SomaLogic Closes $121M Series A Financing Led by Casdin Capital
By: Colorado BioScience Association Date: 11/25/2020
Capital raise will support expansion and commercialization of leading proteomics platform serving life science and clinical markets
Syndicate of leading life science specialist investors
BOULDER, Colo., November 25, 2020
SomaLogic, Inc., global leader in proteomic discovery and applications transforming biomedical discovery and clinical diagnostics, announced today that the Company has successfully closed an Initial Series A capital raise of $121 Million. The Company anticipates that additional closings will occur within 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 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. 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. The Company’s growing menu of clinically relevant SomaSignal™ tests are delivering a new paradigm of empowering clinicians and individuals to more effectively manage health in real time, with a powerful and first-in-class set of proteomicsbased diagnostic tools.
Roy Smythe, M.D., Chief Executive Officer of SomaLogic, stated: “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.” Dr. Smythe added: “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. ”
Eli Casdin, Chief Investment Officer and Founder of Casdin commented, “The proteomics era is here. 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 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.
Laura S. Mizoue, Ph.D.
SomaLogic seeks to deliver precise, meaningful, and actionable health-management information that empowers individuals worldwide to continuously optimize their personal health and wellness throughout their lives. This essential information, to be provided through a global network of partners and users, is derived from SomaLogic’s precise, proprietary, and personalized measurement of important changes in an individual’s proteins over time. For more information, visit www.somalogic.com and follow @somalogic on Twitter.
SomaSignal™ tests are developed and performance characteristics determined by SomaLogic, Inc., and SomaLogic is a Clinical Laboratory Improvement Amendments (CLIA) certified laboratory. SomaSignal™ tests have not been cleared or approved by the US Food and Drug Administration.