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Pacific Biosciences of California, Inc. reports developments in long-read sequencing systems and genomic-analysis workflows. The company designs, develops, and manufactures sequencing solutions, including HiFi long-read sequencing technology, for research applications such as human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, rare disease research, metagenomics, and reproductive genetics.
Recurring PACB updates include quarterly financial results, Revio system adoption, chemistry and library-preparation workflows, partner integrations for bioinformatics and sample preparation, research consortia using HiFi whole genome data, and governance changes. Company releases also reflect its focus on long-read sequencing following the completed disposition of short-read sequencing assets.
Pacific Biosciences of California (Nasdaq: PACB) has priced an underwritten public offering of 7,400,460 shares at $14.25 each, aiming to raise approximately $86.9 million. The company will offer 6,096,112 shares while a selling stockholder is offering 1,304,348 shares. The offering is expected to close around November 13, 2020, pending customary conditions. Proceeds will fund product launches, R&D, and general corporate purposes, with potential investments in complementary businesses or technologies. Morgan Stanley and Cowen are the joint book-running managers.
Pacific Biosciences of California (Nasdaq: PACB) announced an underwritten public offering of $85 million in common stock, with an additional option for underwriters to purchase $12.75 million more. A selling stockholder will offer 1,304,348 shares. The proceeds will be used for product launches, R&D, and infrastructure expansion, with possible investments in complementary businesses, although no current agreements exist. The offering is subject to market conditions, and underwriters include Morgan Stanley and Cowen.
Pacific Biosciences (PACB) reported Q3 2020 revenue of $19.1 million, down from $21.9 million in Q3 2019. Instrument revenue fell to $7.7 million from $11.6 million, while consumables revenue rose to $8.0 million. The gross profit increased slightly to $7.1 million, achieving a gross margin of 37.0%, up from 31.5% in the previous year. The net loss narrowed to $23.7 million from $29.1 million year-over-year. Cash reserves improved to $208.6 million from $49.1 million at the end of 2019, bolstered by a $93.6 million stock offering.
Invitae Corporation and Pacific Biosciences (PACB) have launched a research collaboration focused on advanced diagnostic testing for epilepsy. Invitae is expanding its sequencing capacity to support the growing demand for genetic testing. With over 50 million people diagnosed with epilepsy globally, the partnership aims to improve genetic testing accuracy, particularly for rare conditions in children. The collaboration will utilize PacBio’s HiFi sequencing technology to enhance diagnostic capabilities, enabling earlier diagnoses and better treatment options for patients.
Pacific Biosciences of California (NASDAQ: PACB) announced it will hold its third-quarter 2020 conference call on November 2, 2020, at 4:30 PM ET. The call will be accessible via the company's website. As a leader in long-read sequencing technology, Pacific Biosciences aims to empower life scientists by providing comprehensive genomic insights through its innovative SMRT Sequencing systems. The press release provides details for accessing the call and highlights the importance of their technology in scientific research.
PacBio has partnered with Children’s Mercy Kansas City to utilize its HiFi sequencing technology to address challenging rare pediatric genetic diseases. With around 25 million Americans affected by rare conditions, the collaboration aims to analyze a significant cohort of prior unresolved cases. The initiative focuses on the ability of HiFi sequencing to uncover genetic variations overlooked by traditional sequencing methods. The project aims to enhance diagnostic yields and will combine efforts with Microsoft Genomics for advanced data analysis and storage solutions.
Pacific Biosciences (NASDAQ:PACB) launched the Sequel IIe System, enhancing its SMRT Sequencing technology for faster, cost-effective genome and transcriptome data generation. The system features advanced on-instrument processing allowing direct production of highly accurate long reads (HiFi reads), reducing secondary analysis time by up to 70% and data storage needs by 90%. This innovation aims to simplify high-accuracy sequencing, making it accessible for various projects and supporting significant advancements in human genetics.
Pacific Biosciences (NASDAQ: PACB) announced the appointment of Susan G. Kim as Chief Financial Officer, effective September 28, 2020. Her extensive experience includes CFO roles at App Annie and Katerra, where she focused on revenue growth and operational scaling. CEO Christian Henry expressed confidence in Kim's ability to enhance company performance. With over 20 years in finance, her background spans significant global firms. The company continues to lead in high-quality genomic sequencing technologies, underlining its commitment to innovation in life sciences.
Pacific Biosciences of California (Nasdaq: PACB) has announced a priced public offering of 19,430,000 shares at $4.47 per share, expected to close on August 14, 2020. The company anticipates receiving gross proceeds of approximately $86.9 million, not including overallotment. Proceeds will be used for product launches, R&D, commercial expansion, and potential investments in complementary businesses. The offering is led by Morgan Stanley and Cowen, with a 30-day option for underwriters to purchase an additional 2,914,500 shares.
Pacific Biosciences (PACB) announced a public offering of $75 million in common stock, with an option for underwriters to purchase an additional $11.25 million. The proceeds will be used for new product launches, research and development, and expanding commercial infrastructure. The offering is subject to market conditions and may not be completed as anticipated. The company has filed a registration statement with the SEC, effective July 14, 2020, and a preliminary prospectus will be available for investors.