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Pacific Biosciences of California, Inc. Announces Second Quarter 2019 Financial ResultsMENLO PARK, Calif., Aug. 06, 2019 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for its second quarter ended June 30, 2019. On April 24, 2019, the Company announced the commercial launch of the Sequel II System and the Single Molecule, Real-Time (SMRT®) Cell 8M chip, and began shipping Sequel II Systems to customers beyond the five early access sites. As of June 30, 2019, the Company had installed a total of 41 Sequel II Systems, which includes a number of sites with multiple systems installed. On November 1, 2018, the Company entered into an Agreement and Plan of Merger with Illumina, Inc. (“Illumina”) and FC Ops Corp., a wholly-owned subsidiary of Illumina (the “Merger Agreement”) pursuant to which Illumina will acquire the Company for $8.00 per share of the Company’s common stock in an all-cash transaction and FC Ops Corp. will be merged with and into the Company (the “Merger”), with the Company surviving the Merger and becoming a wholly-owned subsidiary of Illumina. Completion of the transaction is subject to terms and conditions set forth in the Merger Agreement, including expiration or termination of any waiting periods applicable to the consummation of the Merger under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and clearance under the antitrust laws of certain non-U.S. jurisdictions. The Merger has been notified to the United States Federal Trade Commission (“FTC”) and to the Competition and Markets Authority of the United Kingdom (“CMA”) and is under review by both the FTC and the CMA. The Company and Illumina will continue to work cooperatively with the FTC and the CMA. The Company and Illumina expect the Merger to be completed in the fourth quarter of 2019, at which time the Company will become a wholly owned subsidiary of Illumina and will cease to be a publicly traded company. For the three and six months ended June 30, 2019, the Company recognized approximately $3.8 million and $9.3 million, respectively, in operating expenses in connection with the Merger. No Conference Call Given the pending Merger with Illumina, management will not be hosting a conference call to discuss its financial results for the second quarter ended June 30, 2019 and does not expect to do so for future quarters. About Pacific Biosciences Pacific Biosciences of California, Inc. (NASDAQ: PACB) offers sequencing systems to help scientists resolve genetically complex problems. Based on its novel SMRT® Technology, Pacific Biosciences’ products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Pacific Biosciences’ technology provides high accuracy, ultra-long reads, uniform coverage, and the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide a simple, fast, end-to-end workflow for SMRT Sequencing. Forward-Looking Statements The condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in the Company’s Quarterly Report on Form 10-Q when filed with the Securities and Exchange Commission. Contact:
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