Biotech company 10x Genomics aims to better understand disease processes and target specific aspects of the human biological code in order to improve health.
One of the best-funded enterprises in Silicon Valley, it just made its first acquisition, Epinomics, in a double-digit deal with undisclosed details. The aim is to keep the company on top in epigenetic studies, one of the newest, but very competitive areas at the cross-road between biology and technology.
By integrating Epinomics proprietary technology in its own Chromium Single Cell ATAC Solution, 10x Genomics will offer the scientific world the appropriate tools for a deeper understanding of how illnesses progress and what needs to be done to place new advanced individually targeted therapies on the market.
10x Genomics’ customers include leading biomedical research institutes, pharmaceutical companies and clinical centers. Technology and AI seem to be used ever more in medical research and management. Presently, half of U.S. hospital executives are investing in new AI applications, which are already saving hospitals millions of dollars every year.
Main investors of the 2012 founded company include Venrock, Softbank, Foresite Capital, Fidelity, and Meritech Capital. According to 10x Genomics CEO Serge Saxonov, previously director of R&D at Alphabet-backed 23andMe, the company could be ready for an IPO in the next years, because it is “growing really rapidly”.
“The innovations coming out of this acquisition will propel the genomics field forward” said Howard Chang, professor of Dermatology and Genetics at Stanford University School of Medicine, co-inventor of ATAC-seq and a scientific co-founder of Epinomics.
Fergus Chan, co-founder and CEO of Epinomics, added they are “excited to be joining forces with 10x Genomics to transform research and advance healthcare by leveraging cutting-edge scientific technology and deep data analytics”.
Epinomics team, including Chan and his co-founder, Paul Giresi, a co-inventor of the ATAC-seq technology, are to join 10x Genomics right away. Chang and Will Greenleaf, assistant professor in Genetics at Stanford University School of Medicine and co-inventor of ATAC-seq, Epinomics scientific co-founders, will become scientific advisors to 10x Genomics.
Both have done ground-breaking work in genetics and their articles and studies were extensively publishes, their focus allowing them to invent new epigenomic profiling solutions, and to discover new classes of genes, all of which now pays off.
Overall, the health tech industry is booming and healthcare startups are turning a new leaf in attracting new funds in 2018. According to Healthcare Weekly, the top ten healthcare technology startups have received a staggering $1.7 billion dollars in funding over the last year.
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