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In a groundbreaking study, an international team led by the Berlin Institute of Health and the University of Cambridge used SomaLogic’s SomaScan® Platform to analyze over 10 million genetic variants and nearly 5,000 proteins in blood samples from more than 10,000 participants. Key findings include 10,674 genetic variant-protein associations linked to 3,892 proteins, indicating that some proteins, like fibulin-3, are connected to multiple diseases. This research paves the way for new therapeutic targets and enhanced understanding of disease mechanisms, potentially benefiting drug development.
SomaLogic, a leader in AI-driven proteomics technology, announced participation in conferences and an analyst meeting. The Analyst Meeting is scheduled for September 28, 2021, at 11:00 AM ET, and will be a virtual event for sell-side analysts. Additionally, the company will participate in the Bank of America Life Sciences & Medical Technology Innovation Forum on September 29, 2021, with a panel discussion on proteomics, also at 11:00 AM ET. An investor event will be announced during the Q3 earnings report in November.
SomaLogic will host a virtual Analyst and Investor Meeting on September 28, 2021, from 11:00 a.m. to 1:00 p.m. Eastern Time. The meeting aims to provide insights into SomaLogic's AI-driven proteomics technology, market opportunities, and financial outlook. Presentations by company leaders will cover key metrics and strategic progress, followed by a live Q&A session. The event will be available for live streaming and archived viewing on the company's website, enhancing transparency with investors.
SomaLogic (NASDAQ: SLGC) has announced a collaboration with UPMC to enhance clinical care through large-scale proteomics studies. The initiative aims to identify patients at high risk for major health events, allowing for targeted interventions. This partnership will support clinical research to integrate proteomic data in healthcare, improving patient outcomes and potentially reducing costs. SomaLogic's technology enables extensive protein measurements, having processed over 450,000 samples to date. This effort aligns with SomaLogic's commitment to precision medicine.
SomaLogic reported strong financial results for the first half of 2021, with revenue hitting $38.6 million, a 188% increase from the prior year. This growth is attributed to a return to fee-for-service offerings and an expanding commercial team. The company's gross margin improved to 63%, up from 44% in 2020. However, operating expenses rose to $58.6 million, reflecting a 39% growth due to sales expansion and R&D efforts. The net loss was $22.8 million, an improvement from $36.6 million in 2020, with cash reserves at $158.2 million.
SomaLogic will participate in the Morgan Stanley 19th Annual Global Healthcare Conference on September 15, 2021. The company’s management is scheduled for a fireside chat at 12:30 p.m. Eastern Time. Interested parties can access the live and archived webcast via the company’s Investors section on its website.
SomaLogic specializes in AI-driven proteomics technology to provide actionable health-management information. Its SomaScan Platform can measure over 7,000 proteins from a single sample, having analyzed more than 450,000 samples to date.
SomaLogic, a leader in AI-driven proteomics, has successfully completed its business combination with CM Life Sciences II, resulting in around $630 million in gross cash proceeds. The combined company will trade under the ticker SLGC on Nasdaq starting September 2, 2021. With significant new resources, SomaLogic aims to accelerate its commercial efforts and expand its diagnostic applications. The leadership includes experienced professionals, enhancing its strategic position in the proteomics field.
On August 31, 2021, CM Life Sciences II announced the appointment of Todd Johnson as Executive Vice President of Business Development and Strategy and Ruben Gutierrez as General Counsel at SomaLogic. Johnson will manage commercial partnerships, leveraging extensive experience from AVIA and HealthLoop. Gutierrez will ensure legal compliance, bringing a strong background from Natera and Thermo Fisher. SomaLogic focuses on AI-driven proteomics technology to enhance health management and has conducted over 450,000 sample analyses.
On August 23, 2021, CM Life Sciences II and SomaLogic announced that the business combination closing is approaching, with 2021 revenue projected to exceed $66.7 million by at least 10%. Gross margins for the year are expected to surpass previous estimates by over 500 basis points. SomaLogic's CEO Roy Smythe highlighted strong performance in the first half of 2021 and expressed optimism for future growth. The merger is expected to yield a proforma cash balance of around $685 million, providing financial flexibility for strategic initiatives.
Twist Bioscience and SomaLogic have announced a collaboration to create innovative antibodies for drug discovery targeting key disease biomarkers using the SomaScan Platform. This partnership leverages SomaLogic’s 7,000-plex assay to identify potential therapeutic proteins quickly. Twist plans to develop promising antibody candidates for its pipeline and may out-license them later. The collaboration highlights the potential of synthetic biology to drive significant advancements in medicine.
