Codex DNA Joins Synthetic Biology Competitors, Will Go Public

Codex DNA, a synthetic biology company focused on the technology of writing DNA and mRNA, is preparing to go public with an offer of 6.7 million shares. Codex DNA makes the BioXP system, which is the only fully automated benchtop instrument that facilitates biology workflows.

The company’s mission is to apply its breakthroughs in automation solutions for DNA, RNA, and protein synthesis to accelerate advances in personalized medicine, biologics drug discovery, vaccine development, genome editing, and cell and gene therapy. Codex DNA's technology enables researchers to “write” high-quality synthetic DNA and mRNA for use in multiple markets of synthetic biology.

Codex DNA is conducting its IPO this week to become publicly traded on the Nasdaq. Meanwhile, 6.7 million shares of its common stock will be offered at $14–$16 per share. Also, the firm expects to provide a 30-day option for underwriters to purchase up to an additional 1 million shares at the IPO price.

The book-runners on the IPO are Jefferies LLC, Cowen and Company LLC, and KeyBanc Capital Markets Inc.

Codex DNA isn’t the only synthetic biology company producing innovative research for gene and cell therapy, drug discovery, genome editing, and related fields. GenScript, Twist BioScience, and XX IDT (Integrated DNA Technologies) are several competitors with Codex DNA in the synthetic biology industry.

Other competitors are Zymergen, which just went public this spring, as well as Amyris.

Currently, Codex DNA products include the BioXp system and kits, BioXp foundry services, and benchtop reagents like Gibson Assembly kits, RapidAMP kits, and VMax X2 cells. According to its press release, the BioXp system “can democratize synthetic biology by simplifying the process of building DNA and mRNA.”

The BioXp system can help speed up the processes of discovery, development, and production of innovative products. Its end-to-end, hands-free automated workstation is broadly accessible. The system can help develop antibody-based biologics, mRNA-based vaccines, and therapeutics and precision medicines.

Codex DNA hasn’t turned a profit yet. In the prospectus for the IPO, the company reports net income losses of $21.6 million for the past 12 months. The company's revenue was $7.9 million for the same period.

When Codex DNA debuts on the public market at the end of the week, it's expected to price between $14 and $16 per share. At the midpoint of the proposed price range, the company would net approximately $90.8 million in proceeds from the IPO.

According to IPOScoop, Codex DNA is expected to start trading on the public market on June 18. The firm plans to use the funding raised for general corporate purposes, further research and development, and strategic acquisitions of related companies or technologies to advance its mission.

Once the Codex DNA IPO is completed, the synthetic biology firm will trade on the Nasdaq Exchange under the new ticker symbol "DNAY."