Synthego Initiates Strategic Financial Restructuring to Facilitate Sale, Reduce Debt, Strengthen Balance Sheet

REDWOOD CITY, CA, May 5, 2025

Synthego, a leading supplier of CRISPR solutions, today announced that it has ensured its future success by entering into a purchase agreement with Perceptive Advisors to acquire all the assets of the Company on a going-concern basis. To facilitate the sale, the Company has voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court of the District of Delaware. Along with the Asset Purchase Agreement and bankruptcy petition, Synthego filed papers seeking court approval of up to 2.5 million in Debtor-in-Possession financing from Perceptive to support continued operations and the restructuring process. The sale is expected to close in 70 days.

"Today's actions were the best way to efficiently reduce our debt obligations and ensure that Synthego is well-positioned for the future. We are pleased that our secured lender, Perceptive, understands Synthego’s unique value as a biotech innovator, accelerating the development of next-gen medicines and therapies," said Craig Christianson, Chief Executive Officer of Synthego. "Perceptive is well-known in the industry for backing the most promising biotech companies and breakthroughs, and we couldn’t ask for a better capital partner." 

The Company expects day-to-day business operations to continue as usual, and does not anticipate changes to its management team, staffing, the services it provides, or any direct impact on customers during this transition process. 

"The remarkable achievements of our customers are a testament to their innovative spirit and commitment to improving human health. Synthego is honored to be a trusted partner in their journey, providing high-quality CRISPR solutions and the manufacturing excellence needed to unlock the next era of therapeutic advancement," said Jason Miller, Chief Commercial Officer of Synthego.

Over the next couple of months, as required by the Bankruptcy Code, the Company, through its investment banker – Raymond James – will run a Court-supervised sale and auction process to solicit competing bids, so that Synthego can assure the Court that the Company receives the highest and best bid for its assets. If no higher and better bids are received, Synthego will proceed to close the transaction with Perceptive on the agreed-upon terms. 

Continued Christianson, "at the end of this process, we see tremendous opportunity, including a committed majority owner, an improved capital structure, and the ability to continue our growth trajectory."