WEBVTT - Inscripta CEO on Genomic Engineering (Podcast)

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio. But last year

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<v Speaker 1>McKinsey came out with a report and they noted that

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<v Speaker 1>the bio economy could have a directing economic impact of

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<v Speaker 1>up to four trillion dollars a year over the next

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<v Speaker 1>ten to twenty years. One company working in that world

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<v Speaker 1>is in Scripta, Shri Kazaraja Cook. Let me try it again, Shrekazaraju.

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<v Speaker 1>He is president and CEO of the digital genome engineering

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<v Speaker 1>company that we just mentioned in Scripta and he joins

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<v Speaker 1>us on the phone in San Francisco Street. Forgive me

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<v Speaker 1>from the mispronunciation. It's what I can't even read my

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<v Speaker 1>own notes or fonetics. Um, but it is good to

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<v Speaker 1>have you here. And I have to say that my producer,

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<v Speaker 1>you bet, my producer and I were talking earlier that

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<v Speaker 1>this was just something that we love to talk about.

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<v Speaker 1>Tell us, first of all, um, how are you doing

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<v Speaker 1>what the past year has been like? Yeah? Well, first

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<v Speaker 1>of all, Carol, thanks for having me on. I'm a

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<v Speaker 1>big fan of Bloomberg Radio. I listened to it every morning,

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<v Speaker 1>so I did want to say that before he started,

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<v Speaker 1>UM in the morning, you didn't say the afternoon. Now

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<v Speaker 1>I'm a little worried. Now I'm just kidding a yeah,

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<v Speaker 1>I wish I could listen all day. UM. Well, the

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<v Speaker 1>last year has been phenomenal on many fronts. UM. Obviously,

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<v Speaker 1>the the opportunity we're going up against has gotten a

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<v Speaker 1>lot more visibility, and we'll talk about what that means

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<v Speaker 1>in the bioeconomy, but it is going to be something

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<v Speaker 1>that I think people start hearing much more about in

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<v Speaker 1>the additional dimension that it adds to the potential of

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<v Speaker 1>our economy and to society at large. UM. The pandemic

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<v Speaker 1>has obviously made it tough for for us, as it

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<v Speaker 1>has for many other companies who are innovating UM. But

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<v Speaker 1>we have very dedicated employees who have been in the

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<v Speaker 1>lab diligently working. We've had our commercial teams diligently preparing

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<v Speaker 1>to to launch our our first commercial product, the Onyx platform,

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<v Speaker 1>which we announced just a few weeks ago that we

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<v Speaker 1>we shipped our our first commercial unit. So UM, we

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<v Speaker 1>are trying to make progress despite the pandemic. We'll tell

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<v Speaker 1>us exactly what the bioeconomy is. Yeah, So, so it

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<v Speaker 1>is UH, as I said, it's to me, it's a

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<v Speaker 1>it's an additional dimension to the economy and new referenced

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<v Speaker 1>at the outset McKenzie statistic. Another statistic from McKenzie last

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<v Speaker 1>year was that in principle, approximately of the physical inputs

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<v Speaker 1>to the economy could be biologically produced. And when you

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<v Speaker 1>sort of take a step back and think about that,

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<v Speaker 1>that explains the magnitude of what we talked about with

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<v Speaker 1>the bioeconomy. Biology has played an important role in the

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<v Speaker 1>last decade on discovery and life sciences and even in

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<v Speaker 1>the production of therapeutics. However, bioeconomy is larger than that.

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<v Speaker 1>It affects many more industries beyond just healthcare, and it

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<v Speaker 1>has much more far reaching impact into products that all

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<v Speaker 1>of us touch every day. And and there's a couple

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<v Speaker 1>of themes that are sort of catalyzing this movement UM

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<v Speaker 1>and some of them are very familiar to us. That

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<v Speaker 1>the movement to sustainability UM, the movement to to climate change,

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<v Speaker 1>to adapt to climate change, and the basic movement around

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<v Speaker 1>just greater performance and efficiency of our of our products

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<v Speaker 1>and businesses. So there are so many confluent catalysts that

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<v Speaker 1>are really accelerating this movement in the bio autonomy. So

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<v Speaker 1>I feel like we're speaking tree and kind of broad

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<v Speaker 1>strokes here. So tell me, like drill it down, like

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<v Speaker 1>does this include things such as growing food and labs,

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<v Speaker 1>growing organs and labs? Like is tell us kind of

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<v Speaker 1>when we get down to a granular, granular level, like

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<v Speaker 1>what exactly this means? So, so the most common things

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<v Speaker 1>that you might read about if you were to Google

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<v Speaker 1>Google it would be UM in agriculture, crops or plants

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<v Speaker 1>that are disease resistant UM that are they're characterized traits

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<v Speaker 1>that allow them UM to to to grow and prosper

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<v Speaker 1>more efficiently. So agriculture is a place where you might

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<v Speaker 1>hear and see this a lot. And as our global

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<v Speaker 1>population grows, as we're trying to get more efficiency out

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<v Speaker 1>of the land and water um in in plants UM.

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<v Speaker 1>This is one area that a lot of companies are

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<v Speaker 1>looking for to see UM innovation and benefit cosmetics. You

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<v Speaker 1>find that that also are starting to talk about using

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<v Speaker 1>UH gene engineering to to manufacture more sustainable UM cosmetic products.

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<v Speaker 1>We also see it if you kind of move back,

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<v Speaker 1>you know, and I said it is beyond healthcare, but

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<v Speaker 1>if you kind of move back to healthcare, even in biologics.

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<v Speaker 1>You know, just today I was talking to a researcher

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<v Speaker 1>in Europe who was very keen in his study of

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<v Speaker 1>antibiotics antibiodetics. Antibiotics haven't really been advanced in the last

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<v Speaker 1>two decades, and many of the organisms in the body

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<v Speaker 1>have have shown resistance to antibiotics. So researchers are studying

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<v Speaker 1>what causes that and can we identify and isolate those

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<v Speaker 1>parts of the genes that contribute to that so that

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<v Speaker 1>we can design more effective antibiotics in the future. So, really,

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<v Speaker 1>as you can tell just such a wide range of

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<v Speaker 1>potential application, I want to get right back to our guest.

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<v Speaker 1>Shree Kasaraju is with us. He's president and CEO of

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<v Speaker 1>the digital genome engineering company is called it SCRIPTA and

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<v Speaker 1>Tree still with us on the phone in San Francisco.

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<v Speaker 1>So Shri, tell us about kind of where your company

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<v Speaker 1>fits into this world of the bioeconomy, what you are

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<v Speaker 1>specifically doing, who you're working with, sure, Carol, So the

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<v Speaker 1>mission for in script is to enable researchers to realize

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<v Speaker 1>the full potential of the bioeconomy, and specifically what that

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<v Speaker 1>means is in our in our first product that we're launching.

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<v Speaker 1>It represents the first digital genome engineering platform in the

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<v Speaker 1>world that can sit on a bench in a lab.

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<v Speaker 1>This initial platform is for microbial so yes Nikoli organisms

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<v Speaker 1>And just to kind of put this in the context,

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<v Speaker 1>can it do a typical experiment, a gene editing experiment

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<v Speaker 1>that a lab may have done with a couple of

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<v Speaker 1>PhDs over the course of many months up to a

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<v Speaker 1>year now can be done in a matter of weeks

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<v Speaker 1>or months and it's an incredible savings of time. But

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<v Speaker 1>more importantly, the scale um of of edits that this

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<v Speaker 1>can produce in a single run can get up to

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<v Speaker 1>ten thousand single edits and parallel, So there's incredible power

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<v Speaker 1>in the scale of this platform UM, and it's really

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<v Speaker 1>opening the minds of many researchers that we speak to

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<v Speaker 1>about what kind of work and research they could do

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<v Speaker 1>with it UM. So that's that's the Onyx platform, and

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<v Speaker 1>behind it UM we're in development on several other very

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<v Speaker 1>exciting platforms as well. Can you talk to us at

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<v Speaker 1>all about some of the partners or the some of

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<v Speaker 1>the areas that you're working in specifically, I know you

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<v Speaker 1>talked about kind of applications of this UM so I'm

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<v Speaker 1>assuming a lot of it is either agg or healthcare.

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<v Speaker 1>I mean, where is it. Well, we're just getting started commercially,

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<v Speaker 1>so we announced our first commercial shipment to gene mill

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<v Speaker 1>UH in the UK in Liverpool. UM. There are two

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<v Speaker 1>main categories of folks that that we're talking to right

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<v Speaker 1>now about about the platform. One is your your core

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<v Speaker 1>academic research centers and to our our bio industrial companies

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<v Speaker 1>and the range of industries that that represents your your right.

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<v Speaker 1>You know, it's a it's a very wide range, UM.

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<v Speaker 1>And but many of these folks are already utilizing Crisper

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<v Speaker 1>in some way, meaning they're doing some form of gene

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<v Speaker 1>editing UM in house already UM. And they're looking to

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<v Speaker 1>to really make those experiments more efficient, but also explore

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<v Speaker 1>what more can they do with a more powerful system

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<v Speaker 1>and platform. So, Okay, forgive me because I'm thinking we've

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<v Speaker 1>got a lot of listeners and we have a really

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<v Speaker 1>smart audience. UM. And I'm gonna unt this is not

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<v Speaker 1>my world, but it definitely interests interests me in terms

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<v Speaker 1>of gene editing and kind of where this is all going. So,

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<v Speaker 1>if you were sitting down with someone to explain kind

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<v Speaker 1>of the potential because it sounds like we're on the

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<v Speaker 1>cusp Uh, there's a lot out there already, but there's

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<v Speaker 1>so much more that could be done when it comes

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<v Speaker 1>to the bioeconomy or uh, the genomic engineering that you

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<v Speaker 1>guys are involved in. UM, how would you explain it

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<v Speaker 1>kind of to a lay person in terms of how

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<v Speaker 1>it might impact us in the years to come? Also

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<v Speaker 1>as an investor kind of who will be the players

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<v Speaker 1>involved in it? Because I am curious about kind of

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<v Speaker 1>your own future. Yeah, sure, yeah, that's a great question.

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<v Speaker 1>So to put this into context, if we think about genomics,

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<v Speaker 1>and even with COVID, we've heard about some of these

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<v Speaker 1>terms of the technologies that are being used. PCR and

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<v Speaker 1>next gen sequencing are amongst some of the biggest step

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<v Speaker 1>function changes in our history as it relates to genomics,

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<v Speaker 1>and those are all around reading genes and that's provided

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<v Speaker 1>us incredible information. We've utilized it in a variety of

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<v Speaker 1>ways for research, even trying to develop UM diagnostics or

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<v Speaker 1>or even things to fight things like the US the

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<v Speaker 1>COVID nineteen virus. What what what Cristper has done is

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<v Speaker 1>provided a step function change against those prior historical advancements

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<v Speaker 1>Now with Crisper, we can edit genes. We can write

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<v Speaker 1>genes instead of reading them, and that the opportunity around

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<v Speaker 1>that is massive. When you when we speak to researchers,

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<v Speaker 1>they're trying to create as much they call it variation.

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<v Speaker 1>That means as much things to study around, something to

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<v Speaker 1>learn as possible. But it's not just about research and information.

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<v Speaker 1>Now with with gene editing, we can also create new products.

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<v Speaker 1>And that's the biggest change with this advancement of what

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<v Speaker 1>we in script as well as others are going to

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<v Speaker 1>be doing, as we're not only going to be understanding information,

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<v Speaker 1>but we're going to be creating products um with this

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<v Speaker 1>technology as well. And that is where the breath of

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<v Speaker 1>the opportunity is just so incredibly massive that that we're

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<v Speaker 1>all quite excited about it. Well, So tell us about

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<v Speaker 1>this billion dollar Series E finance round. I think it

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<v Speaker 1>was led by Fidelity. There's also funds and accounts from

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<v Speaker 1>t ro Price that are involved in it. Tell us

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<v Speaker 1>about that and and that kind of that money. What

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<v Speaker 1>will you guys plan to do with it? This this

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<v Speaker 1>is a just an incredible market I know, you know

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<v Speaker 1>all the listeners know that from watching the market environment

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<v Speaker 1>we're in and seeing the premium for for innovation and

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<v Speaker 1>growth companies UM, and specifically in in the life sciences.

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<v Speaker 1>You know, this whole area of gene editing also has

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<v Speaker 1>been extremely robust and a lot of capital going against

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<v Speaker 1>it because there's a lot to do. UM. We we

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<v Speaker 1>looked at this round as as an opportunistic financing UM.

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<v Speaker 1>We were well capitalized. UM. There are a lot of

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<v Speaker 1>alternatives for companies to raise money to go public. UM.

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<v Speaker 1>We think we got the best of both worlds. We

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<v Speaker 1>got really world class long term investors, and we also

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<v Speaker 1>retain the ability to to grow our business privately, you know,

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<v Speaker 1>which affords tremendous flexibility UM and the opportunity to to

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<v Speaker 1>explore new areas. And so the hundred and fifty million

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<v Speaker 1>dollars you know, I use the word opportunistic, it's really

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<v Speaker 1>around going after additional areas that where we can bring

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<v Speaker 1>our technology UM to more and more researchers. So those

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<v Speaker 1>are these are things down the road beyond what we're

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<v Speaker 1>already developing with either Onyx or our Mammalian platform. What

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<v Speaker 1>is the growth of the company do you I mean,

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<v Speaker 1>I know you're early in what are your expectations going forward,

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<v Speaker 1>this is such as we've established such a large market.

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<v Speaker 1>The the focus for for us is exactly that, having focus,

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<v Speaker 1>picking certain areas and customers and really showing success of

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<v Speaker 1>our platform. So it might be contra to what someone

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<v Speaker 1>might think about, you know, really growing going fast and

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<v Speaker 1>growing fast for us that the long term future gets

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<v Speaker 1>solidified and much stronger if we can be successful showing

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<v Speaker 1>customers applications where they can use this technology, gene where

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<v Speaker 1>they can do things they haven't done before. So when

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<v Speaker 1>we look at this, and when I think our investors

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<v Speaker 1>who got involved in the series, he looked at this,

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<v Speaker 1>it wasn't about driving um platform revenues or sales, you know,

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<v Speaker 1>this was about how do we secure our place as

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<v Speaker 1>a long term impact you know that can drive a

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<v Speaker 1>new paradigm change, not just for the technology but for

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<v Speaker 1>us as an organization. You know, they they've encouraged us

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<v Speaker 1>to be aggressive and invest um and to take our

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<v Speaker 1>time making good decisions. You know that that aren't necessarily

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<v Speaker 1>short term oriented, but can drive greater long term stability

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<v Speaker 1>and success. We think this is going to be a

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<v Speaker 1>new large market and so being early, being smart about

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<v Speaker 1>how we build a company for the future are our paramount. Well,

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<v Speaker 1>we look forward to hearing more and I hope you'll

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<v Speaker 1>come back and by then, hopefully I will have your

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<v Speaker 1>name down Pat Tree uh Kosaraju. He is the President

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<v Speaker 1>CEO of the Digital Genome Engineering cow Bunny in Scripta

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<v Speaker 1>and we appreciate his time. Shares it Dell by the

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<v Speaker 1>way up about eight point four percent, and the after

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<v Speaker 1>hours saying it's going to spin on em Ware software

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<v Speaker 1>unit by the fourth quarter. Have a good and safe evening, everybody.

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<v Speaker 1>This is Bloomberg