SomaLogic Raises Up to $60.5 Million From Visium Healthcare Partners
News Mar 08, 2016
SomaLogic, Inc., and Visium Healthcare Partners, LP have announced that SomaLogic will receive up to $60.5 million through a combination of debt and equity financing from Visium. The proceeds will be used to support SomaLogic’s continued growth, including its primary focus on the development of novel life science tools and clinical diagnostics based on the Company’s proprietary proteomics technology. Specific terms of the agreement were not disclosed.
“We are very pleased to partner with Visium Healthcare Partners, who have created a customized financing structure that enables us to meet our capital needs and continue to execute our strategic growth initiatives,” said Byron Hewett, Chief Executive Officer of SomaLogic. “This investment underlines their recognition of our significant potential, and gives us the opportunity to leverage their deep healthcare sector expertise during the critical next stage of SomaLogic’s development.”
“SomaLogic’s proprietary SOMAmer and SOMAscan technologies provide researchers and clinicians with a level of proteomic information that promises to revolutionize how diseases are diagnosed and treated,” said Avi Amin, MD, Partner of Visium Healthcare Partners. “We believe that SomaLogic is an incredibly compelling emerging healthcare company and expect that this investment will help accelerate the realization of their ambitious vision and vast potential.”
SomaLogic's technology platform gives researchers and clinicians critical tools for protein biomarker discovery, diagnostics development, and pharmaceutical innovation. SOMAmer reagents, which are at the center of SomaLogic’s proteomics platform, are a new class of superior protein-binding reagents that combine the best properties of both monoclonal antibodies and traditional aptamers.
The SOMAscan assay, which incorporates 1,310 different SOMAmer reagents, efficiently, accurately, and rapidly measures proteins across a wide range of concentrations in small volumes of multiple biological sample types, accelerating the discovery of biomarkers across a wide range of diseases and conditions.
“We welcome Visium as a long-term financial partner supporting our rapidly expanding efforts to provide state-of-the-art, sensitive, accurate, and highly multiplexed proteomics tools for both clinical and research needs,” said Larry Gold, PhD, Founder and Chairman of SomaLogic. “This infusion of growth capital provides us with the opportunity to even more quickly realize our ultimate goal of delivering much-needed new diagnostics tests to the clinic.”
Animal venoms are the subject of study at research center based at the Butantan Institute in São Paulo. But in this case, the idea is not to find antidotes, but rather to use the properties of the venoms themselves to identify molecular targets of diseases and, armed with that knowledge, develop new compounds that can be used as medicines.