Ginkgo Bioworks (DNA) has made headlines on Wednesday after a research firm focused on short-selling alleged the company as a "Frankenstein mash-up of the worst frauds."
"At $23B market cap, it is rare to see a related-party scheme on Ginkgo’s scale in the US markets – it is, quite simply, the US version of the “China Hustle,” said Scorpion Capital on Wednesday.
However, Ginkgo CEO Jason Kelly said the company is increasing the scale of its platform to deliver more cell programs to customers.
"Our focus at Ginkgo is increasing the scale of our platform so we can deliver more cell programs to customers. We were doing that yesterday, we're doing it today, and we'll be doing it tomorrow. One thing the report today criticizes is that new startups are launching programs on Ginkgo’s platform and leveraging Ginkgo to secure capital, get resources, and launch their new company quickly," said the company's CEO Jason Kelly, in a written statement to TheStreet on Thursday. "We don’t think that is a problem -- starting a biotech company should be as easy as launching a website! We’re happy we make it easy for companies to start on Ginkgo’s platform and hopefully more entrepreneurs hear about our platform today.”
Founded by MIT scientists in 2009, Ginkgo Bioworks is a synthetic biology company. The company says it is building a platform to enable customers to program cells as easily as we can program computers.
Ginkgo Bioworks began trading on the NYSE under ticker symbol “DNA” on September 17.
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