Synthetic biology attracted $8.9 billion in venture funding during the first half of 2021, according to synbio stakeholder group SynBioBeta, and launched two successful initial public offerings: Zymergen’s $529.6 million traditional IPO and Ginkgo Bioworks’ $1.6+ billion SPAC deal.
But by August, Zymergen’s CEO resigned after a gloomy revenue forecast. Shares plunged 68%. And in November, two months after its IPO, Ginkgo acknowledged a Department of Justice “informal inquiry” into the company after a short seller attacked the company’s revenue reporting practices. Ginkgo said an investigation by its audit committee found that the short seller’s contention was “unfounded and that no restatement of Ginkgo’s financials was needed.”
Notwithstanding those challenges, Christina Smolke, PhD, co-founder and CEO of Antheia, said synthetic biology is on track to achieving full-scale manufacturing across diverse applications that include essential medicines, green chemicals, and foods like dairy and meat: “‘Synthetic biology’ is no longer just an academic enterprise. It has become a booming industry with real-world implications, and this trend will continue into 2022.”
Read the article at Genetic Engineering & Biotechnology News