OMIC News & Events

Singular Genomics announced key development milestones for its G4X Spatial Sequencer at the Advances in Genome Biology and Technology conference in Marco Island, Florida.The G4X Early Access Program is currently underway at Beth Israel Deaconess Medical Center and Vanderbilt University Medical Center, providing valuable feedback highlighting the platform's real-world potential. Singular plans to expand its early access program to a few more sites in Q2. Meanwhile, pre-orders for the G4X are now open, and initial shipments are on track for June 2025. Researchers wishing to start generating multiomic data can use Singular's technology access services in the meantime. At AGBT, Singular Genomics presented data demonstrating the G4X platform's robust integrated multiomic performance. Immune-oncology-focused lung, kidney, colon, and breast panels showed high sensitivity, specificity, and reproducibility in FFPE samples, providing comprehensive spatial insights into cancerous and healthy tissues. Building on these data, Singular showcased advanced 3D multi-omic reconstruction and niche detection from 10 serial renal cell carcinoma FFPE sections, over 6.2 million cells, and 438 million transcripts-all from a single G4X flow cell.

Singular Genomics Systems announced that it has entered into a definitive merger agreement whereby an affiliate of Deerfield Management Company, will acquire Singular Genomics in an all-cash transaction for $20.00 per share. The $20.00 per share represents 254% premium to the last closing share price for Singular's common stock prior to the September 12, 2024 public disclosure of Deerfield's initial acquisition proposal. The Singular Genomics Board of Directors formed a special committee composed entirely of independent and disinterested directors to evaluate the Company's strategic alternatives. The Special Committee led negotiations with the assistance of independent financial and legal advisors. Following the Special Committee's unanimous recommendation that the Singular Genomics Board of Directors approve the merger agreement, the Singular Genomics Board of Directors approved the merger agreement with newly-formed entities affiliated with Deerfield and recommended that Singular Genomics stockholders adopt and approve the merger agreement and the transaction. Following approval by the Singular Genomics Board, the merger agreement was signed. The transaction is subject to a number of customary conditions, including a vote of the holders of Singular Genomics' common stock to approve the transaction. Upon completion of the transaction, Singular Genomics will become a private company, which the Singular Board of Directors believes will provide Singular Genomics with greater flexibility to continue advancing its business strategy. The transaction is expected to close in the first half of 2025, subject to the satisfaction of customary closing conditions, including the stockholder approval described above. The transaction is not subject to a financing condition.

In a regulatory filing, Kevin Tang reported a 14.9% stake in Singular Genomics Systems and disclosed a letter dated September 18 that states in part: "On behalf of Concentra Biosciences, LLC, I am pleased to present this non-binding proposal to acquire all of the outstanding shares of common stock of Singular Genomics Systems, Inc. not already owned by Tang Capital Partners, LP. Tang Capital, Concentra's controlling shareholder, beneficially owns approximately 14.9% of the Common Shares of the Company. The transaction detailed in this Proposal would offer the Company's stockholders an opportunity to (1) obtain immediate liquidity at a significant premium to the unaffected stock price or, in the alternative, (2) continue to participate in any future value realized from the ongoing Singular Genomics Systems business through a contingent value right, or "CVR". The key terms of the Proposal are as follows: 1. Purchase Price: We are prepared to offer $12.00 per share in cash to acquire 100% of the Common Shares. This per share price is a 112% premium to the closing stock price of $5.65 on September 12, 2024. The Company announced that it had received a non-binding acquisition proposal from another party after market close on September 12, 2024. 2. Alternative Consideration: Provided there is sufficient interest from existing stockholders, including management holders, we contemplate inviting all interested stockholders (regardless of how many or how few shares they own) to elect to continue to participate in any future value realized from the ongoing Singular Genomics Systems business through a CVR in lieu of receiving $12.00 per share in cash. In this scenario, following the Transaction, the Company would continue as a privately held entity, and its management team would be able to operate the business without the expenses, disclosure obligations and other burdens associated with being a publicly traded company. 3. Financing: The Transaction would be fully financed by Tang Capital and not be subject to any financing condition. 4. Timing: We are prepared to efficiently complete all due diligence required to enter into a definitive agreement. We would expect to consummate the Transaction as quickly as possible through a two-step merger, subject to entry into a definitive merger agreement and satisfaction of customary closing conditions. An acquisition through a two-step merger is typically significantly faster than an acquisition through a one-step merger."