Element Biosciences
| Private | |||
| ISIN | 🆔 | ||
| Industry | Biotechnology | ||
| Founded 📆 | July 7, 2017 in San Diego, California | ||
| Founders 👔 |
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| Headquarters 🏙️ | , , | ||
Area served 🗺️ | United States | ||
Key people |
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| Services | DNA Sequencing | ||
| Members | |||
Number of employees | |||
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| 🌐 Website | elementbiosciences | ||
| 📇 Address | |||
| 📞 telephone | |||
Element Biosciences is a multi-disciplinary startup focused on innovating genetic analysis tools for the research and diagnostic markets. Element Biosciences is a US-based company with a headquarters in San Diego, California.
History[edit]
Element Biosciences was founded in 2017 by Molly He, Ph.D., CEO, Michael Previte, Ph.D., Chief Technology Officer (CTO), and Matt Kellinger, Ph.D., Head of Biochemistry – all with proven success in healthcare business transformation as former colleagues at Illumina, and who have made significant contributions to scientific innovation in biotechnology and bioinformatics. In addition, one of the original co-founders of Illumina from 1998, John R. Stuelpnagel, DVM, MBA, has served as Element Biosciences’ board chairman since 2017.
In 2019, Element secured $15 million in Series A funding, led by Foresite Capital and Venrock, to develop disruptive technologies to improve quality and reduce the cost of genomic applications.[1] The following year in January, Element completed a Series B financing round of $80.3 million, with participation from new investors Fidelity Management & Research Company and JS Capital Management LLC and its existing investors.[2] In June 2020, a second close on Series B financing added $30 million from new investors RA Capital Management and Alexandria Venture Investments intended to accelerate the development of a new DNA sequencing platform.
Since its inception, Element Biosciences has assembled a team of experts in various fields, including biologists, geneticists, scientists, and engineers with experience developing genetic tools. Element Biosciences has also built an experienced team of leaders, appointing David Melaugh as general counsel, and Jeff Labbadia as VP of Operations in April 2021.[3] Two months later, Brian Stolz joined as Chief People Officer, Diana King joined as VP of Customer Service, and Jordan Neysmith signed on as VP of Engineering.[4]
Element Biosciences continues to accelerate the development of its genetic sequencing solutions, closing a $276 million Series C financing round in June 2021.[5] In addition to existing investors, new investors included Janus Henderson Investors, Logos Capital, Meritech Capital Partners, Counterpoint Global (Morgan Stanley), and T. Rowe Price. With this latest investment, Element Biosciences has raised approximately $400 million; proceeds will help scale its commercialization efforts and fund the launch of its first product, a next-generation sequencing (NGS) DNA sequencing platform.[6]
To support its business growth, Element Biosciences has relocated to a new 30,000-square-foot life-sciences commercial space to support its product development and a rapidly growing employee base.[7]
Products[edit]
Genome sequencing is instrumental in deepening our understanding of biology and improving human life, from unlocking greater scientific discovery on infectious diseases like COVID-19 to the genetic profile of individual cancers, inherited diseases, and more.[8] As genomic research becomes a more prevalent resource for patient health, drug discovery and development, researchers need more innovative technology choices and more flexible tools for scientific exploration.[7]
Element Biosciences’ vision is to expand access to high-quality, low-cost, easy-to-use genomics tools for the research and diagnostic markets. By making these tools more accessible, Element Biosciences aims to accelerate scientific discoveries and broaden the use of genomic medicine overall.[9] With that in mind, the Element Biosciences team is focusing their collective decades of biotechnology, scientific, and business expertise on the commercial launch of a disruptive next-generation DNA sequencing solution.
Element Biosciences has stated it is developing a flexible, modular, and high-performing DNA sequencing platform to deliver high-quality data workflow flexibility at a lower cost and make next-generation sequencing (NGS) technology more accessible.[2] Their proprietary approach claims to improve the signal-to-noise ratio, allowing them to provide groundbreaking innovations in surface chemistry, instrumentation, and biochemistry that drastically decrease the run and capital costs while still delivering high-quality sequencing data.[10]
Recognitions[edit]
As the CEO of Element Biosciences, overseeing 200 employees in a rapidly expanding company, Molly He, Ph.D., was recently recognized as one of the “Top Women in Precision Medicine” according to the July/August 2021 issue of Clinical OMICs Magazine. She attributes her success to her mentors and strives to pay it forward through her work – and by empowering young women to pursue and excel in science, technology, education, and math (STEM).[10]
In June 2021, Molly He was one of 12 finalists for the “EY Entrepreneur of The Year 2021 Pacific Southwest-San Diego Awards,” recognizing excellence in entrepreneurship. This program is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies.[11] In August 2021, Molly He was selected as a 2021 Women of Influence in Life Sciences by the San Diego Business Journal, celebrating “female trailblazers in life science by highlighting their careers and accomplishments.”[12]
References[edit]
- ↑ "Element Biosciences Raises $15M in Series A Financing". Genomeweb. 2019-06-18. Retrieved 2021-12-28.
- ↑ 2.0 2.1 Chris Anderson (2020-01-11). "Element Biosciences Raises $80M to Accelerate Development of a New DNA Sequencing Platform". Clinical OMICs - Molecular Diagnostics in Precision Medicine. Retrieved 2021-12-28.
- ↑ "Element Biosciences: Jeff Journey, David Melaugh, Jeff Labbadia". Genomeweb. 2021-04-20. Retrieved 2021-12-28.
- ↑ "Element Biosciences: Brian Stolz, Diana King, Jordan Neysmith". Genomeweb. 2021-07-20. Retrieved 2021-12-28.
- ↑ "DNA sequencing upstart Element Biosciences raises $276M ahead of its first product launch". FierceBiotech. Retrieved 2021-12-28.
- ↑ "DNA Sequencing Firm Element Biosciences Closes $276M Series C Financing Round". Genomeweb. 2021-06-29. Retrieved 2021-12-28.
- ↑ 7.0 7.1 "Element Biosciences Raises $276 Million". San Diego Business Journal. Retrieved 2021-12-28.
- ↑ Gertner, Jon (2021-03-25). "A DNA Sequencing Revolution Helped Us Fight Covid. What Else Can It Do?". The New York Times. ISSN 0362-4331. Retrieved 2021-12-28.
- ↑ "Promises of a next-gen sequencing approach earn Element Biosciences a hefty Series C. Is an IPO next?". Endpoints News. Retrieved 2021-12-28.
- ↑ 10.0 10.1 Vuksanaj, Kathy (2021-08-25). "Top Women in Precision Medicine". Clinical OMICs - Molecular Diagnostics in Precision Medicine. Retrieved 2021-12-28.
- ↑ "EY Announces Entrepreneur Of The Year® 2021 Pacific Southwest — San Diego Award Finalists". www.ey.com. Retrieved 2021-12-28.
- ↑ "2021 Women of Influence". San Diego Business Journal. Retrieved 2021-12-28.
This article "Element Biosciences" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Element Biosciences. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- Genetic engineering
- Genomics companies
- Biotechnology companies
- Biotechnology companies of the United States
- Companies based in San Diego
- 2017 establishments in California
- American companies established in 2017
- DNA sequencing
- DNA sequencing methods
- RNA sequencing
- Women chief executives
- American women company founders
