"By the end of 2023, the company was still not generating positive cash flow and the interest burden had expanded in excess of ten times what it was in 2020-2021."
"Synthego sells gene-slicing tools and software that helps companies develop everything from new pharmaceuticals to agricultural products."
"Perceptive is also loaning the company as much as $12.5 million to pay for the Chapter 11 case."
"Synthego, based in Redood City, was founded in 2012 by former employees of Elon Musk's SpaceX company."
Synthego Corp., a gene-editing tool manufacturer, filed for bankruptcy and plans to sell itself to its main lender, Perceptive Advisors, exchanging $85 million in debt for ownership. Despite raising $392 million, Synthego struggled to achieve profitability and faced a significant increase in its debt burden over recent years. With stagnant cash flow, the company continues to provide essential gene-editing solutions for pharmaceutical and agricultural developments. In addition to the bankruptcy proceedings, Synthego is involved in a legal dispute with Agilent Technologies over patent issues, awaiting a court ruling.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]