$22m raised by PBS Biotech to expand single-use manufacturing products and services for cell therapy clients
pharmafile | January 9, 2023 | News story | Manufacturing and Production |
PBS Biotech, an innovative, single-use bioreactor manufacturer and process development services provider, has worked together with Avego Management and BroadOak Capital Partners to raise $22m in financing. It will be used to improve the company’s product portfolio, expand process development services and increase customer support for global cell therapy clients.
CEO of PBS Biotech Dr Brian Lee commented: “The investment from Avego Management and BroadOak ensures PBS Biotech will continue to provide the best manufacturing platform along with unsurpassed technical support to unlock clinical and commercial manufacturing of allogeneic cell-based therapies for decades to come.”
PBS Biotech’s Vertical-Wheel® bioreactors have unique and scalable fluid mixing conditions, which are ideal for a wide range of human cell-derived modalities. They are also well-suited for induced pluripotent stem cell (iPSC), mesenchymal stem cell (MSC) and exosome-based therapeutics manufacturing.
These methods are helping to develop novel regenerative medicines as potential cures for life threatening conditions, such as diabetes, cancer and heart disease.
Jerry Liao, Vice President at Avego, has joined the Board of Directors at PBS. He commented, “PBS has a remarkable and validated technology and product platform, as evidenced by projects with more than 200 customers. Avego is thrilled to partner with Dr Lee and the leadership team at PBS to support the continued growth of one of the leading technology and service providers in the cell therapy space.”
“This financing positions PBS to expedite product development, enabling therapeutic developers from early-stage research through clinical development and commercial manufacturing in the coming years. We are excited to continue supporting PBS and to have Avego join as a new investor in the company,” added Bryan Poltilove, Operating Partner at BroadOak and Director at PBS.
James Spargo
