ElevateBio’s Series B financing round was backed by its existing investors, including F2 Ventures and MPM Capital, as well as adding new investors in the shape of The Invus Group and Surveyor Capital, among others. In total, the US organization raised $170m (€156m) to support its ‘next phase of growth’.
ElevateBio noted that the sum raised would be used to continue the build out of its ‘BaseCamp’ to be fully operational with current good manufacturing practice (cGMP) manufacturing capabilities.
The 140,000-square-feet of space is located in Cambridge, Massachusetts, and designed for the development of cell and gene therapies – including R&D space, process development, and manufacturing operations.
For those companies included within ElevateBio’s profile, including AlloVir and HighPassBio, the funds will also be used to instigate clinical trials for their therapies. In total, the organization stated that at least six cell and gene therapies would enter the clinic either this year or the next.
The closing of the round comes at a time when the pipeline for cell and gene therapies has expanded 25%, year-on-year.
In addition to the funding, ElevateBio noted that Germano Giuliani would join its board of directors. Giuliani is a member of the board at HBH Healthcare Investments and is also on the investment committee at Royalty Pharma.
David Hallal, CEO of ElevateBio, “Giuliani’s deep pharmaceutical executive experience building long-term value for all stakeholders as an operator, board member, and investor will play a significant role at ElevateBio as we advance development of life-transforming therapies to serve patients around the world.”