10x Genomics

Last updated
10x Genomics, Inc.
Formerly10X Technologies, Inc.
Company type Public
Founded2012;12 years ago (2012)
Founders
  • Serge Saxonov
  • Ben Hindson
  • Kevin Ness
Headquarters Pleasanton, California, U.S.
Key people
RevenueIncrease2.svg US$618.7 million (2023)
Decrease2.svgUS$−265 million (2023)
Decrease2.svgUS$−255 million (2023)
Total assets Decrease2.svgUS$965.1 million (2023)
Total equity Decrease2.svgUS$741.0 million (2023)
Number of employees
1,259 (2023)
Website 10xgenomics.com
Footnotes /references
[1] [2]

10x Genomics, Inc. is an American biotechnology company that designs and manufactures gene sequencing technology used in scientific research. It was founded in 2012 by Serge Saxonov, Ben Hindson, and Kevin Ness. [2]

Contents

History

10x Genomics was founded in 2012 by Serge Saxonov, Ben Hindson and Kevin Ness to create advanced testing equipment for use in cellular biology. [3] Prior to starting the company, Saxonov was the founding architect, and director of research and development at 23andMe. [2] Ness left 10x Genomics in December 2016 [4] and in 2018, Justin McAnear, Tesla's former finance chief joined the company as CFO. [5]

In August 2018 the company announced its first acquisition, Epinomics, a biotechnology company focused on the development of new techniques for epigenetics research. [6] Four months later, 10x Genomics acquired Spatial Transcriptomics, a biotechnology company working in the field of spatial genomics. [7] In November 2018, 10x Genomics announced expansion plans including opening a manufacturing facility in Pleasanton, California in early 2019. [8]

10x Genomics announced its initial public offering on September 12, 2019, raising $390M. [9] [10] The company had revenues of $3.32 million in 2015, $27.48 million in 2016, $71.18 million in 2017, [11] $145 million in 2018, [12] and $618.7 million in 2023. [1]

Arbitration and lawsuit

Saxonov, Hindson, and Ness worked together at Quantalife prior to its acquisition by Bio-Rad in 2011 and left in 2012 to launch 10x Genomics. In 2014 an arbitration dispute was brought against the three cofounders by Bio-Rad, claiming they had breached obligations they allegedly owed to Bio-Rad after it acquired Quantalife. In 2015 an arbitrator determined that the founders of 10x Genomics had not breached their obligation to Bio-Rad when they left the company and denied its claims. [13]

In November 2018, a Delaware jury found that 10x Genomics infringed on several University of Chicago patents which were exclusively licensed to Bio-Rad. 10x Genomics were ordered to pay $24 million in damages to Bio-Rad and a 15% royalty on sales. [14] [15] 10x Genomics appealed the verdict but the decision was upheld in August 2020. [16] [17] In July 2021, Bio-Rad and 10x Genomics settled all outstanding lawsuits brought in American federal as well as international courts for an undisclosed amount and the rights for the companies to license each other's patents for single-cell analysis. [18]

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References

  1. 1 2 "SEC Form 10-K". United States Securities and Exchange Commission. February 15, 2024. pp. 4, 97. Retrieved February 15, 2024.
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  14. November 15, Scott Graham; PM, 2018 at 02:24. "Bio-Rad Snares $24 Million Patent Infringement Verdict". The Recorder. Retrieved 2019-01-28.{{cite web}}: CS1 maint: numeric names: authors list (link)
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  16. Graham, Scott (10 April 2020). "Bio-Rad Sounds Poised to Win on Money, Lose on Injunction". National Law Journal. Retrieved 8 August 2020.
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