SomaLogic closes $200M financing round
Nan Fung Life Sciences and Madryn Asset Management join iCarbonX in investing to accelerate SomaLogic’s unique precision health insights delivery business
January 3, 2018 – Boulder, CO – SomaLogic announced today that it has capped its $200 million funding round, anchored by iCarbonX with substantial investments from Nan Fung Life Sciences and Madryn Asset Management. The successful round will accelerate SomaLogic’s goal of becoming the world’s leading provider of precision digital health insights.
SomaLogic uniquely and precisely measures thousands of human proteins rather than genes, and turns those measurements into insights that empower people to purposefully and meaningfully manage their individual health and wellness. SomaLogic’s “SOMAscan®” technology, which currently measures 5,000 proteins in a single sample, has successfully analyzed over 150,000 samples across more than 50 diseases or conditions, with plans for an additional 1 million more samples by the end of 2020. The continuously growing power of the SOMAscan technology, the massive proprietary data sets being accumulated and analyzed, and the strategy for turning those assets into a successful health insight company have together caught the attention of leading investors in emerging digital health markets.
“We are delighted to expand our relationship with SomaLogic and continue to support the company’s growth,” said Avinash Amin, Managing Partner at Madryn Asset Management. “We believe SomaLogic’s proteomics technology provides the basis for unique and differentiated insights into human health and disease, with broad implications for diagnosis and treatment.”
Understanding the changes over time in bodily proteins is being increasingly recognized by the medical community as essential to the effective personalized maintenance of health and management of disease. Unlike genes, proteins respond dynamically to changes in the body and the environment, offering meaningful and actionable health information in real-time.
“These new investments by Nan Fung and Madryn, two elite, global healthcare investors, are yet another huge vote of confidence in our strategic direction and the deep intrinsic value of our technology,” said Al Reynolds, SomaLogic’s CEO. “We are delighted that they recognize the huge potential of our technology to radically transform healthcare, and are joining us as valued partners to accelerate that goal.”
Specific financial details were not disclosed.
Laura S. Mizoue, Ph.D.
SomaLogic delivers meaningful and actionable health-management insights that empower individuals worldwide to continuously optimize their personal health and wellness throughout their lives.
These essential insights, provided through a global network of partners and users, are derived from precise, proprietary, and personalized measurement of critical changes in an individual’s proteins throughout life. For more information, visit http://www.somalogic.com/.
About Nan Fung Group:
Founded in 1954, Nan Fung Group is a conglomerate based in Hong Kong with global interests in real estate development and investment, financial investment, hotels and shipping. The Group continues to diversify its business and growth globally with interests in a diverse range of business partnerships, including life sciences.
About Nan Fung Life Sciences:
Nan Fung Life Sciences, part of Nan Fung Group, is a global life science investment platform with a significant presence in the US and Greater China.
Leveraging on the Group’s strong capital position, it has a long-term commitment to life sciences through direct investments and fund investments covering the full spectrum of the industry (including therapeutics, medical devices and diagnostics) and across different development stages.
About Madryn Asset Management, LP:
Madryn Asset Management, LP is a leading alternative asset management firm that invests in innovative healthcare companies specializing in unique and transformative products, technologies, and services. The firm draws on its extensive and diverse experience spanning the investment management and healthcare industries, and employs an independent research process based on original insights to target attractive economic opportunities that deliver strong risk-adjusted and absolute returns for its limited partners while creating long-term value in support of its portfolio companies. For additional information, please visit www.madrynlp.com.