Strategic investment and partnership brings
Spatial’s multiomics platform and seqFISH technology to Fulgent’s
comprehensive suite of genomic testing solutions
Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the
“Company”), a technology-based genetic testing company focused on
transforming patient care in oncology, infectious and rare
diseases, and reproductive health, today announced a strategic
investment in Spatial Genomics, Inc. (“Spatial”), a leading
developer of sequential fluorescence in situ hybridization
(seqFISH) technology. Fulgent Genetics is investing up to $40
million to lead Spatial Genomics’ Series A financing, which totals
approximately $56 million and also includes investments by 12 West
Capital and other investors. Fulgent is also entering into
commercial arrangements with Spatial to integrate Spatial Genomics’
seqFISH technology into Fulgent’s comprehensive genomic testing
platform.
Spatial Genomics has developed a spatial single-cell multiomics
analysis platform based on the seqFISH technology originally
developed in the laboratory of Professor Long Cai at the California
Institute of Technology. seqFISH is a revolutionary technology
designed to enable highly multiplexed and multiomic analyses of
cells directly in the tissue microenvironments where they function,
allowing researchers to identify novel cell types and cellular
interactions, map genomic organization and nuclear architecture,
and analyze cell trajectories far more efficiently than existing
technologies.
Under this arrangement, Fulgent expects to add Spatial Genomics’
multiomics analysis platform to the suite of lab services already
available to its pharmaceutical and clinical research customer
base.
“We believe this strategic investment and commercial arrangement
is an exciting opportunity for Fulgent as we will add Spatial
Genomics’ leading seqFISH technology and multiomics analysis
platform to our suite of genomic testing solutions,” said Dr. Harry
Gao, Chief Scientific Officer at Fulgent. “Spatial’s seqFISH
technology is a highly promising platform that will enable
clinicians to efficiently perform highly multiplexed single-cell
analysis of RNA, DNA and proteins beyond the capabilities of other
types of spatial analyses. We look forward to working with Spatial
to commercialize this technology for broader reach and
application.”
“We are excited to secure this Series A funding, which will
support and accelerate our continued growth as a company, and the
ongoing commercialization of our seqFISH technology platform,” said
Kirsten Frieda, CEO and cofounder of Spatial Genomics. “seqFISH
enables a highly multiplexed, quantitative, and multiomic analysis
of cells and tissues that we believe will be essential to the next
era of biological discovery, the continued evolution of precision
medicine, drug and biomarker discovery, and the improvement of
clinical diagnostics.”
Spatial Genomics will use the funds from its Series A financing
round to accelerate the commercialization of their seqFISH
technology platform, grow their seqFISH laboratory services group,
and aggressively expand their workforce, including in R&D,
engineering, manufacturing, sales, marketing, customer support, and
commercial operations.
About Fulgent Genetics
Fulgent Genetics is a technology-based genetic testing company
focused on transforming patient care in oncology, infectious and
rare diseases, and reproductive health. Fulgent’s proprietary
technology platform has created a broad, flexible test menu and the
ability to continually expand and improve its proprietary genetic
reference library while maintaining accessible pricing, high
accuracy, and competitive turnaround times. Combining next
generation sequencing (“NGS”) with its technology platform, the
Company performs full-gene sequencing with deletion/duplication
analysis in an array of panels that can be tailored to meet
specific customer needs. A cornerstone of the Company’s business is
its ability to provide expansive options and flexibility for all
clients’ unique testing needs through a comprehensive technology
offering including cloud computing, pipeline services, record
management, web portal services, clinical workflow, sequencing as a
service, and automated lab services.
About Spatial Genomics
Spatial Genomics is a biology and life science technology
company dedicated to empowering discovery. Spatial Genomics’
integrated technology platform consists of instrumentation,
reagents, and software and is being developed with a vision of
providing the highest possible multiplexity of multi-omic
biological analysis capabilities. Our highly multiplexed spatial
analysis technology will advance fundamental biology, precision
medicine, drug and biomarker discovery, and lead to the improvement
of clinical diagnostics.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Examples of forward-looking statements in this press release
include statements about, among other things: management’s and
others’ beliefs, judgments and estimates regarding the development
and potential commercialization of Spatial’s products, services and
technology; the benefits and opportunities relating to or arising
from Fulgent’s investment in Spatial and Fulgent’s ability to
integrate any of Spatial’s products, services or technology into
its platform; Fulgent’s and Spatial’s testing solutions and
services; the Company’s identification and evaluation of
opportunities and its ability to capitalize on opportunities to
grow its business.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances or the Company’s
future performance, and they are based on management’s current
assumptions, expectations and beliefs concerning future
developments and their potential effect on the Company’s business.
These forward-looking statements are subject to a number of risks
and uncertainties, which may cause the forward-looking events and
circumstances described in this press release to not occur, and
actual results to differ materially and adversely from those
described in or implied by the forward-looking statements. These
risks and uncertainties include, among others: risks that the
tests, services and technology developed by Spatial will not be
effective or achieve commercial success; the ongoing impacts of the
COVID-19 pandemic, including the preventive public health measures
that may continue to impact demand for its tests and the pandemic’s
effects on the global supply chain; the market potential for, and
the rate and degree of market adoption of, the Company’s tests,
including its newly-developed tests for COVID-19 and genetic
testing generally; the Company’s ability to capture a sizable share
of the developing market for genetic and COVID-19 testing and to
compete successfully in these markets, including its ability to
continue to develop new tests that are attractive to its various
customer markets, its ability to maintain turnaround times and
otherwise keep pace with rapidly changing technology; the Company’s
ability to successfully integrate acquired businesses and assets
into its business strategy and to derive value from its
investments; the Company’s ability to maintain the low internal
costs of its business model, particularly as the Company makes
investments across its business; the Company’s ability to maintain
an acceptable margin on sales of its tests, particularly in light
of increasing competitive pressures and other factors that may
continue to reduce the Company’s sale prices for and margins on its
tests; risks related to volatility in the Company’s results, which
can fluctuate significantly from period to period; risks associated
with the composition of the Company’s customer base, which can
fluctuate from period to period and can be comprised of a small
number of customers that account for a significant portion of the
Company’s revenue; the Company’s ability to grow and diversify its
customer base and increase demand from existing and new customers;
the Company’s investments in its infrastructure, including its
sales organization and operational capabilities, and the extent to
which these investments impact the Company’s business and
performance and enable it to manage any growth it may experience in
future periods; the Company’s level of success in obtaining
coverage and adequate reimbursement and collectability levels from
third-party payors for its tests; the Company’s level of success in
establishing and obtaining the intended benefits from partnerships,
joint ventures or other relationships; the Company’s compliance
with the various evolving and complex laws and regulations
applicable to its business and its industry; risks associated with
the Company’s international operations; the Company’s ability to
protect its proprietary technology platform; and general industry,
economic, political and market conditions. As a result of these
risks and uncertainties, forward-looking statements should not be
relied on or viewed as predictions of future events.
The forward-looking statements made in this press release speak
only as of the date of this press release, and the Company assumes
no obligation to update publicly any such forward-looking
statements to reflect actual results or to changes in expectations,
except as otherwise required by law.
The Company’s reports filed with the U.S. Securities and
Exchange Commission (“SEC”), including its annual report on Form
10-K for the year ended December 31, 2020 filed with the SEC on
March 8, 2021 and the other reports it files from time to time,
including subsequently filed quarterly and current reports, are
made available on the Company’s website upon their filing with the
SEC. These reports contain more information about the Company, its
business and the risks affecting its business.
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version on businesswire.com: https://www.businesswire.com/news/home/20220223006209/en/
Fulgent Genetics Investors The Blueshirt Group Nicole Borsje,
415-217-2633 nicole@blueshirtgroup.com
Fulgent Genetics (NASDAQ:FLGT)
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