ElevateBio, which operates a portfolio of cell and gene therapy companies, said it closed a $170 million series B financing that will accelerate its next phase of growth.
Photo: David Hallal, co-founder and CEO of ElevateBio
The Invus Group, Surveyor Capital (a Citadel company), EDBI, and Vertex Ventures, joined existing investors, F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group, and Samsara BioCapital in the current round.
“In less than a year since launching ElevateBio, we have firmly established our first-of-its-kind business model in cell and gene therapy, by announcing our initial two therapeutic companies, commencing operations for additional companies, and entering into a 10-year manufacturing partnership with one of the world’s top hospital systems,” said David Hallal, co-founder and CEO of ElevateBio. “With the support of our new and existing investors, our highly disruptive, capitally efficient model uniquely positions ElevateBio to accelerate the rate of innovation in cell and gene therapy manufacturing, enabling technology platforms, and therapeutic development for many years to come.”
ElevateBio is completing the build-out of its R&D, process development, and manufacturing operation, ElevateBio BaseCamp, a centralized 140,000 square foot cell and gene therapy innovation hub located in Waltham, Massachusetts. It said the current financing will allow it to get its manufacturing facility fully operational and advance at least six gene and cell therapy programs at portfolio companies in clinical development in 2021.
“Cell and gene therapies are recognized as the future of precision medicine globally, and we believe ElevateBio’s platform enables product innovation to be accelerated with their unique business model and manufacturing expertise,” said Chu Swee Yeok, president and CEO of EDBI, a Singapore-based global investor in fast growing technology industries. “As ElevateBio continues to expand their global footprint, they are ideally suited to partner with biotech companies and academic centers in Asia to discover and develop novel therapies to treat cancers and rare diseases.”
In addition to the financing, the company said it named Germano Giuliani to its board of directors. Giuliani is a member of the board of HBM Healthcare Investments and a member of the investment committee at Royalty Pharma.
Author: Rare Daily Staff
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