CAMARILLO, Calif., Jan. 9, 2023 /PRNewswire/ — PBS Biotech (“PBS”), an revolutionary, single-use bioreactor producer and course of growth providers supplier, has accomplished a $22 million financing led by Avego Administration, LLC (“Avego”) with extra funding from current investor BroadOak Capital Companions (“BroadOak”). This financing can be used to enhance the corporate’s merchandise portfolio, increase its course of growth providers functionality, and improve buyer assist for international cell remedy purchasers.
“The funding from Avego Administration and BroadOak ensures PBS Biotech will proceed to offer the perfect manufacturing platform together with unsurpassed technical assist to unlock scientific and industrial manufacturing of allogeneic cell-based therapies for many years to come back,” mentioned Dr. Brian Lee, CEO of PBS Biotech.
Jerry Liao, Vice President at Avego, has joined the Board of Administrators at PBS. “PBS has a outstanding and validated expertise and product platform, as evidenced by initiatives with greater than 200 prospects. Avego is thrilled to accomplice with Dr. Lee and the management crew at PBS to assist the continued development of one of many main expertise and repair suppliers within the cell remedy area,” mentioned Jerry Liao.
“This financing positions PBS to expedite product growth, enabling therapeutic builders from early-stage analysis by means of scientific growth and industrial manufacturing within the coming years,” mentioned Bryan Poltilove, Working Companion at BroadOak and Director at PBS. “We’re excited to proceed supporting PBS and to have Avego be a part of as a brand new investor within the firm.”
In comparison with conventional “stirred-tank” methods, PBS Vertical-Wheel® bioreactors have demonstrated superior efficiency of therapeutic cell manufacturing in a number of revealed research. Whereas the distinctive and scalable fluid mixing circumstances enabled by Vertical-Wheel bioreactors are perfect for a variety of human cell-derived modalities, they’re significantly well-suited for induced pluripotent stem cell (“iPSC”), mesenchymal stem cell (“MSC”), and exosome-based therapeutics manufacturing. Corporations on this area are growing novel regenerative medicines as potential cures to life threatening circumstances similar to diabetes, most cancers, and coronary heart illness and acknowledge the necessity for a scalable manufacturing platform for industrial calls for.
Stradling Yocca Carlson & Rauth acted as authorized counsel for PBS, Sheppard, Mullin, Richter & Hampton LLP acted as authorized counsel for Avego, and Cooley LLP acted as authorized counsel for BroadOak.
About PBS Biotech
PBS Biotech is a number one producer of single-use bioreactor methods and supplier of course of growth providers. PBS’ bioreactors make the most of proprietary Vertical-Wheel® expertise to create homogeneous and scalable mixing circumstances for quite a lot of delicate cell remedy merchandise and cell tradition functions. PBS Biotech’s imaginative and prescient is to change into the world’s normal manufacturing platform for allogeneic cell-based therapies. To be taught extra, go to pbsbiotech.com.
About Avego Administration, LLC (“Avego”):
Avego, based in 2015 by former healthcare entrepreneurs, is a multi-strategy healthcare-focused funding agency with workplaces in New York and Georgia. By means of its three methods, which embody non-public fairness, enterprise capital, and a protracted/brief fund, Avego invests in non-public and public corporations growing and commercializing revolutionary services for sufferers, practitioners, and different stakeholders throughout the healthcare continuum. To be taught extra about Avego, go to avego.com
About BroadOak Capital Companions (“BroadOak”)
BroadOak Capital Companions is a life science targeted, boutique monetary establishment that gives direct funding and funding banking providers to corporations within the analysis instruments and consumables, diagnostics, and biopharma providers sectors. BroadOak has led or participated in investments in over 60 corporations throughout a number of funds and funding autos. For extra data, go to broadoak.com
VP Finance and Company Controller
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SOURCE PBS Biotech Inc.