NEW YORK – SomaLogic reported on Monday preliminary Q2 2021 revenues of $19.7 million, up 176 percent compared to Q2 2020.
The revenue growth was driven by new pharma and research customers as well as a return to fee-for-service business, the company said.
"Our year-to-date results reflect our team's dedication and execution across key drivers of the business as well as the rapidly growing global interest in proteomics products and services," SomaLogic CEO Roy Smythe said in a statement. "We have doubled our sales force since the beginning of the year and are targeting a substantial ramp into the second half of 2021."
Boulder, Colorado-based SomaLogic also announced that its proposed business combination with CM Life Sciences II, a special purpose acquisition company, or SPAC, sponsored by affiliates of Casdin Capital and Corvex Management, has been declared effective by the US Securities and Exchange Commission.
A special meeting date for shareholders of record has been set for Aug. 31, with the transaction expected to close shortly thereafter.
Upon completion of the transaction, expected in the third quarter, CM Life Sciences II will be renamed and its common stock will list on the Nasdaq under the ticker symbol SLGC.
Through the transaction, which values SomaLogic at roughly $1.2 billion, the company is expected to receive cash proceeds of approximately $651 million, including $276 million currently in CM Life Sciences II's trust account and $374 million from a common stock private investment in public equity, or PIPE, funding.