Omniome

Omniome was a San Diego-based biotechnology company that developed a proprietary short-read DNA sequencing platform designed to deliver higher accuracy than conventional next-generation sequencing systems. Its core technology, marketed as Sequencing by Binding (SBB), was a chemistry developed specifically because clinical applications require accuracy levels that existing sequencing technologies struggle to achieve. The company positioned the platform as capable of higher sensitivity at lower cost, with intended applications in cancer diagnostics, single-cell analysis, and clinical sequencing more broadly.

The company was founded in 2013 and employed roughly 120 people at the time of its acquisition, with a headquarters in San Diego and, according to one aggregator, an additional location in Baltimore. It raised institutional venture capital across seed, Series A, Series B and Series C rounds, with total funding reported at approximately $127.6 million. In September 2021, Pacific Biosciences (Nasdaq: PACB) closed its acquisition of Omniome, combining Omniome's short-read technology with PacBio's SMRT long-read sequencing portfolio and establishing PacBio's San Diego site.

Founding story

Omniome was founded in 2013. Richard Shen, later company President, stated that the company was built on the belief that improvements in short-read accuracy are necessary for the expansion of NGS clinical testing applications and for confirmation of other technical approaches.

Business model

Omniome operated as a venture-backed instrument and consumables developer in the next-generation sequencing market, building a proprietary sequencing platform intended for commercial release to research and clinical customers. Sources describe the platform as still in development at the time of the acquisition, with PacBio stating it looked forward to releasing the product to customers in the near future.

Traction

Investors backed the company through multiple rounds totaling approximately $127.6 million, and it grew to roughly 120 employees by 2021. Its principal realized outcome was the September 2021 sale to Pacific Biosciences for approximately $316 million in cash plus about 9.4 million PACB shares, with additional milestone consideration of up to $200 million.

Latest developments

Pacific Biosciences closed its acquisition of Omniome on 20 September 2021, paying approximately $316 million in cash and about 9.4 million PACB shares at closing, with up to $200 million in further milestone-contingent consideration. PacBio simultaneously closed a $300 million private placement of approximately 11.2 million shares at $26.75 per share with a syndicate of life sciences investors in support of the transaction. PacBio said the Omniome team had continued platform development progress in the 60 days since the deal was announced.