LEBANON, N.H.--(BUSINESS WIRE)--Avitide, Inc., the industry leader in the discovery, and manufacture of exclusive biopharmaceutical affinity purification solutions, today announced the closing of a Series E financing. Sands Capital Ventures, LLC led the financing round with participation from Mithril Capital Management, Polaris Partners, NeoMed Management, OrbiMed Advisors, and Borealis Ventures. Ian Ratcliffe (Sands Capital Ventures) joined Avitide’s Board of Directors.
The proceeds will be used to fund ongoing operations with a target to reach profitability by 2019. Avitide’s affinity purification platform has revolutionized biopharmaceutical drug purification and has been successfully deployed against an array of bio-molecules such as enzymes, antibody-based therapeutics, recombinant vaccines, and gene therapies.
“Avitide is becoming the industry leader in affinity chromatography, and their bespoke purification solutions enable the development of life-saving biologic drugs. We are excited to help Avitide build a business that provides tremendous value to the biopharmaceutical industry”, said Ian Ratcliffe, Partner, Sands Capital Ventures.
“Sands Capital Ventures has a strong track record building profitable life science tool companies; they share our view of building a sustainable, profitable company, and we are very much looking forward to working with them”, said Tillman Gerngross, Co-founder and Chairman of the Board.
“Biopharmaceutical purification challenges remain an important problem in our industry”, said Kevin Isett, Avitide’s CEO and Co-Founder. “The Avitide platform is positioned at the convergence of multiple biopharmaceutical manufacturing trends. There is considerable value in accelerating preclinical and development timelines, purifying only the desired drug substance from product contaminants, and multi-step legacy processes to be more competitive.”
ABOUT AVITIDE, INC.
Avitide discovers, manufactures and supplies molecule-specific
biopharmaceutical affinity purification solutions with an
industry-leading 3-month service timeline. Avitide’s proprietary
affinity separation technology enables its partners to achieve faster
bioprocess development timelines, reduced program risk, predictable
commercial scalability, and lower cost of manufacturing for batch and
continuous operations. Avitide’s high-resolution affinity resins can be
designed to select and enrich for improved drug safety, potency, and
quality attributes critical to controlling target product profiles and
establishing biosimilarity. Avitide also delivers exclusive
biomanufacturing intellectual property with its technologies. Avitide's
management team brings substantial expertise and a track record of
success in commercializing innovative biopharmaceutical discovery and
manufacturing technology platforms. Avitide is financed by premiere
venture capital firms such as Polaris Venture Partners, OrbiMed
Advisors, Mithril Capital Management, SV Life Sciences, NeoMed
Management, and Borealis Ventures.
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