SomaLogic exceeds sales projections, hires new executive
BOULDER — SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, surpassed its own expectations for full-year 2021 revenue and has brought on board a new chief business officer.
Sales for fiscal year 2021 are expected to exceed $79 million, according to preliminary financial figures provided this week. That far outpaces previous guidance of $66.7 million in sales.
SomaLogic, which develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning
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“SomaLogic continues to be uniquely positioned to capture a significant share of the rapidly growing proteomics market and have an incredibly positive impact on biomedical research, health care, and human health,” SomaLogic CEO Roy Smythe said in a prepared statement.
Adam Taich, most recently a vice president with Thermo Fisher Scientific Inc., is SomaLogic’s new chief business officer.
“His decades of leadership experience across a broad spectrum of life science commercial activities will be invaluable to us,” Smythe said in a statement. “I look forward to seeing him play an incredibly important role on our team as SomaLogic continues to rapidly scale and differentiate itself as the world’s leading proteomics company.”
The 2021 fiscal year was an important one for SomaLogic, which went public after a September merger with a SPAC called CM Life Sciences II.
Special purpose acquisition companies, known alternatively as SPACs, are companies set up by investment groups and taken onto a public exchange with no actual business. The entities are designed solely to raise funding and later merge with a company seeking to go public outside of the initial public offering process.
As a result of the merger, SomaLogic got a cash infusion of about $630 million.