ElevateBio Closes $170M Series B Financing
CAMBRIDGE, MA, ElevateBio has closed a $170-million Series B financing.
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 (A Citadel company), 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. Additionally, the company announced Germano Giuliani will join its Board of Directors.
"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, Co-Founder and Chief Executive Officer of ElevateBio. "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, Chief Executive Officer 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."
Germano Giuliani, Board Member
Along with the Series B financing, ElevateBio also announced that Germano Giuliani will join ElevateBio's Board of Directors. 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.
"We are thrilled to welcome Germano to the ElevateBio Board," said Mr. Hallal. "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."
Update Regarding ElevateBio's Recent Milestones
ElevateBio is completing the buildout of its R&D, process development, and manufacturing operation, ElevateBio BaseCamp, a centralized 140,000 square foot cell and gene therapy innovation hub located in Waltham, Mass.
ElevateBio launched AlloVir, a late-clinical stage T-cell immunotherapy company, with technology stemming from the Baylor College of Medicine's Center for Cell and Gene Therapy in May 2019 with a $120-million Series B financing led by Fidelity Research and Management Company. In 2019, AlloVir received Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S. Food and Drug Administration. This year, the European Medicines Agency granted AlloVir two designations for Viralym-M (ALVR105), the company's lead allogeneic, off-the-shelf, multi-virus specific T-cell therapy, targeting six commonly occurring, devastating viruses in allogeneic hematopoietic stem cell transplantation (HSCT) recipients: PRIority MEdicines (PRIME) designation for the treatment of serious infections with BK virus, cytomegalovirus, human herpes virus-6, Epstein Barr virus, and/or adenovirus in allogeneic hematopoietic stem cell transplantation (HSCT) recipients; and Orphan Drug Designation as a potential treatment of viral diseases and infections in patients undergoing HSCT. AlloVir plans to initiate pivotal studies of Viralym-M in stem cell transplant and proof-of-concept studies in solid organ transplant patients and the company will also advance its second product candidate, ALVR106, into a proof-of-concept study for four devastating community acquired respiratory viruses in 2020. AlloVir also announced an expanded research agreement with Baylor College of Medicine to discover and develop a coronavirus-specific T-cell therapy for immunocompromised patients at risk for COVID-19.
In October 2019, HighPassBio was launched with technology from the Fred Hutchinson Cancer Research Institute. HighPassBio is dedicated to advancing novel, T-cell receptor therapies targeting HA1-expressing tumors which are designed to treat, and potentially prevent, relapse of leukemia following hematopoietic stem cell transplant (HSCT). A Phase 1 clinical trial is open and recruiting for adult and pediatric patients who have relapsed with leukemia or related conditions following stem cell transplantation.
In July 2019, ElevateBio announced a 10-year agreement with Massachusetts General Hospital (MGH) to manufacture innovative cell and gene therapies at ElevateBio BaseCamp as well as to create cell and gene therapy-focused companies together over time.
Throughout 2019, ElevateBio commenced operations of additional cell and gene therapy companies, including highly innovative AAV-based gene therapies, TCR, and CAR T cells, which will be publicly disclosed later in 2020.
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 (A Citadel company), EDBI, and Vertex Ventures.
ElevateBio is headquartered in Cambridge, Mass, with ElevateBio BaseCamp located in Waltham, Mass. For more information, please visit www.elevate.bio.
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