10x Genomics

10x Genomics is an American biotechnology company that designs and manufactures gene sequencing technology used in scientific research. It was founded in 2012 by Serge Saxonov, Ben Hindson, and Kevin Ness.[1]

10x Genomics, Inc.
TypePublic
NASDAQ: TXG
Founded2012
FounderSerge Saxonov, Ben Hindson, Kevin Ness [1]
HeadquartersPleasanton, California
Key people
Revenue US$246 million (2019)
Number of employees
500
Website10xgenomics.com

History

10x Genomics was founded in 2012 by Serge Saxonov, Ben Hindson and Kevin Ness to create advanced testing equipment for use in cellular biology.[2] Prior to starting the company, Saxonov was the founding architect, and director of research and development at 23andMe.[1] Ness left 10x Genomics in December 2016[3] and in 2018, Justin McAnear, Tesla's former finance chief joined the company as CFO.[4]

In August 2018 the company announced its first acquisition, Epinomics, a biotechnology company focused on the development of new techniques for epigenetics research.[5] Four months later, 10x Genomics acquired Spatial Transcriptomics, a biotechnology company working in the field of spatial genomics.[6] In November 2018, 10x Genomics announced expansion plans including opening a manufacturing facility in Pleasanton, California in early 2019.[7]

10x Genomics announced its initial public offering on September 12, 2019, raising $390M.[8][9] The company had revenues of $3.32 million in 2015, $27.48 million in 2016, $71.18 million in 2017[10] and $145 million in 2018.[11]

Arbitration and lawsuit

Saxonov, Hindson, and Ness worked together at Quantalife prior to its acquisition by Bio-Rad in 2011 and left in 2012 to launch 10x Genomics. In 2014 an arbitration dispute was brought against the three cofounders by Bio-Rad, claiming they had breached obligations they allegedly owed to Bio-Rad after it acquired Quantalife. In 2015 an arbitrator determined that the founders of 10x Genomics had not breached their obligation to Bio-Rad when they left the company and denied its claims.[12]

In November 2018, a Delaware jury found that 10x Genomics infringed on several University of Chicago patents which were exclusively licensed to Bio-Rad. 10x Genomics were ordered to pay $24 million in damages to Bio-Rad and a 15 % royalty on sales.[13][14] 10x Genomics appealed the verdict but the decision was upheld in August 2020.[15][16]

References
  1. Herper, Matthew. "Buzzy Startup 10x Genomics Buys Spatial Transcriptomics In Bet On Genetic Tools". Forbes. Retrieved 2019-01-28.
  2. "10X Genomics Founders Prevail in Arbitration Dispute With Bio-Rad". GenomeWeb. Retrieved 2019-01-28.
  3. "Muse bio appoints Kevin Ness new CEO". InnovatioNews. 2016-12-09. Retrieved 2019-01-28.
  4. "Tesla's former finance chief becomes CFO of genomics startup". Axios. Retrieved 2019-01-28.
  5. Farr, Christina (2018-08-28). "SoftBank-backed 10x Genomics buys pinomics". www.cnbc.com. Retrieved 2019-01-28.
  6. "10x Genomics Acquires Spatial Transcriptomics". GenomeWeb. Retrieved 2019-01-28.
  7. Torres, Blanca. "Fast-growing biotech leases up 150,000 square feet in Pleasanton for new headquarters". San Francisco Business Times. Retrieved 2019-01-28.
  8. Setty, Ganesh (2019-09-12). "Biotech start-up 10x Genomics surges in IPO debut". CNBC. Retrieved 2019-10-07.
  9. "10x Genomics' IPO rockets past a $390M raise". FierceBiotech. Retrieved 2019-10-07.
  10. Hepler, Lauren. "10x Genomics takes gene imaging and analysis tools to the big leagues". San Francisco Business Times. Retrieved 2019-01-28.
  11. "JP Morgan Healthcare, Day One: 10x Genomics, Myriad, Bruker, Konica Minolta, Geisinger". GenomeWeb. Retrieved 2019-01-28.
  12. "10X Genomics Founders Prevail in Arbitration Dispute With Bio-Rad". GenomeWeb. Retrieved 2019-01-28.
  13. November 15, Scott Graham; PM, 2018 at 02:24. "Bio-Rad Snares $24 Million Patent Infringement Verdict". The Recorder. Retrieved 2019-01-28.
  14. "Bio-Rad Awarded $24M in 10x Genomics Patent Infringement Lawsuit". GenomeWeb. Retrieved 2019-01-28.
  15. Graham, Scott (10 April 2020). "Bio-Rad Sounds Poised to Win on Money, Lose on Injunction". National Law Journal. Retrieved 8 August 2020.
  16. "Bio-Rad wins appeal in 10x Genomics patent infringement ruling". Scienceboard.net. 5 August 2020. Retrieved 8 August 2020.
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