a strong level of confirmation from the investment community and the marketplace that
Sequenom continues to deliver results through milestone achievements."
"The understanding of genetic variations and molecular interrelationships is generating a constant
stream of new findings about the causes of disease," Koster added. "This will enable greater
differentiation in the development of diagnostics and therapeutics specific to individuals. However, in
the genomic product development process, there is a clear need for a reliable industrial platform to
characterize the vast body of research information being generated, while demonstrating the safety and
efficacy required by regulatory authorities, such as the FDA. Sequenom will provide the necessary
tools with our DNA MassArray technology that allows the validation and scoring of genetic markers
and the stratification of patient populations for clinical studies with the speed, accuracy and cost
effectiveness required of an industrial process."
Sequenom's DNA MassArray Systems are designed for use in the large-scale pharmacogenomics
and life science research and product development programs. Its DNA MassArray technology
provides the 100% accuracy, reliability and high throughput demanded by this emerging market of
enormous potential. For example, the Human Genome Project seeks to identify the 100K genes and
three billion subunits or bases in the human genome. What will result is a tremendous amount of human
genetic information but a lack of correlation between gene sequence and gene-tailored medicine and
With Sequenom's DNA MassArray technology, Big Pharma companies will have the necessary tools
to convert pharmacogenomics from an academic pursuit into a viable, industrial strategy for drug
discovery and development. Although current gel-electrophoresis and hybridization-based
technologies are very useful for de novo sequencing and DNA analysis, they are too inaccurate and
inefficient for ultra-high throughput screening. Sequenom's DNA MassArray-based products
represent a new field within genomics, Industrial Genomics, where the validation of specific genetic
information and the quality of results required are at a much higher order of magnitude.
By the end of 1999, Sequenom will commercially launch its DNA MassArray Basic System, a
modular, semi-automated platform, including an array mass spectrometer, nanoplotter and
bioinformatics workstation, and its DNA MassArray APL System, offering additional robotics and
software to meet high throughput demands in an industrial setting. Purchase of the systems will include
after-sales services, continued access to technology enhancements, and the development of
applications that fit individual customer needs. The company will also sell the proprietary consumables,
including SpectroChips (and application specific software, required to complete the analysis.
Sequenom develops high definition genetic product development tools based on proprietary
biological reactions, parallel processing and mass spectrometry for applications in medical diagnostics,
forensics, agriculture biotechnology and environmental testing. The Company's DNA MassArray
technology is the first practical demonstration of a DNA analysis technology that is sufficiently robust
to be termed an Industrial Genomics process. The company's intellectual property consists of 23
issued or allowed U.S. patents and over 90 pending patent applications. Sequenom is headquartered
in San Diego, Calif. with offices in Hamburg, Germany and Boston, Mass.
The names DNA MassArray, SpectroChip and Industrial Genomics are trademarks of Sequenom
Inc.
--30--ts/sd* lc/sd
CONTACT: Sequenom, Inc.
Abigail Devine, 619/350-0345
a.devine@sequenom.com
or
Mentus, Inc.
Linda Seaton, Navjot Rai, 619/455-5500
lcs@mentusonline.com
nrai@mentusonline.com |
