– USA, MA – ElevateBio, LLC, a Cambridge-based creator and operator of a portfolio of innovative cell and gene therapy companies, today announced it has closed a $170-million Series B financing that will support and accelerate the company’s next phase of growth. New investors, The Invus Group, Surveyor Capital, EDBI, and Vertex Ventures, join existing investors, F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group, and Samsara BioCapital, all of whom also participated in this financing.
Along with the Series B financing, ElevateBio also announced that Germano Giuliani will join its Board of Directors.
“We are thrilled to welcome Germano to the ElevateBio Board,” said David Hallal, Co-Founder and CEO. “Germano’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.”
“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. “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.”
The Series B proceeds will enable:
- ElevateBio BaseCamp to be fully operational with cGMP manufacturing;
- The advancement of clinical development with at least six cell and gene therapies from across its portfolio companies to enter clinical studies this year and into 2021;
- Key milestones and continued development of ElevateBio’s enabling technology platforms.
“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, CEO and President 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.”
About Germano Giuliani
Mr. Giuliani is an industry expert who is a member of the Board of Directors at HBM Healthcare Investments AG, a role he has had since 2012. Mr. Giuliani is also a member of the Investment Committee at Royalty Pharma. Additionally, Mr. Giuliani previously served as the Chief Financial Officer, Chairman and Chief Executive Officer of Giuliani SpA – a 131-year-old Italian pharmaceutical company that continues to develop, manufacture, and distribute health and beauty products. He currently serves or has served, on several boards where he provided his extensive expertise and oversight across all aspects of the businesses. Mr. Giuliani has a degree in economics and commerce from the Catholic University of the Sacred Heart in Milan, Italy.
ElevateBio, LLC, is a Cambridge-based creator and operator of a portfolio of innovative cell and gene therapy companies. It begins with an environment where scientific inventors can transform their visions for cell and gene therapies into reality for patients with devastating and life-threatening diseases. Working with leading academic researchers, medical centers, and corporate partners, ElevateBio’s team of scientists, drug developers, and company builders are creating a portfolio of therapeutics companies that are changing the face of cell and gene therapy and regenerative medicine. Core to ElevateBio’s vision is BaseCamp, a centralized state-of-the-art innovation and manufacturing center, providing fully integrated capabilities, including basic and transitional research, process development, clinical development, cGMP manufacturing, and regulatory affairs across multiple cell and gene therapy and regenerative medicine technology platforms. ElevateBio portfolio companies, as well as select strategic partners, are supported by ElevateBio BaseCamp in the advancement of novel cell and gene therapies.
ElevateBio’s investors include F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group, Samsara BioCapital, The Invus Group, Surveyor Capital, EDBI, and Vertex Ventures.
ElevateBio is headquartered in Cambridge, Mass, with ElevateBio BaseCamp located in Waltham, Mass.
For more information: https://elevate.bio
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