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Complete Genomics Expects to Sequence More than 300 Human Genomes in Q4

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This story was originally published Dec. 20.

Complete Genomics said last week that it anticipates sequencing more than 300 human genomes in the fourth quarter of 2010.

The company predicted the number as part of its third-quarter financial results, some of which it had reported last month in the prospectus for its initial public offering (IS 11/9/2010).

As previously reported, the company had $4.2 million in third-quarter revenue, compared to no revenue during the year-ago quarter. It also reiterated an order backlog of approximately $9 million, representing projects for which it expects to book revenue over the next twelve months.

Operating expenses totaled $14.9 million, up from $8.6 million during the third quarter of 2009. This increase "reflects the first complete quarter of production in our sequencing facility and expansion of our sales and customer support organizations," according to a company statement.

Research and development costs were $5 million for the quarter, down from $5.6 million during the year-ago period.

Complete ended the quarter with a net loss of $20.5 million, up from $9.2 million during the third quarter of 2009.

During the third quarter, "we validated our technology at scale and added a number of new customers in the academic, clinical research, and pharmaceutical segments," Complete Genomics CEO Cliff Reid said in a statement. Earlier this month, he said that the company has 35 customers (IS 12/14/2010).

Reid added that the company raised about $59 million in net proceeds during the fourth quarter, from a Series E financing in October and from its IPO last month (IS 11/16/2010), which "provides the company with additional resources to execute on its long-term growth strategy." Complete Genomics previously said that it expects its cash to last for at least 12 months.

Commenting on the quality and completeness of the genomes sequenced so far, the firm said that for the last 500 human genomes it analyzed, it covered more than 98 percent of each genome at 10-fold or greater coverage. Also, its software made high-confidence calls of more than 95 percent of the genome on average, and of more than 94 percent of the exome.

In October, the company released additional software tools that allow customers "to more easily analyze genetic variation across multiple genomes." Earlier this month, it also expanded its service by adding copy number variation and structural variation analyses.

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