As drug manufacturing startups gain more notoriety with investors, especially with recent deals surrounding resilience, another startup is looking to take its next steps in the space behind raising a Series B.
Boston-based Elektrofi, which has been around since 2016, has raised a $40 million Series B round, the company announced Monday. Electrophy primarily focuses on manufacturing a wide variety of drugs, including monoclonal antibodies, therapeutic proteins, and other large molecule drugs.
Chase Kaufman, CEO of Electrophy endpoint news That the company is working to develop a new way of delivering drugs with a specific focus on antibody-based therapies. The idea is to move the care setting from clinic to home with self-administered treatments.
Kaufman said Elektrofi aims to deviate from traditional biotech paths in the sense that the company is not developing its own proprietary suite of products or pipelines.
“Instead, what we are doing is we are working closely with major multinational biopharmaceutical companies… to develop new and better at-home self-administering subsidiaries products around their assets using our delivery platform. ,” They said.
The company has so far managed to secure contracts with several leading companies including Takeda and LEO Pharma, which are centered around plasma and monoclonal antibody production respectively.
As for raising himself, Kaufman said it came too quickly because the company was only mobilized around January, which he stressed was important as the market became more uncertain for the biotech.
“There are a lot of headwind companies like us trying to raise money or cut back,” he said. “But in the best of times, four to six months is usually the best you can expect. So, the fact that we got it done in five months, irrespective of the current financial climate, I think it is that An important testament to the value that we have built as a company so far.”
The money will go toward clinical development, with a portion of the proceeds going toward obtaining the GMP line online. Elektrofi wants to have it running by the second half of next year. The Series B cache will also help fuel clinical development within the next two years. After that, the rest of the round will be about enabling the company to broaden its pipeline, as well as bring the workforce at Electrophy to 60 or 70 within the next 12 to 18 months.
Kaufman said the round also gives Elektrofi an “uncertain” runway because the licensing model gives the company enough money to stay afloat. However, Kaufman said he could take the company public within about 24 to 36 months.
The round was led by Marshall Weiss and BVF Partners, with participation from Janus Henderson Investors and Logo Capital.