Oxford Nanopore Raises £100 Million to Expand Production and Launch New Sequencing Devices
On March 20, 2018, Oxford Nanopore Technologies (hereinafter referred to as “Oxford Nanopore”) announced that it had secured £100 million (approximately $139 million) in a new round of financing.
Oxford Nanopore, headquartered in the UK, is currently the only biotechnology company in the world to have developed a portable, real-time sequencer. It is reported that participants in this round of financing include the Government of Singapore Investment Corporation (GIC), China Construction Bank International (CCBI), the Australian pension fund manager HostPlus, and some existing shareholders.
The funds raised in this offering will be primarily used for the company’s next phase of business expansion. The company will establish a brand-new, high-capacity production base to meet the growing market demand for Oxford Nanopore sequencers. Meanwhile, the company will further expand its service market and sales team; currently, its market presence covers more than 70 countries worldwide.
Another portion of the funds will be allocated to product research and development, with the aim of continuously expanding the company’s portfolio of nanopore sequencing instruments. Following the pocket-sized MinION and benchtop GridION sequencers already on the market, the high-throughput PromethION sequencer and the compact, single-use Flongle device will also be launched.
The increasingly diverse product portfolio not only covers the full spectrum of the existing DNA testing market but also meets the demands of new applications that require high real-time performance, scalability, and long-read technology. For instance, Flongle is designed to address needs such as rapid, real-time genetic testing for infectious diseases, targeted analysis in precision medicine, food and water safety analysis, and science education; whereas PromethION is capable of large-scale, on-demand sequencing of human, plant, and animal genomes.
The unique advantage of Oxford Nanopore sequencing technology also lies in its ability to directly sequence RNA, thereby providing full-length transcripts and enabling analysis of viral genomes. It allows for precise quantification in gene expression analysis, real-time detection of modified bases, and simplification of workflows.
Dr. Gordon Sanghera, CEO of Oxford Nanopore, stated, “Our business is advancing at a rapid pace, spanning from personal sequencers to high-end sequencing instruments and distributed analysis.”
In recent weeks, Oxford Nanopore Technologies and its customers have obtained high-coverage data using PromethION sequencing flow cells, demonstrating the capability of this cost-effective, long-read nanopore sequencer for large-scale sequencing. Meanwhile, the company is working to launch more compact, portable, and affordable mobile sequencing devices, including the smartphone-based SmidgION, with the aim of transforming how scientists and the industry supply chain access DNA information.
“Our investors have strong confidence and high expectations for the company’s development, while fully supporting our corporate mission: to enable anyone, anywhere, to analyze any biological specimen,” he added.
British Prime Minister Theresa May stated, “I am delighted that this pioneering British company has secured investment to support its growth. The company will create thousands of new jobs and continue to conduct groundbreaking research and development in this field in the UK.”
Yang Jianming, Chief Investment Officer of Equity Investments at GIC, stated: “Oxford Nanopore possesses a unique business model, delivering accessible, real-time DNA sequencing technology through both pocket-sized sequencers and industrial-scale equipment. We believe this will continue to drive sustained growth in the company’s user base and facilitate the development of new applications for DNA or RNA sequencing.”
A spokesperson from CCB International stated, “CCB International’s investment in Oxford Nanopore Technologies demonstrates our strong recognition of the growth prospects in high-growth sectors such as gene sequencing. We are highly optimistic about the application potential of gene sequencing technologies in China’s life sciences research, healthcare, and food industries.”
David Elia, CEO of Australian pension fund manager HostPlus, stated: “Oxford Nanopore’s technology fills us with anticipation for the future, with applications spanning numerous fields—from cancer, infectious diseases, reproductive health, and blood screening to agriculture and fisheries, as well as water sample testing, food safety, and education.”
Oxford Nanopore also announced that it will invest in the construction of a new, dedicated production facility spanning 34,000 square feet at the Harwell Campus. This facility will significantly enhance Oxford Nanopore’s production capacity, leveraging the environment of the UK Science and Technology Facilities Council (STFC) to replicate and expand upon years of manufacturing processes and expertise.
The new facility features high-specification cleanrooms, laboratories, office spaces, and logistics areas, and will be used for the integrated production and sales of the company’s DNA and RNA sequencing products. The UK Science and Technology Facilities Council (STFC) at Harwell, ITAC which manages high-tech facilities at Harwell, and the VC team at Harwell have provided ongoing support and assistance for the establishment of the new production facility.
Source: Businesswire