Codexis and seqWell Announce Strategic Investment and Partnership Initiation

  • seqWell raises $7M Series C funding, led by Codexis
  • Current investors Research Corporation Technologies and BroadOak Capital Partners also participated in the round
  • New funding will be used to accelerate the commercialization of seqWell’s genomics workflow solutions

REDWOOD CITY, Calif. and BEVERLY, Mass., April 21, 2022 (GLOBE NEWSWIRE) -- Codexis, Inc. (Nasdaq: CDXS) and seqWell, Inc. today announced the initiation of a strategic partnership and investment to accelerate the commercialization of seqWell’s genomics workflow solutions. Codexis, a leading enzyme engineering company enabling the promise of synthetic biology, and seqWell, a developer of transformative library preparation products for demanding genomics applications, plan to collaborate on using Codexis’ CodeEvolver® platform technology for enzyme optimization with seqWell’s growing portfolio of genomics workflow and library preparation products. As part of this partnership, Codexis led seqWell’s $7 million Series C financing with a $5 million investment. Current investors Research Corporation Technologies (RCT) and BroadOak Capital Partners also participated in the Series C financing. This collaboration and investment enable seqWell to continue rapidly advancing its commercialization of new and existing products in the fast-growing genomics and next generation sequencing (NGS) library prep market.

seqWell’s plexWell™ platform is an NGS library preparation technology that enables simple, scalable multiplexing of hundreds to thousands of samples without the need for time- and cost-consuming sample preparation or library normalization steps. Through this partnership, the technology will be matched with Codexis’ CodeEvolver® platform for discovering and developing novel, high performance enzymes and novel biotherapeutics, to further advance seqWell’s growing portfolio of genomics workflow and library preparation products. By harnessing optimized enzyme-based solutions, seqWell aims to transform the speed and accuracy of sequencing applications within the fast-growing genomics and NGS markets.

Dan Calvo, President and CEO at seqWell, said: “We are thrilled to have Codexis as a strategic investor. This partnership creates great synergy in our pursuit of development and commercialization of innovative genomic tools to meet the demand for simplified, next-generation sequencing workflows that produce high quality results faster, with fewer steps required.”

Dr. Rob Wilson, SVP & General Manager of Codexis’ Performance Enzymes business unit, who joins the seqWell Board with this partnership, commented: “Next generation sequencing is an important strategic market for Codexis, and one in which we have a clear opportunity to create differentiated enzyme-based products to revolutionize future sequencing applications. With its plexWell technology, seqWell has proven its ability to develop efficient, scalable, and user-friendly products in core NGS workflows.” He added: “This investment amplifies Codexis’ strategic growth ambitions in the life science tools area and accelerates seqWell’s ability to bring exciting new products to market by leveraging Codexis’ enzyme engineering capabilities. I’m delighted to join the seqWell board and to work with the team as we continue to grow both organizations.”

Photos accompanying this announcement are available by clicking the image or link below:

Codexis and seqWell Announce Strategic Investment and Partnership Initiation

For high-resolution images please contact Zyme Communications.

Contact Zyme Communications:
Dr. Ben Rutter
Tel: +44(0)7920 770 935

Contact seqWell:
Kellie Faulkner
Tel: 855-737-9355

Contact Codexis:
Brendan Strong/Carrie McKim (Argot Partners)
Tel: 212-600-1902

About seqWell Inc.
seqWell is a global provider of innovative NGS library construction technologies. Based in Beverly, Massachusetts, seqWell's mission is to engineer enhanced library preparation solutions and streamlined application workflows that redefine the standards for throughput, quality, and utility across NGS platforms.

The Company's multiplexed library preparation technology, plexWell™, vastly improves the ease and scale by which 100's to 1,000's of samples can be prepared for NGS instrumentation and analysis. plexWell has wide-ranging impact on applications from synthetic biology, targeted sequencing, and single-cell analysis to low and high depth sequencing of human, plant, animal, and microbial genomes.

In addition to plexWell, seqWell is also developing library preparation methods for reagent-based approaches, for long-molecule phasing and read linking.

Follow seqWell on LinkedIn and Twitter.

About Codexis, Inc.
Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver® platform to discover and develop novel, high performance enzymes and novel biotherapeutics. Codexis enzymes have applications in the sustainable manufacturing of pharmaceuticals, food, and industrial products; in the creation of the next generation of life science tools; and as gene therapy and biologic therapeutics. The Company’s unique performance enzymes drive improvements such as: reduced energy usage, waste generation and capital requirements; higher yields; higher fidelity diagnostics; and more efficacious therapeutics. Codexis enzymes enable the promise of synthetic biology to improve the health of people and the planet.

Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Codexis’ expectations regarding its partnership with seqWell and the ability of its CodeEvolver® technology to develop enzymes for library preparation and NGS workflows. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators; Codexis’ dependence on a limited number of products and customers; and potential adverse effects to Codexis’ business if it’s or its customers’ products are not received well in the markets. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022, including under the caption “Risk Factors” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

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Source: Codexis, Inc.