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January 6, 2025

Branford-based biotech Quantum-Si eyes $50M capital raise

HBJ PHOTO | STEVE LASCHEVER Serial scientist-entrepreneur Jonathan Rothberg founded three companies that have gone public through SPAC IPOs.
By David Krechevsky

Quantum-Si Inc., a Branford-based biotech company, is raising $50 million in a registered direct offering of its Class A common stock. 

In a filing with the U.S. Securities and Exchange Commission (SEC), the company said that on Jan. 3 it entered into a securities purchase agreement with “certain institutional investors” in which Quantum-Si agreed to issue and sell an aggregate of 15.625 million shares of its Class A common stock at a price of $3.20 per share. 

Quantum-Si said the gross proceeds are expected to be $50 million before deducting placement agents fees and other offering expenses. The offering was expected to close on Monday, subject to customary closing conditions.

Quantum-Si said it intends to use the net proceeds from the offering for its future product development objectives, including its Proteus platform, general commercialization, manufacturing development of its products, research and development, and other general corporate purposes.

For the registered direct offering, Quantum-Si entered into a placement agency agreement with A.G.P./Alliance Global Partners, which served as the sole placement agent. It also agreed to pay the placement agent an aggregate cash fee equal to 6% of the gross proceeds, or $3 million.

Founded by serial scientist-entrepreneur Jonathan Rothberg to commercialize protein-sequencing technology, Quantum-Si went public in June 2021, merging with New York-based HighCape Capital Acquisition Corp. in a SPAC deal worth $1.46 billion.

In 2022, Quantum-Si made its “Platinum” technology, powered by a semiconductor chip, commercially available. Platinum provides single-molecule protein sequencing, and the technology can be used for proteomic research to advance drug discovery and health diagnostics, according to the company. 

Quantum-Si’s capital raising follows its recent effort to regain compliance for listing its stock on The Nasdaq Stock Market.

After its stock, which trades under the symbol QSI, hit a low of 63 cents per share on Nov. 19, the stock jumped to $1.39 per share the next day and has not traded below $1 per share since. Monday morning, it was trading at $4 per share.

The jump in price coincided with an investor and analyst event the company hosted in New York City on Nov. 20. During that event, Quantum-Si announced the “next-generation” version of its technology, called Platinum Pro, as well as Proteus, its new, “cutting-edge proteomics platform of the future,” which is now under development.

Platinum Pro, which is scheduled to launch in the first half of 2025, will provide a streamlined workflow, reducing hands-on time, and faster processing time, the company said. It will also offer a “Pro Mode,” allowing for custom application development.

Proteus, which is scheduled to launch in the second half of 2026, will enable a broad range of capabilities for proteomic analysis, including ultrasensitive detection of proteoforms, unbiased interrogation of high complexity samples, and new rapid sequencing chemistry that can reduce the run time per sample to 90 minutes or less, the company said.

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