Single-cell sequencer 10x Genomics files for $100M Nasdaq IPO

FierceMedTech Fierce 15 winner 10x Genomics announced its plans for a $100 million IPO earlier this week on the Nasdaq using the symbol TXG. 

The manufacturer of single-cell sequencing lab hardware and software hopes to use the proceeds to expand the installed base of its Chromium instruments as well as to drive the adoption of its related consumables. 

Through its prospectus filed with the Securities and Exchange Commission, 10x also said it may put some of the funds toward future acquisitions, though it has no active agreements or commitments at this time. The IPO’s pricing terms were not disclosed.

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In the second half of last year, 10x Genomics made two acquisitions: the epigenetics startup Epinomics, focused on profiling the compounds that direct the transcription of individual genes, and the tissue-level gene mapping company Spatial Transcriptomics, which aims to explore the expression of proteins across precise locations. 

Spatial Transcriptomics combines microscopy imaging with RNA sequencing. By using glass chips containing capture probes arranged in a barcode-like grid, researchers can visualize and determine which genes are expressed in different areas of a tissue sample.

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That tech forms the basis of 10x’s upcoming Visium product line, which the company expects to launch by the end of this year. They will include high-density DNA arrays offering single-cell and spatial context within the tissue microenvironment, according to the prospectus, along with visualization software. 

10x and its approximately 200 employees have customers in about 40 countries, the company said. It brought in $146.3 million in revenue for the full year of 2018 and $109.4 million in the first half of 2019. The company said it currently plans to spend between $45 million and $55 million over the next 18 months including toward construction costs related to its global expansion, as well as for equipment used in manufacturing and R&D.