BOSTON--(BUSINESS WIRE)--Elektrofi, a Boston-based biotechnology company focused on drug formulation and delivery innovations, today announced the completion of a $40 million Series B financing round. A portion of the proceeds will be used to establish a centralized GMP manufacturing line in support of multiple upcoming clinical trials. The company will also plan to double headcount over the next 12-18 months to accelerate development across a growing pipeline of licensed programs with leading pharma and biotech.
Elektrofi’s breakthrough formulation platform addresses the long-standing and unmet need for stabilized, highly concentrated biologics. Based on a proprietary microparticle technology, the platform enables patient-friendly small-volume injections for monoclonal antibodies, therapeutic proteins, and other large molecule drugs that are of growing importance to human health. As the leading option for administration of high dose products with convenient prefilled syringes, pen injectors, and autoinjectors, it promises to drive significant positive change for patients across a wide variety of disease areas and indications.
The financing was led by Marshall Wace and BVF Partners, with participation from Janus Henderson Investors and Logos Capital.
“This financing sets the stage for advancement of multiple lead programs to human trials, clinical validation of Elektrofi’s high concentration technology, and pipeline expansion in response to significant inbound platform interest,” said Chase Coffman, CEO and Co-founder, Elektrofi. “We view this as a foundational step on our journey to making a meaningful difference for patients and their loved ones.”
“We believe Elektrofi is establishing a transformational tool for the delivery of therapeutic proteins. We are pleased to partner with and support the next phase of the Company’s growth,” said Mark Lampert, CEO of BVF Partners.
“Elektrofi has attracted notable partners and talent in biopharmaceutical development. We are proud to support the company’s mission to improve medication delivery and access for patients,” said Andrew Goldberg, MD, Managing Director at Marshall Wace.
BTIG, LLC acted as exclusive placement agent for the offering.
Elektrofi is a biotechnology company focused on improving administration for a wide range of medicines including monoclonal antibodies, therapeutic proteins, and other large molecule drugs. Its breakthrough formulation platform enables stabilized, highly concentrated formulations for subcutaneous administration. The company is using this technology to transform therapies that are administered intravenously, and to enhance injectable products by reducing the volume and frequency of dosing. Elektrofi partners with pharmaceutical companies to jointly develop patient-friendly delivery solutions. Headquartered in Boston, the company is shaping the future of biologics delivery. Visit www.elektrofi.com for more information.