Invitae

Invitae Corporation

Type| Public

Traded as

| Expert Market: NVTAQ
Industry| Genetic testing
Founded| 2010; 16 years ago (2010)
Headquarters| San Francisco, California, U.S.

Key people

| Kenneth D. Knight (CEO)[1]
Revenue| US$279.6 million (2020)

Net income

| US$–608.9 million (2020)
Website| www.invitae.com/en

Invitae Corp. is a biotechnology company that was created as a subsidiary of Genomic Health in 2010 and then spun-off in 2012.[2]

In 2017, Invitae acquired Good Start Genetics and CombiMatrix.[3][4] In 2020, Invitae announced the acquisition of ArcherDX for $1.4 billion.[5] In 2021, Invitae announced the acquisition of health care AI startup Ciitizen for $325 million.[6]

In early 2024, Invitae filed for Chapter 11 bankruptcy protection, and later announced an agreement for an acquisition by Labcorp.[7]

## Contents

* 1 CombiMatrix Corp.
* 1.1 History
* 1.2 CombiSNP Array
* 2 References
* 3 External links

## CombiMatrix Corp.

CombiMatrix Corp. (NASDAQ: CBMX)[8] was a clinical diagnostic laboratory specializing in pre-implantation genetic screening, miscarriage analysis, prenatal and pediatric diagnostics, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. As a full-scale cytogenetic and cytogenomic laboratory, CombiMatrix performs genetic testing utilizing a variety of advanced cytogenomic techniques, including chromosomal microarray analysis, standardized and customized fluorescence in situ hybridization (FISH) and high-resolution karyotyping.[9] CombiMatrix is dedicated to providing high-level clinical support for healthcare professionals in order to help them incorporate the results of complex genetic testing into patient-centered medical decision making. In 2012 CombiMatrix shifted its focus from providing oncology genetic testing to developmental testing. Their focus is cytogenomic miscarriage analysis, prenatal analysis and postnatal/pediatric analysis.[10][11]

### History

In the mid-1990s, a PhD from Caltech invented a method of analyzing and immobilizing genetic material on the surface of a modified semiconductor wafer. The CombiMatrix microarray ("CombiMatrix" refers to combinatorial chemistry on a matrix array) was born and received US patents in the late '90s. Located in Mukilteo, Washington, the company received several rounds of private financings and filed to go public in November 2000. Unfortunately, CombiMatrix missed its "IPO window" by a few months due to the turmoil that was happening in the financial markets in late 2000 and early 2001, and then the events of Sept. 11 2001 put the final "nail in the coffin" to the company's fundraising plans at the time. So, CombiMatrix shifted gears and began pursuing several funded R&D projects to further develop its proprietary microarray technology with outside entities such as Roche Applied Sciences in Europe, biotech researchers in Japan as well as the U.S. Department of Defense. In late 2002, CombiMatrix merged with and became a wholly owned subsidiary of Acacia Research Corporation of Newport Beach, California.[12]

From 2002 to 2007, CombiMatrix continued its commercial development of "CustomArray" as it was called and began selling its DNA synthesis instruments and arrays to various R&D facilities throughout the United States, Europe and Asia. In an effort to diversify the company from the "tools" R&D sector, the company created CombiMatrix Molecular Diagnostics, Inc. and opened a diagnostics lab in Irvine, California, which was originally led by former US Labs employees with the intent of entering the much larger clinical diagnostics market using its proprietary microarray platform for oncology-related diagnostic services. CMD then branched into pediatric diagnostic testing by introducing other array technologies beyond the CustomArray platform. In 2007, CombiMatrix spun out from Acacia Research Corp. and became an independent public company in August of that year.[12]

By 2010, the clinical lab business was showing promise, while the legacy CustomArray tools business was not achieving the commercial success that was needed to grow the company. As a result, the CombiMatrix Board made the difficult decision to scuttle the CustomArray tools business in Washington state and instead focus all commercial and operational resources on the diagnostic services business in California. By the end of 2010, the Irvine CLIA lab was the sole remaining commercial operations of CombiMatrix.

Since that time, the company has launched several different genetic diagnostic tests in oncology, pediatric disorders and reproductive health, with the latter becoming the primary growth engine of the Company in recent years. As our Board has often said over the past three years in particular, we have become a "real, commercial company" at CombiMatrix. The company's recent success over the past 16 quarters of consistently increasing revenue and collections while decreasing costs and cash burn led to the successful sale of CombiMatrix to Invitae in November 2017.

On February 5, 2024, The Wall Street Journal reported that the company was preparing to file for bankruptcy.[13] The following day, the New York Stock Exchange announced it was delisting the company's stock and trading halted.[14] On February 13, 2024, Invitae declared Chapter 11 bankruptcy in New Jersey.[15]

### CombiSNP Array

CombiMatrix uses the CombiSNP Array as their technology platform. SNP stands for Single nucleotide polymorphism probes. These probes allow for increased precision and greater diagnostic yield. This array contains more than 845,000 SNP markers covering both coding and non-coding human genome sequences. The median spatial resolution between probes is 1 Kb within gene rich regions and 5 Kb outside of gene-rich regions.[16]

## References

1. ↑ "Invitae Announces Leadership Transition". 18 July 2022. https://ir.invitae.com/news-and-events/press-releases/press-release-details/2022/Invitae-Announces-Leadership-Transition/default.aspx.
2. ↑ Baxt, Josh. "Invitae CEO says the diagnostic company has big plans for genomic medicine". Breaking Media, Inc.. https://medcitynews.com/2017/08/invitae-ceo-says-diagnostic-company-big-plans-genomic-medicine/.
3. ↑ "Invitae Acquiring Good Start Genetics and CombiMatrix, Adding Comprehensive Reproductive Health Capabilities to Serve Every Stage of Life". Invitae. 2017-08-03. https://www.invitae.com/en/press/invitae-acquiring-good-start-genetics-and-combimatrix-adding-comprehensive-reproductive-health-capabilities-serve-every-stage-life/.
4. ↑ Pedersen, Amanda (2017-08-01). "Invitae is Going After Prenatal Screening in a Big Way". https://www.mddionline.com/business/invitae-going-after-prenatal-screening-big-way.
5. ↑ Gatlin, Allison (2020-06-22). "Genetic Testing Behemoth Invitae Rockets 45% On $1.4 Billion Acquisition". https://www.investors.com/news/technology/nvta-stock-rockets-genetic-testing-buyout/.
6. ↑ "Invitae to Acquire Ciitizen to Strengthen its Patient-Consented Health Data Platform to Improve Personal Outcomes and Global Research" (in en-CA). https://ir.invitae.com/news-and-events/press-releases/press-release-details/2021/Invitae-to-Acquire-Ciitizen-to-Strengthen-its-Patient-Consented-Health-Data-Platform-to-Improve-Personal-Outcomes-and-Global-Research/default.aspx.
7. ↑ "Invitae Enters into Agreement with Labcorp for Sale of Business". Invitae. 24 April 2024. https://ir.invitae.com/news-and-events/press-releases/press-release-details/2024/Invitae-Enters-into-Agreement-with-Labcorp-for-Sale-of-Business/default.aspx.
8. ↑ "Sector Update: Health Care Stocks Ending in Deep Hole; CombiMatrix Climbs Off All-Time Lows After Reporting Big Growth in Testing Volumes". nasdaq.com. http://www.nasdaq.com/article/sector-update-health-care-stocks-ending-in-deep-hole-combimatrix-climbs-off-all-time-lows-after-reporting-big-growth-in-testing-volumes-cm399266.
9. ↑ "CombiMatrix (CBMX) Sees Record Prenatal Testing Volumes in Q314". streetinsider.com. http://www.streetinsider.com/Corporate+News/CombiMatrix+(CBMX)+Sees+Record+Prenatal+Testing+Volumes+in+Q314/9891486.html.
10. ↑ "CombiMatrix Corporation". The New York Times. http://topics.nytimes.com/top/news/business/companies/combimatrix-corporation/index.html.
11. ↑ "Chromosomal Microarrays for Prenatal Testing: Interview with CombiMatrix CEO Mark McDonough". medgadget.com. 18 August 2014. http://www.medgadget.com/2014/08/chromosomal-microarrays-for-prenatal-testing-interview-with-combimatrix-ceo-mark-mcdonough.html.
12. ↑ 12.0 12.1 "Form 10-K (2008)". https://www.sec.gov/Archives/edgar/data/1383183/000104746909003308/a2190100z10-k.htm.
13. ↑ "SoftBank-Backed Medical Genetics Company Invitae Prepares for Bankruptcy". 2024-02-05. https://www.wsj.com/articles/softbank-backed-medical-genetics-company-invitae-prepares-for-bankruptcy-d468f120.
14. ↑ Pan, Eddie (2024-02-06). "The New York Stock Exchange Will Start Delisting Invitae (NVTA) Stock" (in en-US). https://investorplace.com/2024/02/the-new-york-stock-exchange-will-start-delisting-invitae-nvta-stock/.
15. ↑ "SoftBank backed genetic test firm Invitae files for Chapter 11" (in en). February 13, 2024. https://news.bloomberglaw.com/bankruptcy-law/softbank-backed-genetic-test-firm-invitae-files-for-chapter-11?context=search&index=0.
16. ↑ "CombiMatrix Corp 's Pediatric development disorders analysis test granted conditional approval from New York State Department of Health". reuters.com. https://www.reuters.com/finance/stocks/CBMX.O/key-developments/article/3029896.

## External links

* Official website
* Business data for Invitae Corporation:

* SEC filings

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